THE finance and banking sector is no longer standing on a shaky foundation due to the careful and prudent management of the economy, coupled with strategic planning being undertaken by the People’s Progressive Party/Civic (PPP/C) government, according to President Dr. Irfaan Ali.
During the official opening of the $1.2 billion Republic Bank Williamsburg Branch at Rose Hall, Region Six (East Berbice-Corentyne), Dr. Ali affirmed that the region is no longer starved of development, as was the case under the former A Partnership for National Unity +Alliance For Change (APNU+AFC) government.
While addressing the large gathering, he said: “Our banking sector is on solid grounds; our financial sector is on solid grounds,” underscoring the need for modernisation.
The Head of State added: “Any investor, any member of the private sector that invests in this region, you are making an economic and financial decision that is wise and prudent.”
Sparing no effort to slam detractors of development, who, according to him, “can never see anything good,” President Ali used statistics to support his argument that the private sector is now viable.
He pointed out that among some of the major increases, real estate mortgage loans showed an increase of 22 per cent, credit to agriculture grew by 14.4 per cent, credit to real estate grew by 22.5 per cent, and mining and quarry grew by 18 per cent.
Additionally, investments by the banks increased by 20.8 per cent to $299 billion, according to President Ali. He added that out of the $299 billion, 68.7 per cent of that total investment was from local investors.
“Results are what matter,” the Head of State related, adding that progress aside, banking has to be transformed and modernised.
He said that banking should extend beyond accounting transactions to investment transactions, and in order to achieve this the banking sector must deploy its human capital to enhance productive use.
Notably, the banking sector’s return on equity at the end of 2023 was 15.1 per cent, while the return on assets was two per cent.
Highlighting the positive outlook that the new branch of the bank will offer, Group President and Chief Executive Officer (CEO) of Republic Financial Holdings Limited, Nigel Baptiste said customers will enjoy an “enhanced banking experience,” within the 14,755 square foot accommodation.
“We’ve also increased our in-branch banking options, and customers who register for our Internet banking service can access that service, besides from their homes, from a dedicated terminal in the banking hall,” Baptiste said.
REGION SIX TRANSFORMATION
As the PPP/C Government continues to work assiduously to ensure that development reaches every square inch of Guyana, President Ali did not shy away from highlighting that the region is being positioned in a critical manner.
For instance, he pointed out **how the US$7 million Hospitality and Tourism Training Institute at Port Mourant, in Region Six will play an integral role in human transformation.
“The new hospital that we’re building in New Amsterdam will be a new teaching hospital and with the University of West Indies. We are now discussing a medical school that will be attached to that hospital…That is the type of investment we are making to facilitate the human resource transformation and building up of opportunities for human resource assets,” Dr. Ali said.
He also noted that before the end of this year, the gas strategy and gas development plan will be outlined, and Region Six will be an integral part of that development.
Dr. Ali then went on to say: “There is no other country in this region, in Latin America [and the] Caribbean region, and don’t let anyone fool you, that is approaching development in such a holistic and futuristic manner.”
Moreover, as he blasted detractors of development for their continuous lack of positivity, the President said: “When you look at their comments, they can never see anything good, they can never see anything progressive…. They will never speak about these things that will transform this region that will bring this region ahead of time.”
Dr Ali said that the government has been investing to ensure that the lives of all Guyanese are improved and this is being done through systemic development.
“And the type of success that the banking sector is enjoying today is not accidental,” he said while challenging naysayers to analyse performance in 2019.
President Ali then went on to say: “That is because the economy is performing better, and creating better opportunities for people to be integrated into financial services…that is not accidental. That is by careful, prudent management and planning by government that understands what it is doing.”