Enabling business environment driving private sector growth

PSC Chairman Gerald Gouveia Jr.

Private Sector Commission (PSC) Chairman Captain Gerald Gouveia Jr. says the government’s hands-on support and clear policy direction are accelerating private-sector growth at a pivotal moment in Guyana’s economic trajectory.

Speaking on the Starting Point podcast, Gouveia described a business climate undergoing rapid transformation and marked by increased collaboration between government and industry. He credited the administration with establishing a framework that enables businesses to expand while pursuing ambitious development goals.

“We’re fortunate to have a government that understands its role in private-sector development—set the framework, then let the private sector do the work,” he said.

Gouveia, who has long worked in aviation, said Guyana is experiencing a “window of opportunity” unmatched in its modern economic history. The current approach, he added, has helped companies become more competitive and confident about scaling up.

He said President Dr. Irfaan Ali’s pledge to deliver “30 years of development in five,” within his two-term constitutional limit, has pushed the private sector to move faster. “The president is upping the pace, and the private sector is answering that call. To keep up, we must innovate and embrace technology,” he said.

Gouveia said the strongest momentum is coming from large companies—major distributors, top-tier banks and regional chambers—which he described as the backbone of private enterprise. Their response, he noted, reflects a motivated and results-driven business community.

He also pointed to the Local Content Act as a catalyst for new opportunities, enabling Guyanese businesses to supply the oil and gas sector without operating directly in it. Services such as logistics, accommodation and support industries are already expanding, he said.

Diversification remains essential, he added. At a recent regional forum, Guyana was recognised as one of the most economically diverse economies in the Caribbean despite its oil wealth. Petroleum revenue is now supporting growth in tourism, agriculture, manufacturing and ICT.

Rising disposable income and increased economic activity are creating space for new restaurants, service providers and small and medium-sized enterprises, he said. “We have a market that allows young people to innovate, and Guyanese are good at taking advantage of opportunities when they arise,” he said.

The PSC, founded in 1992 by five private-sector associations, is the umbrella organisation for business groups across Guyana. It is governed by a Council comprising the heads of member organisations and elected corporate representatives. The Chair serves a one-year term, with the option of a second consecutive term.