The Association of Regional Chambers of Commerce (ARCC) has joined with other private sector bodies in welcoming the announced reduction in electricity tariffs.
“The reduction will greatly assist each household powered by [Guyana Power and Light Inc] in realising more disposable income, [which] can be otherwise used to further improve their standards of living,” the group said in a press release.
The ARCC added that every business sector would welcome the reduction, and particularly the manufacturing and processing sectors because it will result in a reduction in their overhead expenses and serve as a catalyst for more investment.
The ARCC said it hoped that the savings that will accrue from this development will highlight the true impact that high energy costs have on the development of a country and will further impress on the business sector the need to advocate for Guyana to realise its full potential in harnessing renewable energy resources.
Meanwhile, the Berbice Chamber of Commerce and Development Associa-tion also welcomed the reduction, while noting that it will lead to a number of positive ripple effects. The group also reiterated the call for the speedy realisation of renewable energy sources, which it said are a lifeline for the manufacturing and processing sectors and the overall economy.