Policy vs personality: PPP/C’s vision anchored in sustainability, ‘sound’ macroeconomic management – GS Jagdeo

–Efforts to build out a post-oil and gas economy will be accelerated in the new term

Unlike its political opponents, which depend on ‘sloganeering’ and making grand promises, the governing People’s Progressive Party/Civic (PPP/C) has a track record of sustainable policies and sound macroeconomic management, two pillars upon which the PPP/C’s vision for the next five years is based.

This point was emphasised by the party’s General Secretary and Vice President, Dr Bharrat Jagdeo, as he engaged a wide cross-section of society at the PPP’s manifesto consultation held at the Princess Hotel on Wednesday.

Why is this important for Guyana’s future?

The vision for Guyana over the next five years, under the new PPP/C Administration, is guided by the Low Carbon Development Strategy (LCDS), a landmark document coined by the then President Jagdeo in 2009.

It was revised to the LCDS 2030 in 2021, clearly setting out how the nation will use its vast forest and biodiversity resources to earn money that will then be invested across various sectors, including Amerindian development and climate-proofing initiatives.

It builds upon the National Development Strategy (NDS), a comprehensive plan that outlines the country’s goals for social and economic progress over a specific period that was crafted by a previous PPP/C government.

While praising President Dr Mohamed Irfaan Ali for presenting deep, substantial ideas, especially related to Guyana’s development strategy, Dr Jagdeo lamented that in the current political culture, personality often overshadows policy.

In contrast, “We’ve consistently had a long vision of things – that differentiates us from the other side. They don’t have a vision; no plan that is why all you get are a series of unsustainable promises,” the general secretary emphasised.

Why was the NDS developed?

Because “the country was insolvent in 1992,” Dr Jagdeo explained before pointing out, “Imagine a government taking office, which according to Carl Greenidge’s own words, was faced with [a] debt overhand being nine times the size of your economy.”

In simple terms, during this period, Guyana was paying more to service debt than it was earning, setting the nation on a path of bankruptcy.

At the time of PPP/C’s earlier tenure in 1992, Guyana faced interest rates of over 40 per cent, triple-digit inflation, and massive fiscal and balance-of-payment deficits. The PPP/C managed to reverse this, bringing debt down to 40 per cent of GDP by 2015 and keeping debt servicing below 10 per cent of revenue. These achievements, according to the vice president, have allowed Guyana to maintain one of the best economic profiles globally.

“There is no strategy for the future without sustainable macroeconomic,” he underscored.

‘The future‘

With general and regional elections scheduled for September 1, Vice President Jagdeo gave a strong assurance to the audience, saying, “We are not short-term people. We don’t do things for expediency and we would not be able to fulfill any of these promises without us having a sound macroeconomic environment.”

During its term from 2020 to 2025, the current PPP/C Administration has fulfilled all of its promises, from cash grants to hospitals and higher salaries, all while positioning Guyana as one of the fastest-growing economies in the world, driven by its newly found oil and gas wealth.

And the government is not putting the country’s future at risk. Dr Jagdeo explained that in the next term, efforts to build out a post-oil and gas economy, to prevent the occurrence of the Dutch disease, will be accelerated.

This strategy began under President Ali’s leadership through targeted investments in agriculture, healthcare, education, housing and modern infrastructure.

“The president has been aggressive in laying out the diversification plan,” he reminded. “The focus on creative industries, the services sector. A whole connection with Brazil all to create new growth poles that will create the wealth of the future,” he said, noting that work is already underway to create a diversified economy that can withstand global economic shocks.

“It’s important so that the prosperity doesn’t become periodic… it is sustained for generations to come and so you can expect that in the next five years,” the PPP’s general secretary affirmed.

This will be complemented by initiatives that will help Guyanese to become wealthier, through reduced tax reforms, increased cash grants and more economic and job opportunities.

Ahead of the elections, the PPP/C will release its full manifesto for 2025-2030 later this month.