By Mark DaCosta- In a recent press statement, the opposition People’s National Congress Reform (PNCR) and A Partnership for National Unity (APNU) have expressed deep dissatisfaction with the 2024 Mid-Year Report released by the Ministry of Finance. According to the opposition, the report fails to address the real issues plaguing the lives of ordinary Guyanese and offers little hope of meaningful change.
The 2024 budget was marketed under the theme “Staying the Course: Building Prosperity for All,” yet the opposition argues that this so-called prosperity only benefits a select group closely aligned with the ruling People’s Progressive Party (PPP). The report, in their view, highlights the PPP’s inability or unwillingness to shift national priorities towards people-centred development.
One glaring omission in the mid-year report, according to the opposition, is any discussion on the government’s progress in reducing the country’s food import bill. Guyana, as part of the Caricom-wide initiative, had committed to reducing food imports by 25 percent by 2025. However, the report offers no updates on how the nation is meeting its targets. With the deadline approaching, this absence of information is worrying, particularly as the agricultural sector is crucial to both national food security and regional trade.
The opposition also pointed out the paradox between the government’s reported economic growth and the stagnant living standards of Guyanese citizens. The report claims that Guyana’s economy grew by a staggering 49.7 percent in the first half of 2024, largely due to oil revenues. However, despite this boom, many citizens, including teachers, are struggling to make ends meet. Recent strikes by teachers underscore this disconnect.
The opposition has pledged to raise teachers’ and public servants’ salaries by at least 35 percent within their first year in office, should they gain power. Their argument is that as the nation’s economic fortunes rise, so too must the fortunes of its people.
With significant oil revenues flowing into the country, the opposition believes that the non-oil economy should be thriving. However, they claim that the PPP government has done little to stimulate growth in other sectors. While infrastructure spending is happening, it is not focused on boosting productivity or diversifying the economy. Instead, it appears to be aimed at short-term gains that do not translate into long-term benefits for the wider population.
According to the opposition, meaningful reforms are needed in areas like access to credit, land distribution, and the reduction of corruption, none of which have been prioritised by the current government. The opposition insists that the lack of innovation and the failure to diversify the economy leaves Guyana vulnerable, especially as it becomes increasingly reliant on oil.
The opposition further argues that the PPP’s mid-year report glosses over major economic risks. While the Ministry of Finance acknowledged some fiscal risks, the opposition believes it failed to address the more critical issues of corruption, poor planning, and mismanagement. These factors, they argue, are costing the country billions and are exacerbated by the PPP’s approach to governance.
The International Monetary Fund (IMF) has previously advised Guyana to adopt a stronger public financial management system and a robust public investment management framework. However, there is no indication that the PPP government is heeding these recommendations. The opposition asserts that without addressing these systemic issues, the country’s wealth will continue to be squandered.
Another significant concern raised is the report’s claim that inflation stands at just 4 percent for the period of June 2023 to June 2024. The opposition, however, argues that this number is grossly inaccurate, particularly when it comes to food prices. Many Guyanese families have reported that the cost of basic food items has surged by 20 percent or more in the past year, forcing them to cut back on meals and quality of nutrition.
The mid-year report also touches on labour market conditions, yet the opposition remains sceptical. While the Ministry of Finance mentioned “manpower studies” to address sector-specific workforce needs, the opposition notes that no Labour Force Survey has been conducted since 2021. Without updated data, it is unclear how the government can accurately assess employment trends, and many believe that the actual unemployment rate may be far higher than official figures suggest.
As the country continues to receive oil revenues, the opposition argues that life for the average Guyanese remains stressful and burdensome. Far from becoming more prosperous, many households are struggling to keep up with rising costs, stagnant wages, and an uncertain economic future. The opposition has vowed to reorient national priorities should they take office, ensuring that the country’s wealth benefits all its people, not just a select few.
