Businessmen urged to master high growth methodologies
Prime Minister Sam Hinds last week urged Guyanese to learn the techniques required for high impact growth in Guyana. Addressing the opening session of a workshop on hyper-growth stimulation methodologies at Le Meridien Pegasus last Thursday, Hinds called on Guyanese to be willing to rethink their approach and to remove all hindrances to rapid growth. The two-day workshop addressed what was needed to identify high growth methodologies in Guyana and Basil Springer, consultant (service exports) of the Caribbean Development Bank was one of the resource persons. Springer, in his address to introduce the need for high impact growth strategy, pointed out that the new business failure rate in the region stood at 72 per cent and that there was need for a business help centre. Such a centre would monitor and assist in the growth of new businesses so as to achieve a higher success rate. The consultant also underscored the need for businesses to seek venture capital for their operations rather than traditional bank loans. Hinds emphasized the need for rapid growth methods which would cause the economy to be at least ten times the size it is today. The Prime Minister said that when Guyana's output per capita/income per capita was taken into account and compared with its neighbours and other countries in the region, the need for decades of sustained and rapid growth was recognised. He noted the changes in technology which were revolutionising the way business was done and urged that businesses catch up and learn new techniques to spur economic activity in Guyana. He also noted that the country needed to diversify its economic base and get into high growth areas. Hinds said that natural resources were playing a less important role in the world economy and what was the driving force today was knowledge and technological changes. He stated that more notice ought to be given to these issues and felt that more businessmen could have benefited from the seminar.
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