Guyanese gov’t outlines new initiative to get people investing in national projects
GEORGETOWN, Guyana (CMC) — The Guyana government says citizens will be able to tap into more economic opportunities like co-investing in national projects, as part of its commitment to achieving shared prosperity.
President Irfaan Ali outlined the new initiative during a public meeting on the West Bank of Demerara in Region Three on Sunday, saying that this wealth creation model has the potential to transform the country’s economic landscape and ensure all Guyanese benefit from the country’s progress.
“That is a big task before us. The next five years is to build and create these opportunities that will generate wealth at the individual, household, community, region, and national levels,” he told the public meeting, adding that the investment opportunities would cater to small, medium and large-scale initiatives and generate higher returns for the ordinary Guyanese.
He said one such project is a fertiliser factory that will be established in Region Three allowing for investments from all citizens.
Ali said that the national gas company, which is expected to be formed later, is yet another investment vehicle that will allow citizens to take advantage of the country’s booming economy.
He said that these efforts will be supported by increased grants and widespread financial literacy campaigns to promote responsible investment.
The government has increased the maximum National Insurance Scheme (NIS) pension, with the highest contributor receiving approximately GUY$160,000 monthly (One Guyana dollar=US$0.004 cents).
But President Ali noted that many informal and self-employed workers like farmers, drivers and seasonal labourers are not registered with the NIS and cannot access pensions when they retire.
“We are going to find an avenue to help you to get on the system. That is what we are about. We have to create an enabling environment [for] you to get on to the system,” he said, adding that a national plan will be implemented to incentivise the registration of these categories of workers.
Ali, who is expected to lead the ruling People’s Progressive Party/Civic (PPP/C) into the regional and general elections later this year, said that his vision is for a modern, inclusive and prosperous Guyana focusing on world-class education, agriculture, infrastructure, healthcare, and digital services.
“Our message is filled with substance. We are not here for seasonal promises, we are here to build a future where every citizen can thrive,” President Ali told the public meeting, flanked by his Minister of Housing and Water, Colin Croal; Minister of Education, Priya Manickchand, Minister within the Ministry of Public Works, Deodat Indar and former PNC/R Central Committee Executive, Thandi McAllister.
