Since its passage in 2021, Guyana’s Local Content Law has proven to be a powerful instrument in securing jobs for citizens. In fact, Senior Finance Minister, Dr. Ashni Singh revealed during the 2024 budget that the law has secured employment for 3938 persons. He said these numbers were reported to the Local Content Secretariat by contractors, sub-contractors and licensees from 2022 to 2023.
With respect to employment figures for 2023, he said new hires stood at 785 within the first six months.
To date, Minister Singh said 824 Guyanese were employed as plant and machine operators, 1,203 as professionals (accountants, lawyers, engineers, etc.), and another 485 as technicians. He said this brings the total number of Guyanese persons employed in the sector to more than 6,000.
In accordance with the Act, Minister Singh said five-year master plans detailing employment, procurement, and capacity development were received from 33 companies. He said these companies project their employment numbers to climb by 601 in 2024, 509 in 2025 and 536 in 2026.
Also in keeping with the Act, he said annual plans received from contractors, subcontractors and licensees, amount to an estimated US$721 million in procurement of goods and services and training. This is notably US$21M above the reported spending plans in 2022, which covered 40 categories of services.
“Current estimates suggest that US$518 million will be procured from Guyanese suppliers providing goods and services in 2023. Of this amount, roughly US$15.8 million, US$5.5 million, and US$130 million will be spent on providing accommodation services, catering, and lay down yard facilities, respectively,” the minister said.
Other major expenditures include the provision of manpower and crewing services and ground transportation at US$74.6 million and US$13.6 million, respectively. Minister Singh said these all constitute business, employment, and income earning opportunities for Guyanese nationals.
Notably, for the first time in 2024, Minister Singh said a local company will be providing specialised subsea services through a joint venture arrangement with a Norwegian company. Guyana Standard understands that operations will begin in February this year.
Other initiatives that will be rolled out during 2024 include a paid internship programmes with the 45 Tier 1 contractors targeting approximately 100 paid internships; the development of an enhanced digital platform to allow immediate notification of employment opportunities and procurement needs; and local content sensitisation workshops to further increase awareness of opportunities that the Act affords.
