PricewaterhouseCoopers looking to build local capacity, opens office in Guyana

…Guyana eager to welcome investors – Finance Minister

PricewaterhouseCoopers (PwC), the accounting firm known for its work in Guyana over the years including its valuation of Guyana Sugar Corporation (GuySuCo) assets back in 2017, has officially set up a local office in Guyana.
While the company had set up an office in Guyana a few years ago, the ceremony officially marked the launch of that office during the company’s end of year cocktail on Monday.
Finance Minister Dr Ashni Singh, who was present at the ceremony at the Pegasus Hotel, Kingston, on Monday evening, lauded the company for taking the step to open its local office. He further encouraged them to expand their operations, noting that Guyana is eager to welcome investors and that the Government is committed to growing its non-oil economy.
“I urge you to give serious consideration to ramping up your operations in Guyana. Building out a larger footprint in Guyana and building up indigenous capacity in your Guyana office to meet the needs of not only your Guyanese clients, but I anticipate that you will be servicing other regional clients out of your Guyana office,” the Finance Minister said.
Meanwhile, PwC Guyana’s Managing Partner, Angelique Bart, described the occasion as a celebration of the company’s already established presence in Guyana. She noted that the company wants to serve as a bridge for further investments into Guyana.
“We understand the challenges faced by all stakeholders and we know how to help other leading businesses understand Guyana as they set up operations here and contribute meaningfully to the country’s growth and development, including transferring critical knowledge and expertise to Guyanese professionals,” Bart explained.
PwC Guyana has been offering a wide array of services under assurance, advisory and tax, to the Guyanese market for nineteen years. One of its most high-profile contracts was the one where they were tasked to valuate GuySuCo’s assets a few years ago.
Back in 2017, the then A Partnership for National Unity/Alliance For Change (APNU/AFC) Government had announced plans to close the Enmore and Rose Hall Sugar Estates, sell the Skeldon Sugar Factory, reduce the annual production of sugar, and take on the responsibility of managing the drainage and irrigation services offered by GuySuCo.
Subsequently, in November of that year, GuySuCo announced plans to retrench 2500 workers by the end of that year. Amid much criticism, over 7000 were retrenched, as the National Industrial and Commercial Investments Limited (NICIL) went into privatisation mode.
The then Government went on to establish the Special Purpose Unit (SPU) under NICIL to take over the divestment of GuySuCo’s assets that were earmarked for sale. The SPU then recruited PwC to conduct a valuation of the assets to be privatised and divested. (G3)