Agriculturists nationwide are now able to make better investments to expand their production and productivity, following the passage of the Hire Purchase Bill 2020 in the National Assembly Wednesday evening.
Attorney General and Minister of Legal Affairs, Hon. Mohabir Anil Nandlall, S.C., while addressing the National Assembly, stated that the important piece of legislation will reform the hire purchase sector, providing the necessary protection for consumers.
Speaking in the National Assembly Wednesday evening, Agriculture Minister, Zulfikar Mustapha explained that farmers have been complaining about businesses selling farming inputs and implements at a high cost.
This, he noted, has forced a number of fieldmen and women to pursue hire purchase and credit sales.
He explained that farmers would use many different types of equipment to improve production, which are expensive, but a critical investment that allows them to remain productive.
“This legislation will provide protection of consumers against the immediate reposition in the event of default by hirers… immediate seizure of items will now be abolished,” Minister Mustapha noted.
He said the enactment of the legislation will allow farmers to confidently invest in high-value assets to improve their production.
The minister stated that hire purchase will now be seen by many farmers as a financial solution, safe and suitable for expanding agriculture businesses.
Furthermore, he explained that farmers buying vehicles on hire purchase will also be protected by a note on the registration by the Guyana Revenue Authority (GRA).
“This means that we will all know when a vehicle is on hire purchase so there is no double sale of the same vehicle, which is an everyday occurrence affecting the ordinary man in the street,” Minister Mustapha disclosed.
He said the bill forms part of the government’s swift approach to modernising the country.
“Today, Guyana’s economy continues to show positive growth and is among one of the fastest growing economies in the world,” the agriculture minister remarked.
Due to Guyana’s fast-growing economy, the country is seeing many investors who are interested in setting up businesses here.
Minister Mustapha said the PPP/C Administration has acknowledged the signals and has been exploring an array of investment opportunities aimed at modernising every sector in the economy.
And with the government continuing its aggressive campaign to stimulate the nation’s economy, then it is only fitting for the law to be updated and modernised, the agriculture minister added.