GMSA anticipates industrial growth in light of 10% electricity reduction

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[www.inewsguyana.com] –The business community has welcomed the Guyana Power & Light Inc.’s 10% reduction in electricity tariff which will take effect from March 2015.

A media release from the Guyana Manufacturing & Services Association (GMSA) expressed hope that the reduction is the first step in alleviating the high overhead costs for production and distribution of their ‘Made in Guyana’ products.

“Electrical energy is without doubt the most significant input into most, if not all, production processes. Guyana’s large and small scale producers and exporters have long indicated that the prices for their products have made their products uncompetitive in the export market, a situation which has been attributed to high energy charges,” the release noted.

The GMSA now anticipates industrial growth in all sectors.

“The GMSA anticipates that the imminent reduction in electricity charges would spur industrial growth across all sectors, encourage diversification and birth new enterprises.”

Meanwhile, the Private Sector Commission (PSC) in welcoming the reduction also conceded that the cost of electricity has been one of the major stumbling blocks to the expansion of industry and the competitiveness of Guyana’s exports.

“This move will provide relief not only to business but to individual consumers who have struggled with high electricity costs.”

The PSC also called for a reduction in the cost of other energy-dependent goods and services and specifically called on its members to pass “any reductions on to their customers.”

Operators of public transportation were again called to introduce reduced fares to users of their services.

 

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