By Samuel Sukhnandan | January 13, 2025
Private sector credit in Guyana has experienced a significant rise of over 60% in the past four years under the leadership of the PPP/C administration.
President Dr. Irfaan Ali attributes this growth to the confidence in government policies and the overall expansion of the local economy.
During a live broadcast from State House on Sunday, President Ali highlighted that successive PPP/C administrations have successfully built investor confidence through policies aimed at creating growth and expanding opportunities.
He pointed to the recent uptick in private sector credit as further evidence of this success.
The President also took the opportunity to criticize the previous coalition government for excessive borrowing without implementing plans to boost productivity or foster growth in the private sector.
He noted that credit to the central government had been disproportionately high under the previous administration, which led to a strained economy.
Despite the challenges inherited from the previous government, President Ali emphasized that since taking office in 2020, his administration has managed to stabilize the economy, including navigating the post-pandemic recovery period.
He pointed to the surge in private sector investments across key sectors such as agriculture, health, education, and business, which have contributed to Guyana’s current position as one of the fastest-growing economies globally.
While the oil sector plays a significant role, the growth is also being driven by other important industries.