PSC earned more than $52M in 2022; revenue doubled in two years

The Private Sector Commission (PSC) generated a revenue of $52,635,809 in 2022, a 108 per cent growth when compared to the two previous years.

Its accumulated fund also doubled from $18,673,689 in 2020 to $38,249,567 in 2022.

Their membership subscription grew from $18,525,000 in 2020 to $29,700,000 in 2023, reflecting a 60 per cent increase.

The disclosure was made in the PSC Annual report for the year 2022 which was presented at their Annual General Meeting on Tuesday at the Marriott Hotel in Georgetown.

And with the unprecedented transformation that is ongoing in the country, the report noted that Guyana’s economy is projected to be on the list of the top five nations in the world as the fastest-growing economies up to 2026.

In fact, the report noted that the International Monetary Fund (IMF) highlighted that the economy remains “resilient” in the face of global economic tensions and is on track to see a 47.2 per cent growth in its Gross Domestic Product (GDP) by the end of 2023.

“The effect of economic growth on business is incredibly positive: businesses are likely to earn more customers, increase profitability and experience excellent opportunities for further development and expansion. When we approach these opportunities with wisdom and care, we will be able to both grow our business and prepare it for any future downturns that may occur,” the report noted.

According to the report, the PSC will continue its advocacy to ensure that the Local Content Law aids the utilisation of Guyanese goods and services and supports kills development and the training and employment of citizens.

“The government is doing its part to create an enabling business environment with new opportunities and we are already attracting much-needed partners. With this we have to be ready with our plans, our proposals, and feasibility studies,” the report emphasised.

“The time has come for new energy in the private sector. It is time to think outside the box. Guyana is changing. We must be able to adapt and reposition ourselves to take the lead in Guyana’s development path,” it added.