Over the years, the poor and powerless in Guyanese society have eked out their existence with heavy dependence on key items such as kero, sugar, tennis rolls, and commercial products such as lemonade. Since the installation of the Ali regime and its implementation of ‘trickle-down economics, the prices of these basic items have been under assault.
Most notably, the price of a small bag of tennis rolls moved from GY$150 dollars pre-2020 to GY$250 dollars today. Based on the latest report from the Central Bank, experts estimate that a small bag of tennis rolls is set to reach GY$500 by December. Due to this estimation, it is safe to say that Christmas this year will be the darkest on record.
Even though today’s high inflation is a global phenomenon, the economic policy of the Ali regime has placed Guyana in a bad position. Economists far and wide have cautioned the Ali regime about their implementation of ‘trickle-down economics’ where the government gives all the wealth to a chosen section of the Private Sector and expects those businesses to trickle down the wealth to the poor and powerless. It has never worked and will never work.
According to the Central Bank of Guyana (BoG), the Cost of Living in Guyana is set to double by the end of the year. The bank delivered this bleak news in its latest quarterly report. According to the financial institution, the inflation rate for the country remained at 1.7% at the end of March.
In addition to this dismal update, the bank noted that by the end of the year, the inflation rate is expected to reach the level of 4.1%. While the Bank of Guyana echoes the prediction in the People’s Progressive Party’s budget presentation, but according to the Breau of Statistics inflation has already reached 3.2% at the end of May 2022.
These numbers have far-reaching implications for the everyday man and woman, according to those who are familiar with these technical financial affairs. The Alliance For Change (AFC) at a recent press conference stated, “At the current rate we could see inflation go above 10% by the end of 2022. The PPP had promised 4.1% inflation in total by December 2022, but, with inflation already reaching 3.2% in May, it is highly likely that we have already reached 4.1% inflation by today, July 8.”
This publication has sought clarity on what these bleak numbers would mean for ordinary Guyanese come Christmas from a few economists. The responses we have received are frightening.
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