Vice President Dr. Bharrat Jagdeo Thursday recounted a number of government policies shielding Guyanese from the rising costs of commodities. Jagdeo was keen to note that rising costs for commodities, utilities and food is a global phenomenon, affecting larger economies like the United States of America.

To this end, he said interventions by the Guyana Government, many in the form of subsidies, must not be lost in domestic discussions and reporting on rising costs.

“In Guyana, because of direct government policy intervention, we have kept some of the most substantial areas safe for our people,” Jagdeo told reporters at a party press conference at Freedom House.

“It is true food prices have gone up… we are working to ensure people produce more so the prices can come down,” Jagdeo said while noting that the government has no control over increases in global freight costs. Hence, efforts are afoot to reduce the quantity of food imported.

He explained at length the government’s “clear plan” to address the issue while pointing to similar criticisms leveled against the U.S government during the ongoing Republican Convention.

“At the convention, people spoke of the price of gas, transportation prices increasing, utility bills went up by 35% – water and electricity – mortgage rates and the affordability of homes are beyond reach for many middle-class people,” Jagdeo recounted while noting that no country is immune from the rise in costs.

He said when this is compared with a smaller country like Guyana with a substantially higher growth rate than the USA and more inflationary pressures, the government must be commended.

Among the government’s policy interventions in recent years, particularly after the COVID-19 pandemic, is the removal of excise tax on gasoline which is costing the government over $80 billion.

“We have kept prices at the pump stable and reduced transportation and production costs low and this is in a small country,” Jagdeo said as he sought to establish the insulation Guyanese enjoy.

Utility bills were also kept stable, Jagdeo reminded, with a US$70 million subsidy spent on fuel and further plans to cut this by 50% in another year.

Mortgage rates also steeply declined and Jagdeo credits this to the government’s policy intervention to remove the corporate tax from loans below $8 million.

Further Jagdeo said  60, 000 more persons are employed when compared to the pre-2020 period under the previous APNU+AFC government with pensioners now able to tackle the rising costs with $20 billion more spent annually on monthly pensions countrywide.

Jagdeo reminded too that 200, 000 children are getting $10 billion more each year through the education cash grant and more money in the pockets of the country’s indigenous people through payouts under the Low Carbon Development Strategy.

“We have a strategy, a clear vision and focus,” Jagdeo asserted.