By Mark DaCosta- The Bartica United Youth Development Group (BUYDG) has appealed to the People’s Progressive Party (PPP) Government of Guyana, calling for the extension of the $100,000 cash grant programme to include children under the age of 18. This proposal, in a letter directed to President Irfaan Ali and Vice President Bharrat Jagdeo, aims to ensure that the country’s youth are included in the national initiative, thereby providing them with a vital financial foundation that will support their development and future success.
Currently, the $100,000 cash grant is only available to adults aged 18 and above, with the policy excluding children, despite the fact that they represent the future of Guyana. In a letter dated November 7, 2024, BUYDG reiterates its previous October request to the Government, outlining a solution that would see the establishment of a dedicated savings account for each child under 18. BUYDG suggests that these accounts be funded through a combination of government contributions and family savings, allowing both parties to invest over time. The accumulated funds would grow with interest and remain inaccessible until the child reaches the age of 18, at which point they could use the savings for higher education, skills training, or entrepreneurship.
The group’s proposal is built around several key arguments, which emphasise the importance of investing in children today to ensure a prosperous future for both the individuals and the nation.
Early Financial Support for Youth Development
One of the core reasons for extending the cash grant to children is to provide them with early financial support. BUYDG points out that offering a savings account for children would give them a head start in life, preparing them for a smoother transition into adulthood. These funds, which would accrue interest over time, could serve as a financial cushion when they turn 18, allowing them to pursue various opportunities. By investing in young people at an early age, the government would be enabling them to begin adulthood with a solid financial foundation.
BUYDG stresses that this early financial empowerment would provide long-term benefits not just for the individuals but for the wider society. The group believes that giving young people the resources to pursue education or skills development will ultimately contribute to a more educated and skilled workforce.
Enhancing Long-term Economic Development
As Guyana’s economy experiences rapid growth, particularly in emerging sectors, BUYDG argues that it is critical to ensure that the country’s youth are prepared to participate in this development. The group’s letter highlights that many young people, especially those from low-income backgrounds, often face barriers to accessing quality education and training. By ensuring that all children have the means to invest in their future, the programme would help close the gap and provide more equal opportunities for youth across Guyana.
Fostering Financial Literacy and Responsibility
Another key argument in the proposal is that the introduction of savings accounts for children would help foster financial literacy from a young age. BUYDG notes that many young people in Guyana, particularly those from disadvantaged backgrounds, do not have the opportunity to learn about managing money or planning for the future. By introducing children to the concepts of budgeting, saving, and investing, the government would be providing them with essential life skills that will serve them well throughout their lives.
The programme could also be a means of teaching children about financial responsibility, preparing them to make informed decisions about their money as they transition into adulthood.
Breaking the Cycle of Poverty
One of the most significant aspects of the proposal is its potential to break the cycle of poverty that affects many families in Guyana. In their letter, BUYDG explains that many children come from low-income households where access to education, healthcare, and other critical resources is limited. A dedicated cash grant for children would ease the financial burden on these families, allowing them to better invest in their children’s future. For example, the funds could help families hisse for school supplies, extracurricular activities, or healthcare services, all of which are essential for a child’s development.
By providing financial assistance to children, particularly those from disadvantaged backgrounds, the government would be helping to level the playing field, offering opportunities that might otherwise be inaccessible. BUYDG contends that such an initiative could play a pivotal role in lifting many families out of poverty and giving their children the tools they need to succeed.
Strengthening National Prosperity Through Youth Investment
BUYDG concludes its letter by asserting that investing in youth today is an investment in Guyana’s future prosperity. The group argues that by providing a financial foundation for children, the government would be nurturing the next generation of doctors, engineers, teachers, public servants, and business leaders. These young people will ultimately drive the development of Guyana, and by prioritising their well-being and success, the country is building a stronger, more sustainable society.
The proposal to extend the $100,000 cash grant programme to children is not just about providing immediate financial relief but about preparing the youth to become productive, responsible, and financially secure citizens. BUYDG believes that this initiative will help create a more inclusive, equitable society, ensuring that all children, regardless of their family’s income, have the resources they need to thrive.
BUYDG’s proposal to extend the cash grant programme to include children represents a forward-thinking and impactful solution for Guyana’s future. By investing in its youth today, the government would be making a long-term investment in the nation’s growth and prosperity, helping to equip the next generation with the tools they need to succeed and contribute meaningfully to the country’s development. Given the significant benefits outlined in the proposal, this is an initiative that deserves serious consideration and support.