Representatives from Demerara Mutual Insurance Company (DM) and the Guyana Revenue Authority (GRA) were among the participants of a one-day workshop aimed at educating, rewarding and celebrating small businesses in Georgetown.
The event which was held at the Guyana Marriott Hotel, in Georgetown, was
hosted by Scotiabank Guyana, under the theme “Managing Your Small Business for the Future.”
Bank of Guyana’s Deputy Governor, Dr Terrence Smith, in his opening remarks emphasised that small businesses are crucial to the generation of economic stability and long-term development of Guyana. “The emphasis placed on assisting small businesses is a microcosm of the growing recognition across the nation of the important role of this sector”, he said.
He focused on the role small businesses play in driving economic growth, the critical considerations for successfully managing small businesses and the recent developments that are impacting them locally.
Dr Smith said, “Small businesses are essential to creating jobs in our economy and operate in a variety of sectors, including agriculture, manufacture, tourism and
service sectors.”
“Many individuals find opportunities to continue working well into their retirement years through self-employment or opening their own small business,” he said.
In terms of the Government’s support, he referred to projections from the Business Ministry’s 2016-2020 Strategic Action Plan, that predict major developments for Guyana’s business environment throughout the four-year period.
According to Dr Smith, “One significant benefit mentioned in the provision is to allow 20 per cent of public procurement to small businesses.” He noted that access to capital and credit are key points to the growth of any business, especially fledgling businesses.
Dr Smith further noted that between 2015 and 2016, Guyana improved by 16
