The Georgetown Chamber of Commerce and Industry (GCCI) has reiterated the need for increased access to finance for micro, small and medium-sized businesses, as well as the removal of unnecessary bureaucracies that impede the ease of doing business within the country.
The GCCI put forward these positions when its President, Kathy Smith, met with Tourism, Industry and Commerce Minister, Oneidge Walrond-Allicock, earlier this week.
Smith raised concerns regarding the need for the digitalisation of services provided by the public sector.
She noted that the current paper-based and bureaucratic systems can be frustrating for businesses.
This matter has remained a pressing one for the Chamber.
In its recent Annual Report 2024–2025, the Chamber noted that archaic business practices using a paper-based system and bureaucratic processes must change to enable a more thriving business landscape.
The Chamber recalled its engagement with the National Insurance Scheme (NIS) earlier this year, following outcry from its membership for improved efficiency. It noted, nonetheless, that the NIS is just a drop in the bucket.
“There is much more to be done, and we continue to advocate for the digitalisation of processes in Guyana. Whether applying for a business name or compliance, time lost to waiting in line to file paper-based applications is money lost.”
It stated that the ease of doing business is not limited to administrative processes, but extends to production factors such as access to affordable and reliable electricity.
The gas-to-energy project, which is expected to come on stream this year, is anticipated to help address this issue.
On the issue of access to finance, the Chamber reported that Minister Walrond-Allicock, in response to the GCCI President’s advocacy for increased capital access for micro, small and medium-sized enterprises, indicated that mechanisms to address these matters are being examined and requested data from the Chamber to support this process.
Last month, the GCCI lobbied banks to take a proactive approach to the financial challenges facing the business community, as access to finance remains one of the critical issues affecting them.
It noted that the banks’ failure to respond to the concerns of the private sector leads to the assumption that the issue of access to finance may stem from internal diffidence at their level, rather than from national legislation or policy shortcomings.
The Chamber added that multiple borrowing instruments — such as invoice factoring, accounts receivable financing, contract borrowing and movable property lending — must be made available to the private sector to enhance its competitiveness in the oil and gas sector.
“The local private sector risks becoming unable to compete with regional and international counterparts,” the Chamber said.
Thursday’s meeting also addressed matters relating to trade tariffs, the upcoming elections, and increased collaboration, among other issues.
President Smith was accompanied by the GCCI’s Secretary, Kristia Ramlagan-Prescott; Treasurer, Mrs Melisa McRae-George; and Councillor and Chairperson of the Entrepreneurship and Small Business Committee, Orson Ferguson.
