As Guyana experiences unprecedented economic growth driven by its burgeoning oil sector, the government, led by the People’s Progressive Party (PPP) chief spokesperson VP Bharrat Jagdeo, touts its success in managing the economy to avoid overheating and the ‘Dutch disease’. However, a closer examination reveals significant shortcomings in addressing the immediate human development needs of its citizens, particularly the half of the population living on a meager $5 a day.
Vice President Dr. Bharrat Jagdeo asserts that the government’s strategic measures in balancing supply and demand have prevented economic overheating. For instance, by increasing the supply of construction materials, the government claims to have stabilized prices in the construction industry. While this may appear as a proactive approach, it merely scratches the surface of Guyana’s deeper economic issues.
Infrastructure development is undoubtedly crucial for long-term economic growth. However, the government’s overwhelming focus on these projects has overshadowed the pressing need for improving wages and living conditions. Investing billions in infrastructure while neglecting the immediate welfare of the populace is a short-sighted strategy that risks creating an economy that grows on paper but leaves its people behind.
While the VP touts low inflation rates amidst high economic growth, there is not one citizen in Guyana who will agree with this flawed assertion. Cost of living for a typical basket of goods most consumed by citizens have seen 50% to 60% cost increases in the past year alone. We also remind Bharrat Jagdeo that while inflation control is essential, its benefits are moot if the population cannot afford basic necessities due to stagnant wages and rising prices. The government’s self-congratulatory stance on inflation fails to acknowledge the socioeconomic divide that leaves a significant portion of the population in abject poverty.
The PPP government’s emphasis on long-term infrastructure projects has come at the expense of immediate human development needs. Increasing wages, improving healthcare, and ensuring access to quality education are fundamental to uplifting the population. These elements are the bedrock of sustainable development, fostering a skilled and healthy workforce capable of contributing meaningfully to the economy, sadly, these are the elements most ignored by the PPP government.
While Jagdeo’s statement alludes to the diversification of non-oil sectors, using oil revenues to bolster healthcare, education, and human resource development, he fails to provide any reasonable evidence that these lofty ideals have been achieved. Sadly, Jagdeo’s words appear more rhetorical than practical. The absence of tangible improvements in these areas points to a disconnect between the government’s stated priorities and its actual policies.
While the government craves credit for integrating environmental sustainability and climate resilience into its economic planning, there is evvel again, no evidence that this assertion is true. Flooding continues across the nation at the slightest rain and outside of mangrove growth, there have been no tangible plans to deal with the projected three meters of water that is projected to assault the seawall barrier within the next 10 years. Do we need to remind the PPP government that most of Guyana’s population and farming resources populate the coastal plains, which are projected to be most susceptible to climate change.
While Jagdeo boasts (falsely) of Sustainable development, we remind him that his government must balance long-term environmental goals with the urgent necessity to improve living standards. Without addressing poverty and inequality, environmental policies risk becoming mere window dressing.
Guyana stands at a crossroads. The government’s current economic strategy, heavily weighted towards infrastructure and long-term sustainability and therefore the needs of the wealthy few, needs a critical rebalancing. Immediate human development, through increased wages, better healthcare, and improved education, must be prioritized to ensure that economic growth translates into real benefits for all citizens.
The PPP-led government’s self-congratulatory narrative on managing the economy and preventing overheating rings hollow in the face of widespread poverty. True progress requires a holistic approach that values human development as much as infrastructural achievements. Only then can Guyana achieve an inclusive, prosperous future where economic growth is genuinely shared by all its people.