Business Chamber renews calls for urgent improvements in financial sector

…backs VP’s call to modernise banking sector

The Georgetown Chamber of Commerce and Industry (GCCI) on Friday called for the Central Bank to take necessary steps and procedures to address existing gaps in the country’s financial sector as it relates to the demands of the economy and business landscape and the ability, or lack thereof, of the banking sector to deliver the level and quality of services needed.
The Chamber’s statement is the latest in longstanding calls for financial sector improvements, which continue to lag as the rest of the economy grows rapidly.
The business support organisation underscored that “The country’s financial sector is in dire need of modernisation and [the GCCI] urges financial institutions to streamline updated systems that cater to the evolving needs of Guyana’s growing economy.”
The Chamber expressed support of the sentiments expressed by Vice President 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,” the chamber said.
Given the current landscape, the Chamber said that it is imperative that the Bank of Guyana take measures to address the situation. The Chamber also called on the local banks to examine the needs of the country 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,” the chamber said.
In 2023, the GCCI began meeting with the Finance Ministry, the Governor of the Bank of Guyana, and the Guyana Association of Bankers Inc to begin discussions on the banking challenges. Since then, towards making tangible improvements in the legislative framework of the financial sector the Government has laid and passed the Security Interests in Movable Property Bill, and the Financial Institutions Amendment Bill of 2024.
The Security Interest in Movable Property Bill was passed with bipartisan support in the National Assembly in December. The bill has been described by the GCCI as “a game-changer” to the financial sector in Guyana.
The Act allows businesses to leverage moveable assets—ranging from vehicles, equipment, and inventory to crops, livestock, and even intellectual property—as collateral to access credit. The GCCI has described this as a much-needed boost for enterprises that have often struggled to secure financing under the traditional collateral models.
Meanwhile, the Financial Institutions Amendment Bill of 2024, allows foreign financial institutions to establish representative offices in Guyana.