Budget 2024, with a close to four billion dollar allocation for business development, is seen as a significant opportunity for all Guyanese to explore and benefit from.
The private sector, particularly the Guyana Manufacturing and Services Association (GMSA), encourages individuals to examine the budget and identify areas where they can initiate and expand small businesses.
Orson Ferguson, Second Vice President of GMSA, emphasizes the importance of individuals assessing how they can tap into the opportunities presented by the budget.
He encourages Guyanese to ask themselves, “What’s in there for me?” and highlights the government’s commitment to spending money, urging citizens to explore ways to benefit.
The 2024 budget allocates 450 million dollars for the Small Business Development Fund, providing 100 loans and 1300 grants.
Another 331 million is allocated to the Small Business Bureau, aiming to train 2800 business owners.
Paul Cheong from the Private Sector Commission encourages young people to leverage these opportunities, specifically in starting agro businesses, such as shade house and hydroponics.
Moreover, the budget allocates 3.3 billion dollars for the construction and upgrade of industrial estates in Wales and regions 2 and 10.
Rafeek Khan, Vice Chairman of the Private Sector Commission, commends this move, stating that it will contribute to decentralizing manufacturing, creating hubs across the country, and potentially reducing transportation costs.
Budget 2024, with a total allocation of 1.146 trillion dollars, strategically targets various sectors and specific projects aimed at transforming the Guyanese economy.