After a two and a half-year presence in Guyana, Jamaica’s Dolla Financial Services Limited has announced its decision to wind down its operations. This revelation was noted in the company’s recently released 2023 audited financials on the Jamaica Stock Exchange (JSE). In that document it cited geopolitical instability stemming from Venezuela’s territorial claim over the Essequibo region of Guyana as the primary reason behind the move.
Established in August 2021 with initial investments totaling US$31.18 million, Dolla Guyana Inc. has been a significant contributor to Dolla Financial Services’ regional portfolio. However, it said recent geopolitical tensions have prompted a strategic reassessment, compelling the company to reallocate its resources back to Jamaica where proceeds have been higher.
Kenroy Kerr, Chief Executive Officer (CEO) of Dolla Financial Services, has since emphasized the necessity to navigate the uncertain economic and political landscape in Guyana. While acknowledging Dolla Guyana’s profitability, Kerr stressed the importance of exercising prudence amidst the escalating geopolitical climate, leading to the decision to shift resources to Jamaica, perceived as a more stable and lucrative market.
Last week Venezuelan President Nicolás Maduro passed a law laying claim over Guyana’s Essequibo region. The Organic Law referred to as the “Defense of Guayana Esequiba” is the most recent attempt by Venezuela to annex more than two-thirds of Guyana’s sovereign territory and make it part of Venezuela. This troubling violation of international law has already been met with strong condemnation from Guyana through its Ministry of Foreign Affairs.
