The Private Sector Commission (PSC) of Guyana applauds the Government of Guyana for presenting a forward-thinking and impactful 2025 National Budget under the theme “A Secure, Prosperous, and Sustainable Guyana.”
The policies outlined by the Honorable Dr. Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance, reflect a clear commitment to fostering inclusive growth, reducing inequality, and creating an enabling environment for businesses to thrive.
The budget, with a total expenditure of $1.382 trillion, is a testament to the government’s dedication to ensuring that the benefits of Guyana’s unprecedented economic growth are shared equitably among all citizens.
With the economy achieving remarkable expansion in 2024, including a 43.6% increase in GDP and robust growth in non-oil sectors, the PSC is heartened by the targeted measures to sustain this momentum.
The Commission recognizes the profound impact of the government’s fiscal reforms on the lives of Guyanese people. The significant increase in the personal income tax threshold from $100,000 to $130,000 monthly, coupled with a reduction in the first tax band from 28% to 25%, will increase disposable incomes for families and stimulate domestic spending.
Similarly, the introduction of non-taxable thresholds for overtime earnings and secondary employment income underscores the government’s understanding of the realities faced by the workforce.
For the business community, the removal of VAT on critical inputs such as agricultural machinery and backup generators is a welcome initiative.
These measures not only reduce operating costs for key industries but also align with efforts to diversify the economy and strengthen non-oil sectors such as agriculture and manufacturing. Furthermore, accelerated depreciation provisions for poultry farmers’ investments demonstrate a proactive approach to supporting food security and boosting the agroprocessing sector.
Social measures such as the increase in old-age pensions, public assistance, and the Because We Care grant reflect the government’s deep commitment to improving the standard of living for vulnerable groups. These initiatives, coupled with the abolition of bridge tolls, will alleviate financial burdens on families while promoting greater mobility and economic participation.
The PSC is encouraged by the government’s efforts to maintain macroeconomic stability, address inflation, and invest in resilient infrastructure, which are critical to fostering a strong and sustainable economy.
The continuation of measures to contain freight costs reflects a pragmatic approach to shielding businesses and consumers from external shocks, ensuring economic resilience. Budget 2025 will enable continuous private sector growth, empowering businesses to drive innovation, create jobs, and build a strong, sustainable economy that benefits all stakeholders.
The PSC looks forward to working collaboratively with policymakers to ensure the successful implementation of these initiatives and to advocate for further policies that enhance Guyana’s economic competitiveness and social well-being. (Private Sector Commission press release)
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