GCCI calls for overhaul of “substandard functioning” Guyana Stock Exchange

The Georgetown Chamber of Commerce and Industry (GCCI) has called for an overhaul of the Guyana Stock Exchange (GSE), after highlighting the negatives of current operations and its effect on the business community.
With access to financing being a leading hurdle for many businesses in Guyana, GCCI said, GSE has a significant role to play in facilitating a transparent and efficient marketplace for companies to raise capital, invest, and grow.
In a statement, the Chamber noted the lack of necessary infrastructure, technological advancements, and regulatory framework at the GSE, which compromise the financial health of businesses, restrict their ability to attract investment, and ultimately hamper their growth potential.

“The GCCI has been on public record, on multiple occasions, championing the reform of the capital markets and the stock exchange in Guyana…The substandard functioning GSE is also resulting in the sale of stocks in breach of a company’s by-laws is also most worrying. With Guyana being on a revolutionary growth trajectory it is imperative that the GSE be rehabilitated to keep pace with the rapid growth and development taking place all across the nation. The GCCI therefore calls on the Guyana Association of Securities Companies and Intermediaries Inc, and Guyana Securities Council (GSC) to prioritise the modernization of GSE infrastructure, with a focus on the incorporation of technologically advanced best practices,” the statement read on Monday.
A stock market allows owners of stocks and shares to dispose of them at a fair price. It allows new investors to buy them at a fair price, and it allows companies to sell new shares to finance the growth of their business.
The Guyana Association of Securities Companies is the local stock exchange that organises and supervises the stock market in Guyana.
Guyana is now welcoming the digital era of doing business. In fact, just last year, the GCCI signalled that Guyanese businesses are ready to tap into the digital and e-commerce landscape.
On Friday last, during his contribution to the 2024 Budget Debate, Opposition Leader Aubrey Norton had called for the rollout of comprehensive financial literacy programmes and the development of the local stock exchange market.
“The few brokers that allow citizens to purchase stocks are concentrated in Georgetown, and they are hindered by a stock market that only trades once a week,” he noted. “These brokers should similarly benefit from tax concessions for establishing more branches across Guyana, but also be encouraged to develop financial products that serve the investing needs of average Guyanese.”
It is against this backdrop that the Opposition Leader emphasised the need for financial literacy programmes. “Citizens must also be educated about the benefits of investing, planning ahead for expected life expenses, and the general advantages of making use of the financial system. This must be introduced at the high school level, but also at the University of Guyana and other higher learning institutions, through a deliberate Government outreach programme,” he said.
He expressed, “the US Federal Reserve highlights that 58 per cent of Americans own stock, often through varied financial products; whereas, sadly, many Guyanese are not even aware that Guyana has a stock exchange.” (G12)