The Georgetown Chamber of Commerce and Industry (GCCI) today praised President, Dr. Mohamed Irfaan Ali for the recent economic and social initiatives announced yesterday, October 10 during a special sitting of parliament.
Among the initiatives announced by President Ali were a one-time cash grant of $200,000 to each household, which will inject $60 billion into the economy; the elimination of tuition costs at the University of Guyana, starting in January 2025; and an increase in the public sector minimum wage to $100,000 per month.
The President also reminded of plans for vaccine manufacturing in Guyana, reductions in electricity costs by the end of next year due to the gas-to-energy project, a suite of healthcare advancements, and the positioning of the Guyana Technical Training College as a global oil and gas training center.
The Chamber applauded the administration’s foregoing initiatives, noting that it demonstrates a focus on citizen welfare. The private sector body said these measures are expected to boost disposable income, reduce income inequality, and expand employment and manufacturing opportunities.
The GCCI also expressed its interest in the government’s ongoing investment in economic diversification, particularly through agriculture, as well as in energy production and distribution. The Chamber anticipates that these efforts will positively influence the business community, driving further growth and prosperity.
GCCI President, Kester Hutson stated that the Chamber looks forward to maintaining an open dialogue with the government to foster a conducive business environment that will support Guyana’s sustained development.
Overall, the Chamber said it is also hopeful that Budget 2025 will include additional measures to ease the cost of living and promote private sector growth.
