Gov’t providing funding, policy intervention in maritime sector

With the rapid expansion of Guyana’s maritime sector, the government is providing funding and working on policy interventions to manage and maintain this steadfast growth.

This year, 3,822 vessels were found to be operating on riverways, a significant increase from records in previous years.

Further, as of September 2024, Guyana has moved 167 lifts of crude to various countries globally.

As this growth continues to take place, the government is working on a series of initiatives including the expansion of several ports and the construction of new bridges among other interventions.

Minister within the Ministry of Public Works Deodat Indar, highlighted these advancements at the Shipping Association of Guyana’s Annual Dinner at the Marriot Hotel on Saturday.

“The government’s policies towards the marine sector remains one that is active and alive. We consult and we work with teams that operate in the river.” The mister noted

A recent presentation by the President of the Caribbean Maritime University Professor Andrew spencer, revealed that 80% of consumable goods are transported by marine traffic.

However, due to global issues such as the COVID-19 pandemic, the war in Ukraine, and droughts, numerous challenges have emerged.

Acknowledging the influence water transport has on the well-being of Guyana, the government has implemented multiple remedial actions and is actively considering several more.

To tackle rising costs of shipping, the government has taken the pre-covid freight rates and added the cost and insurance to get smaller taxable valuable so the cost of goods landing in Guyana does not include a massively increased freight rate.

Minister Indar referenced the barge accident that occurred on the Demerara Harbour Bridge earlier this year and commended the administration’s swift intervention and remedial efforts.

The minister also underscored the government’s dedication to exercising efforts to further develop Guyana’s maritime sector as the country experiences an “economic explosion”.

“As this country grows and we expand, we interact with different industries with different kinds of modus operandi, we have to develop the port system differently.” Minister Indar said.  

The government is actively working on implementing a standardised procedure to manage contraband and protect the ports of Guyana.

As of now, approximately 22 ports in Guyana are in compliance with International Ship and Port Facility Security Code (ISPs), a law that empowers security at the ports.

Minister Indar also commended Guyanese businessowners on effectively overcoming these issues and developing themselves and their businesses.

He underscored the role of the government in these achievements saying, “that (the growth in marine business) is a testament of the stability that policy of the government is reflecting.”

The minister encouraged businesses to join the Guyana Shipping Association, to be privy to useful information and other benefits in this sector.