Dear Editor,
The Finance Minister was reported to have announced that the economy grew by 4.5 per cent in the first half of 2018. The Bureau of Statistics has long been suspected of being a part of Guyana’s productive sector, given its penchant for manufacturing data in the past.
The good minister is encouraged to ask the Bureau to release the data used to compile the half-year growth statistics, showing clearly the real and estimated components of this figure. This aside, Gross Domestic Product (GDP) statistics are notoriously misrepresentative of improvements in the welfare of citizens. Guyanese are still asking, “Where’s the money?”
The Finance Minister apparently did not disclose, during his half-year recap, that Government’s overdraft at the Bank of Guyana increased by G$28 billion to G$54 billion during the review period, as the coalition Administration has apparently turned that institution into its personal piggy bank. This figure increased to $60 billion as at July 25, 2018.
He also neglected to mention that the hard money that his Government is pumping into the economy to assist with building pyramids (projects which do not increase our productive base) has contributed to higher prices for some major construction materials.
And he did not mention that our international reserves declined by more than US$100 million, implying that in excess of G$20 billion has been through trade or capital flight as a result of the growing loss of confidence by the Private Sector in the direction in which the coalition Administration is taking the economy.
Are workers in both the public and private sectors benefiting from increased incomes? The Education Ministry was reportedly offering teachers $700 million on what is supposed to have cost $10 billion in salary increases.
When are workers’ salaries going to finally be adjusted to reflect a living wage?
Guyana’s workers know that the coalition Administration has the capacity and ability to pay their due salaries. It is, however, their deliberate policy not to pay these salary increases, because they have other priorities than responding to workers’ pressing welfare needs.
The coalition Administration is using the money it is supposed to pay workers to build the pyramids referred to earlier, so it can tell the nation about development while Granger stands and tells people to invest in bicycles, boats and buses.
The man is clearly not aware the he and his Administration are now responsible for the lack of jobs and underemployment that are resulting in the idle activity that prevails across the country, not to mention the Private Sector’s loss of confidence.
Yours faithfully,
Craig Sylvester
