February 28, 2025

STATEMENT by

The Georgetown Chamber of Commerce & Industry on

The need for improvements in the financial sector within the context of Guyana’s emerging economy

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The Georgetown Chamber of Commerce and Industry (GCCI) The Georgetown Chamber of Commerce and Industry (GCCI) affirms its position that the country’s financial sector is in dire need of modernisation and urges financial institutions to streamline updated systems that cater to the evolving needs of Guyana’s growing economy. The Chamber wishes to express its firm support of the sentiments expressed by Vice President, Hon. Dr. Bharrat Jagdeo on the current state of the financial sector and the need to “drag it out of the stone ages.”

The challenges being experienced by the business community that is heavily reliant on the financial sector includes delays as a result of the paper-based and bureaucratic systems, as well as challenges in access to finance—which includes access to capital as well as access to foreign exchange. It is therefore imperative that the Bank of Guyana take up the mantle on addressing the existing gaps as it relates to the demands of the economy and business landscape and the ability of the banking sector to deliver the level and quality of services needed. In that same vein, the Chamber also urges local banks to examine the needs of the country and clientele and implement mechanisms to provide improved services.

Guyana’s development and improvements to the ease of doing business cannot be treated apathetically and must be regarded in a conscientious manner, especially given the interlinked nature of the financial sector and the country’s economic development.

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