Finance Minister, Dr. Ashni Singh has reported that both the unemployment rate and youth unemployment rate have been reduced by more than half, owing to the massive expansion in various sectors, especially the construction and services sector.
Speaking at the opening of the National Skills Forum this morning, the Dr. Singh said more than 104,000 jobs have been created over the past six years.
However, he said the country is now facing the challenge of an increase in the demand for skilled workers and that demand not being met locally.
“The reality is jobs are being created more rapidly than we are able to produce people with the skills that are required to take up those jobs…. In 2020 when President Ali came into government, the unemployment rate in Guyana was 12.8% in 2024 that had been reduced by a half from 12.8% to 6.8%,” the finance minister said.
As it relates to youth unemployment, Minister Singh said the figure fell from 30.2% in 2020 to 12.1% in 2024.
He said to meet the growing demand, the Government launched an aggressive up-skilling programme through the Board of Industrial Training and the Technical Institutes, but the demand remains high.
The Finance Minister noted that even unskilled persons are being taken into employment, but urged that they take the opportunities available to gain the relevant certification.
He said there needs to be a greater push to ensure that young people are aware of the opportunities available, and are equipped with the skills needed to take up those opportunities.
“Even though I say one of the biggest challenges that we face right now is the dilemma that demands vastly exceeds supply int he labour market, meaning that there is more demand for skilled workers than we are able to supply, even though I present that as a challenge, like most challenges, it is a huge opportunity,” the Finance Minister noted.
It was also noted that even with the demand for more skilled workers, there is a large section of the youth population still trying to figure out a career path.
“You may very well start your journey by getting a job, but that doesn’t mean that you have to spend the rest of your life as an employed person because we are living in an era full of entrepreneurial opportunities,” the Finance Minister noted.
Dr. Singh said the Government has been pushing young people into entrepreneurship as it seeks to ensure that every young person is able to earn meaningfully.
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