GT&T's response to Luncheon

Recently, we have noted reports accusing GT&T of holding back Guyana’s economy through its monopoly rights. We are taken aback by such reports because GT&T takes its national obligations seriously. As a company we are proud of the role we play towards the development of Guyana. Such accusations betray a disconnect with factual and economic reality.

It is difficult for GT&T to accept such criticisms when we are one among few Guyanese entities that, on an annual basis, continue to make substantial investments in a modern infrastructure. We are now building the first-ever submarine fiber optic cable to be landed in Guyana. This cable system will enable GT&T to provide more reliable services, and deliver substantially more bandwidth, at lower prices. GT&T is doing so at its own risk and cost (US$30 million). We are therefore disappointed, on behalf of our 650 employees, at such accusations when we have invested billions of dollars in Guyana and are proud to be one of the largest contributors to the national economy.

GT&T’s rates are the lowest in Guyana and stand at par with, or are better than, those rates in other countries in the Caribbean. A study by the International Telecommunications Union showed that Guyana’s landline telephone rates are the 4th lowest among 28 Latin American countries. Few countries in the world deliver a quality-to-price ratio for landline service that is better than Guyana and in many liberalized economies consumers pay 5-10 times more for an inferior service.

GT&T has a great vision for its continued role in Guyana’s development. We agree that competition, if implemented correctly, can bring benefits. To that end, GT&T has offered for years to relinquish voluntarily its monopoly rights as early as 2010 so long as the Government agrees to establish a permanent framework that promotes and protects infrastructure investment while resolving various remaining legacy issues. As everyone knows, GT&T has been in negotiations with the Government and we remain optimistic that these can be successfully concluded. We are also hopeful that whatever new laws and regulations emerge should result in positive growth for Guyana as well as for continued telecommunication investment in Guyana.

We need to develop a robust ICT sector. We all know this is a challenging task for Guyana because ICT growth requires, among other things, heavy long-term capital investment, a population with significant disposable personal income and reliable and reasonably priced electricity supply. GT&T has provided a modernized landline and mobile telecoms infrastructure and has indicated its willingness to assist in other ways.

Our new submarine cable project is a clear indication of our continuing commitment to Guyana's development.