Dolla’s financial claim of political instability to exit market is patently false

Dear Editor,
At Vice President Dr. Bharrat Jagdeo’s press conference on May 23, 2024, a reporter disclosed that a financial services company, namely “Dolla Guyana Inc”, has apparently claimed that due to political instability in Guyana, the said company is forced to exit the market.
Let me state categorically that I am familiar with this company and their situation. The company’s claim that “political instability” is the reason for their exit from the market is patently false, misleading and mischievous.
The company has been operating in the market for quite some time now, and has not been performing well financially. Its poor performance, however, has absolutely nothing to do with the economy; it has to do with bad management and laziness on their part. The company is a Jamaican company, does not have a single Guyanese at the local management level, the top management with responsibility for the Guyana market wants to manage and grow the company out of an office in Jamaica. Obviously, if that is their approach to business, it is a failed formula upon arrival.
Ironically, the Jamaican business sector has deep interest in seeking out opportunities in Guyana. In fact, only recently, a Jamaican delegation was in Guyana during the period May 12-15, where they engaged the Business Support Organizations in Guyana, exploring local partnerships and opportunities. There is also a large Jamaican financial institution that is operating in the market.
I would therefore like to urge the relevant authorities to closely monitor and/or intervene in the company’s exit, ensuring that the local employees are treated in accordance with the laws of Guyana. Furthermore, the company’s management owes its employees and Guyana an apology for the patently false claim of political instability.

Joel Bhagwandin