Private Sector lauds “people-centric, development-attuned” Budget 2026

…says continuity in current economic environment enhances investor confidence

The local private sector has commended the People’s Progressive Party/Civic (PPP/C) Government on the presentation of the $1.558 trillion Budget 2026, which focuses on enhancing the lives of citizens alongside provisions to push business development.

Under the theme “Putting People First”, Finance Minister Dr Ashni Singh delivered the fiscal plan for the country this year on Monday during a more than six hour-long presentation in the National Assembly.
According to Dr Singh, Budget 2026 lays the foundation for continued strong economic growth and further rapid advances in Guyana’s transformation with a strong focus on improving the lives of and creating opportunities for the Guyanese people.
This strategic move to prioritise citizens and foster their development was commended by the Georgetown Chamber of Commerce and Industry (GCCI). In a statement on Monday evening, the Chamber added that Budget 2026 also contain significant provisions to bolster the growth of the business community through targeted interventions – something that the GCCI welcomed.
Among those these initiatives is the removal of corporate tax on agriculture and agro-processing businesses; expansion of export allowance to include timber products; removal of Value Added Tax (VAT) on locally-made furniture and jewellery, and the importation of security equipment along with incentives to develop the tourism sector by encouraging destination weddings in Guyana.
It went onto add, “Anticipated to have a transformational effect on the playing field for Micro, Small, and Medium-sized Enterprises in particular, the GCCI applauds provision for US$100 million into the development of the zero-interest Development Bank.”

According to the Chamber, when viewed in conjunction with measures such as the introduction of flat tax on double-cab pick-ups; the removal of VAT on new vehicles below 1500CCs and all-terrain vehicles (ATV), and the continuation of freight charge relief, these interventions by the government reflect commitment to the prosperity of the business sector and the people of Guyana.
“The GCCI congratulates the government on tabling the $1.558 trillion budget that is expected to improve the lives of all Guyanese, and remains committed to working with the government for the advancement of Guyana’s business sector and economy,” the missive detailed.
Meanwhile, former Chairman of the Private Sector Commission (PSC), Komal Singh, also echoed similar sentiments, saying that Budget 2026 focuses a lot on people, development of the economy, and on creating economic opportunity and sustainability.
With increases recorded in the performance of nearly all the economic sectors last year, Singh posited that this year’s budget will ensure continuity in those areas.
“I think overall this budget is one that will be very good for this economy, it will be very transformational for development, and take us to where we want to see this country and our people in 2030,” Singh told the Guyana Times on Monday evening after sitting through the Minister’s budget presentation at the Arthur Chung Conference Centre (ACCC).
He added, “When you look at the manufacturing sector, the productive sector, the development from an infrastructure standpoint, overall, this budget actually captures almost every single facet of this economy. That will generally create an opportunity for the entire economy to move forward, and for Guyanese businesses and investors to move forward. The good news in continuity in an economic environment is where we are today. It creates investor confidence. We want to make sure that investors maintain confidence. If your budget doesn’t align with your projections, then you will kind of start losing investor confidence. And I think this budget here today strengthens investor confidence level that we have seen over the last five years in this country.”
According to the businessman, there are many opportunities for Guyanese citizens and businesses to capitalise on especially through the Government’s US$100 million SME Development Bank. He pointed out that local small businesses have long been suffering from the lack of access to funds.
“I’ve talked to many small businesses, small manufacturers…they have capacity. They have the ability to develop their business. But what was short in their environment was access to funds… They want to grow. The entire region right now looks at Guyana as the food basket of the region. And we have an opportunity right now of a lifetime…to grow our small businesses, make sure that they have enough scale upwards so they can actually produce to satisfy local and regional demand,” Singh contended.
Moreover, with the manufacturing sector projected to further grow by an estimated 12.9 per cent across all categories this year, the former PSC Chairman underscored the need to build out a robust logistic hub in across the country.
“I was very pleased to see that government is putting a lot of effort into infrastructure development to make sure that we can move goods and services, not only in Guyana, but regionally. And I think for that, the manufacturing sector and the small businesses have a wonderful opportunity right now to look forward to an economy that is going to be robust, that’s going to be sustainable, and that actually bring them into an environment where they can participate meaningfully within it,” he stated.
Moreover, Singh, who currently serves as the Chairman of the Shipping Association of Guyana, lauded government plans for to continue and intensify dredging works along main rivers in the country to facilitate the movement of vessels.
“We continue to have congestion on our port. And those congestions create significant delay to the shipping line…So, by seeing the government injecting money again in this year’s budget into dredging the Berbice River mouth, the Demerara River – that by itself is very transformational for the whole country by and large. Because we will now be able to have economies of scale where vessel coming into our port right now will no longer come in struggling with a 6-meter draft port. They will now be able to come in with 7- and 8-meter drafts, which means they’re going to increase the amount of cargo they’re coming in. The cost of the unit cost will go down because they have economies of scale. So, that is very good to see, you know, from a Shipping Association standpoint, that government is actually focusing continuously in trying to deepen our port,” he asserted.