Guyana’s business sector is experiencing significant growth, largely driven by an increase in local consumption, which is providing new opportunities for manufacturers.
The rising demand for goods is helping to expand the manufacturing industry, according to Ramsay Ali, President of the Guyana Manufacturing and Services Association (GMSA).
Ali, who also serves as the President of the Caribbean Manufacturers Association (CMA) was speaking at the opening of the inaugural International Business Conference on Tuesday evening at the Marriott Hotel, Kingston, Georgetown.
Ali pointed out that as the local population continues to grow, with both locals and foreigners alike, and incomes rise, there is a noticeable increase in consumer spending.
This has resulted in higher demand for locally produced goods, benefiting businesses across various sectors – from food production to construction materials.
“Guyana has seen a significant increase in its population, and with that, more people are consuming more products.
“This has created a boom for local manufacturers as the market for domestic goods expands,” Ali reasoned.
The increase in local consumption is not only helping large manufacturers but also smaller businesses.
With more people buying products, there are more opportunities for companies of all sizes to grow and meet the demand.
Ali noted that this surge in demand is a positive development, but it also brings with it challenges, especially in terms of labour.
Ali highlighted that the shortage of skilled and semi-skilled workers is becoming a major concern for businesses looking to expand.
As demand for goods increases, many companies are struggling to find the workforce they need to meet production targets.
“What’s the biggest challenge for businesses today? It’s labour.
“We need more skilled workers to keep up with the growing demand,” Ali said.
The labour shortage is being felt across the manufacturing sector, with many companies reporting difficulties in filling key roles.
Some businesses have been forced to slow down production or delay expansion plans due to the lack of available workers.
Ali pointed out that the issue is not just about the number of workers but the quality of skills available.
Many workers are not trained for the specific needs of the manufacturing industry, which requires a higher level of technical expertise.
Ali urged for greater investment in training and education to help bridge this gap and ensure that the local workforce can meet the demands of the growing economy. Without a properly trained workforce, Guyana risks losing momentum in its manufacturing sector and overall economic growth.
“The future of our manufacturing sector depends on addressing the labour shortage,” he said.
