Parasram: HOW CAN THE FINANCIAL SYSTEM CONTRIBUTE TO THE DEVELOPMENT OF REGION FOUR, DEMERARA-MAHAICA?

TOPIC: HOW CAN THE FINANCIAL SYSTEM CONTRIBUTE TO THE DEVELOPMENT OF REGION FOUR, DEMERARA-MAHAICA?

For years our country, Guyana has been going through changes. It endeavors to become more developed and enriched, as a diversified land fights to grow into an economy augmented nation. Over time, the Bank of Guyana has been a great benefit to its parent-land as it strives to promote the financial prudence of man with its knowledgeable ideas and its unique assistance to help support a sustainable development of a nation. The Bank of Guyana has been relentlessly offering a vital source of financial and technical assistance to Guyana, as a constant developing country apart of a growing economistic world. We have seen that the Bank of Guyana have been true to its promise- to formulate and implement the monetary policy so as to achieve and maintain price stability and has been successful to promote this inhabitable choice.

To continue in the promise, the Bank of Guyana can perform several activities, which in return will be of great assistance to a major development of Guyana. Today in the region, Demerara-Mahaica, the unemployment rate is relatively high. The Bank of Guyana does not pay a direct impact on this weak area in our country, but still the overall decisions in which it makes, eventually will target this capacity. Because of this setback, there are many living in poverty. This is because of no one even glimpsing at the mere thought to think about the future of the next generation. One of the recommendations to change this is to try to make investments into programs which can help these people to feel of worth. Take the recommendation to open new employment opportunities by expanding the bank’s location and infrastructure so that the labour supply can boast enormously.                                    

The Bank of Guyana can also reduce the rate of inflation. By doing this, there will be many beneficial actions that can take place. When inflation is high, people increasingly fear that this will erode their future, purchasing power and their standard of living. If inflation is lowered, consumers and businesses are better able to make long-range plans because they know that the purchasing power of their money will not be steadily eroded year after year. The fear of erosion will be reduced. A lowered inflation also means lower real interest rates. Lower real interest rates reduce the cost of borrowing. This encourages households to buy assets, such as houses and autos. It also encourages businesses to invest in order to improve productivity so that they can stay competitive and prosper without steadily having to raise prices. This in general will make consumers to make better decisions to ensure they are getting goods at a lower price.                   

Today, many entrepreneurs may feel undermined of starting new businesses. A decision can be made to determine an interest rate that is sustainable for businesses to comply with. Changing the interest rate to a reasonable percentage is a sustainable way to relieve this impediment and it will be a key factor that may lead into an enriched economy. By helping these entrepreneurs with their new ideas and creative techniques the country can attract foreign investments from other countries causing Guyana to be at a high level of development than before.

In closing, the Bank of Guyana is a very fine establishment and if it can continue with its promises to ensure a better economy for Guyana whilst following the recommendations given, it will truly be a new hope for the future of our country.

REPORT ON WHAT TRANSPIRED AT THE BANK OF GUYANA’S 50^TH ANNIVERSARY ESSAY WRITING COMPETION 2015

During the Month of March 2015, the Bank of Guyana issued an essay writing competition to commemorate its 50^th Anniversary of services. In Saint Stanislaus College, five students in the business stream were selected to use their creative thoughts and knowledge to formulate an essay. The theme of this competition was based on the ‘Bank of Guyana being a major importance to today’s economy’ and was subdivided into five topics. Unfortunately, due to lack of time, only one submission was made. This submission was made by me, Jemuel Parasram. The basis of my topic was, ‘How can the financial Sector contribute to the development of my community or region?”

On the 10^th of July, 2015 it was declared that I had been awarded first place in the Bank of Guyana’s 50^th Anniversary Essay Competition Regional district for Region Four, Demerara-Mahaica. I was then invited to attend a ceremony the next week, where the Governor, Dr. Gobind Ganga and other executive members of the bank awarded the participators of the competition for ranks of first and second. The ceremony was held in the conference room of the institution and each successor was given monetary awards and a Letter of Commendation. This letter was referenced for future employment opportunities at the Central Bank. After the ceremony, we were accompanied to a tour of the Central Bank. We were also allowed to sightsee at the very top of the bank’s structure.

It was a great experience; a terrific one as I may say. I was so proud to represent my school at this competition. My encouragement to you is to take my story as an example. I was not even expecting to be chosen at all. My accomplishment may be a minor one, but at this moment, I encourage you to try out new things; grasp for your greatness within: Find your strong points and use them, whether it would be writing or any other interest. Just try…. You may never know what the results would be.

And now with this said, I make a promise. This isn’t the last of Jemuel Parasram. With Mrs. Fazia Baksh (DHM) as my mentor and confidence in full effect, I plan to do even greater things in the near future. 

Jemuel Parasram is a 5th form student of St. Stanislaus College

https://en.wikipedia.org/wiki/Demerara-Mahaica