As the business sector continues to face serious blows from the COVID-19 pandemic, the Guyana Manufacturing and Services Association (GMSA) has positioned that over half of the local establishments have resorted to a partial opening with others signalling the intention of relieving staffers.
GMSA President, Shyam Nokta
The Association would have conducted a survey among its members to assess the impact of the pandemic on the business community and the areas where intervention is needed. It was found that 50 per cent of businesses are now operating partly; while over 50 per cent have already or plan to let go of employees.
Some of the main challenges at present circle around a lower demand than normal; inadequate cash flow to maintain operation; disrupted supply chains and affected customers.
Addressing the situation, GMSA President Shyam Nokta said that the COVID-19 crisis has significantly affected businesses globally, and in particular, Guyana.
“The sub-sectors of the GMSA and the business community as a whole are suffering immensely in this challenging period and urgent actions are needed to provide support to keep businesses going,” Nokta said on Friday.
Nokta went on to say that concerns continue to surface about the incomplete electoral process, and the GMSA is “anxiously” awaiting the election of a democratic Government based on the recount results. He insisted that the will of the people must be respected.
“I note with concern the further delays to the conclusion of the elections process. We are anxiously looking forward to having a democratically elected Government in place, based on the results of the recount process and reflective of the will of the people, and with whom we can start to work with immediately to discuss interventions to support the manufacturing and services sector,” he asserted.
Last month, Guyana Times reported that many small businesses are struggling to survive.
This publication made a visit to the business hub of Parika, East Bank Essequibo (EBE), where businessmen and women decried the present economic crises in Guyana. The public health ordinance for COVID-19 states that only “essential businesses” are allowed to operate but according to them, this has made it harder on them to make ends meet.
The GMSA is made up of numerous stakeholders who have said that the political uncertainty combined with the coronavirus threat is creating hardship for all.
