GCCI applauds Govt’s push to boost business growth, modernise stock exchange

The Georgetown Chamber of Commerce and Industry (GCCI) has commended the Government for its initiatives aimed at advancing economic growth through enhanced business development, increased access to financing, and the modernisation of the local stock exchange. In a statement on Monday, the Chamber said it anticipates the positive outcomes these measures will bring, particularly for Micro, Small, and Medium-sized Enterprises (MSMEs). During the GCCI’s recent Energy Insights Breakfast Brief, President Dr Irfaan Ali announced that technical reports on the initiatives are expected to be completed within this month. Among the measures outlined are the establishment of an interest-free development bank, the inclusion of US$200 million in seed funding, and mechanisms to make bank accounts more accessible to citizens. According to the GCCI, these steps demonstrate a renewed focus on strengthening private sector growth and expanding opportunities for small and medium-scale businesses. The Chamber also welcomed the planned modernisation of the Guyana Stock Exchange (GSE), noting that it will create new investment opportunities for citizens and provide additional channels for businesses to raise capital. The announcement follows several meetings between President Ali, business support organisations, and stakeholders from the financial sector. The GCCI said it is encouraged by the Government’s urgency in addressing the concerns of the business community and reaffirmed its commitment to working with the administration to foster a more dynamic and inclusive economic environment. Last week, President Dr Irfaan Ali had announced that considerations are being given to the establishment of a junior stock exchange that will open up financing opportunities for Small and Medium-sized Enterprises (SMEs). “As part of the financial sector modernisation, we’ll enhance the [local] stock exchange and [are] looking at the possibility of a junior stock exchange,” the Head of State noted. A junior stock exchange is a type of stock exchange where small and growing companies can raise capital by offering shares to the public. In the past, the GCCI Chamber had previously called for an overhaul of the GSE which only has about 15 local companies with publicly listed shares.
Meanwhile, Vice President (VP) Dr Bharrat Jagdeo on Thursday, expounding on the Government’s plans to set up a Junior Stock Exchange, reminded that while the Government appoints the Guyana Securities Council – the regulatory body – and sets the regulatory framework like the Securities Exchange Act, the stock exchange mechanism in Guyana is privately owned. Jagdeo further pointed out that the challenge with the local stock exchange market is the lack of interest by private companies to go public and be listed on the exchange. VP Jagdeo explained that while the Government can put the regulatory systems in place, for this to work depends on the willingness of the business community to utilise the exchange.
Another option the VP touted is having some Government instruments traded on the exchange. In fact, the Government has already indicated that they may want to syphon off, from the burgeoning oil and gas sector, some of the most lucrative opportunities, then underwrite a return for the investors in those companies, create the share structure of the companies, and maybe list those on the exchange. Jagdeo said this model could be used for the fertiliser plant that the Government plans to build in Phase Two of the Gas-to-Energy (GtE) Project at Wales, West Bank Demerara (WBD).

Development bank
Also, on Thursday last, Jagdeo explained that the long-promised development bank will target SMEs, particularly those unable to access financing through the traditional banking system. He stressed that too many Guyanese, including young people and women across all 10 administrative regions, have viable business ideas or start-up ventures but remain unable to grow due to the lack of affordable credit and collateral requirements. While reforms to the formal banking system are underway to allow easier access to capital through a range of instruments, including project financing, invoice discounting and commercial lending, the VP said the new development bank will cater to those who remain excluded. Work on the initiative has already advanced, with a concept paper under review. Jagdeo disclosed that a second draft will be discussed next week, with clear directions already issued to ensure the plan reflects the Government’s intentions. Financing for the bank will be included in the early 2026 budget, with the aim of making the institution fully operational before the end of next year.