Please see the full release from the Georgetown Chamber of Commerce and Industry (GCCI):
The Georgetown Chamber of Commerce and Industry (GCCI) commends the Government of Guyana on the bold and timely legislative initiatives taken to improve the business and economic landscape in Guyana— particularly the introduction of the Financial Institutions Act, the Security Interests in Moveable Property Act and Acquisition of Lands for Public Purposes (Amendment) Act. The GCCI recognises these legislative initiatives as being crucial to driving development and economic growth.
The passage of the Financial Institutions Amendment Act comes at a critical point as with increasing investment interest in Guyana, there is a need for a well-regulated financial sector, particularly when viewed in conjunction with the increasing demand for access to capital. The Chamber, as a proponent of the development of businesses— particularly Micro, Small and Medium-sized Enterprises (MSME), has also long advocated for increased access to finance for small-scale businesses. The Security Interests in Moveable Property Act, which now allows for moveable assets such as equipment, vehicles, inventory, crops, livestock and intellectual property to be used as collateral for accessing credit, was eagerly anticipated and welcomed. This legislation is anticipated to be a catalyst for the development of enterprises in Guyana and a driver of economic growth.
The Chamber has also noted with satisfaction the amendments to the Acquisition of Lands for Public Purposes Bill to allow for timely and adequate payments to landowners whose properties are acquired by the State for the development of public projects. This legislative measure to ensure that landowners are treated in an equitable and just manner in the process of executing projects for national development aligns with international best practices.
The GCCI fully supports these initiatives that are geared towards the development of the business community and the advancement of Guyana’s economy.
