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Manufacturing continues to suffer from high energy costs – GMSA

first_imgThe manufacturing sector has long suffered the high costs of electricity which skyrocket production costs and result in higher prices for locally-made products.Guyana Marketing and Services Association (GMSA) President Clinton Williams on Thursday acknowledged that this trend still continues and until the issue of unreliable power is wiped away, the operations of manufacturers will be stymied, creating a ripple effect.GMSA President Clinton WilliamsHe shared these remarks during their luncheon at the Pegasus Hotel, in the presence of their executives, manufacturers, and caretaker President David Granger.“Many of the longstanding jeopardies facing us are inextricably linked to the high cost on reliability of electrical power. We must reiterate this stranglehold will continue until we slay the beast of expensive non-reliable power. The private sector, and particularly the manufacturing sector, would continue to bellow way below potential, resulting in a serious knock-on effects on jobs and of course, on our economy,” he said.For this, the Association’s President suggested a deal that would alleviate this setback by providing fuel at a lower price. He insisted that more needs to be done on Government’s end to make waves on the local and foreign markets.“We are suggesting that we must quickly enter into an arrangement that allows the utilisation of part of our current and future crude oil export receipts for refined oil at prices that are considerably cheaper than those obtained at the moment. While Government’s recent initiatives to introduce some measures to reduce electricity costs across the board is a step in the right direction, much more needs to be done if we are to realise any significant improvements in our cost of production and of course, computable advantage on the local, regional and international markets,” Williams positioned.Earlier this year, Private Sector Commission (PSC) Executive Ramesh Dookhoo noted that price fluctuations and the high cost of fuel prohibit Guyana from being competitive with other countries.“We still have a huge challenge as a manufacturing country, with the cost for electricity. I would urge the Government to continue to look for sustainable supplies and initiatives in energy. Fluctuations that govern the price of oil affect us and put Guyana in a place where we’re not competitive to export and compete with countries that have cheaper energy,” Dookhoo had told this publication.In Guyana, the Guyana Power and Light’s (GPL) Demerara interconnected system is fed with power by the Power Producers and Distributors Inc (PPDI), which replaced Wartsila, a company from Finland which maintained over a dozen engines for the utility company for two decades.Meanwhile, the GMSA called for enhancements to the high cost and time associated with trades since consumers are suffering from the inflated import bills.“GMSA would wish to see improvements in both the high cost and time consuming nature of our trade transaction procedures. These onerous costs ultimately are passed down to the end user of imported items. Our consumers suffer the same fate with locally manufactured products that derive from imported raw materials”.On the topic of finances, Williams mentioned their vision to have growing Gross Domestic Product (GDP) figures and for Guyana to be recognised for ease of doing business.“We would like to see Guyana’s GDP and per capita statistics skyrocket because we know that they can. It would be an enormous achievement if Guyana could be listed in the top 10 in the world’s ranking for ease of doing business…The GMSA firmly believes that our country’s development strategies must be remain underpinned by axiom that includes food security, energy security…and the pursuit of economic drivers such as ICT, renewable energy and the new and emerging oil and gas sector,” he mentioned.last_img read more

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