Ministerial team assigned to engage manufacturers on diversifying economy

The government has formulated a Ministerial task-force to work with the Guyana Manufacturing and Services Association (GMSA) to stimulate performance in the business sector.

During Friday’s Post Cabinet media briefing, Minister of State Joseph Harmon said the team comprises of the Ministers of Finance, Winston Jordan, Business, Dominic Gaskin, Natural Resources, Raphael Trotman and Public Infrastructure, David Patterson.

It is intended that the team will meet in July, October and March annually so that information gathered can be fed into the fiscal year’s budget. “So that information will be fed into the information budget cycle to inform the mid-period assessment, the annual budget and early implementation,” Minister noted. He said that the engagements are to be opened and candid, and that after each meeting, a joint statement will be issued on matters discussed, agreements reached and a re-affirmation of commitment to ongoing engagements.

It is envisaged that these engagements will result in improved performance of the manufacturing servicing sector, and resonate in a more diversified economy in the medium and long term.

The business community including the PSC and GMSA has raised concerns about the perceived sloth of the economy. At a meeting hosted with the PSC in May of this year, new tax measures were discussed, with a general conclusion that these serve to hamper business development.