Business group bemoans shortage of US currency in world’s fastest growing economy

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The “lack of action” by the Bank of Guyana (BoG) in addressing the supposed shortage of United States (US) currency in the country has irked dissatisfaction from the Georgetown Chamber of Commerce and Industry (GCCI).

In a statement on March 2, the GCCI cited the BoG’s “lack of action, vision and modern financial policies to improve access to financing for local businesses.”

The GCCI reminded that Guyana’s economy is one of the fastest-growing in the world, with oil revenues generating hundreds of millions of US dollars annually.

“According to its own statistics, the BoG has failed to intervene in the ongoing foreign currency shortage issue,” the GCCI outlined, adding that the issue has persisted since 2019.

The GCCI said that it views the Central Bank’s “inaction to activate mitigating strategies” to address the shortage as a “disregard for business.”

But according to the BoG, such a shortage does not exist. Governor, Dr. Gobin Ganga in quoted in a News Room article stating “There is no shortage of U.S currency. Everyone has enough.”

According to the article, Dr. Ganga hinted at some banks hoarding US currency.

Nevertheless, the GCCI said it will continue to advocate this cause in hopes that a thorough, independent investigation is conducted in order to uncover the root cause.

“An independent intervention is needed since the GCCI has lost confidence in the leadership of the Bank of Guyana or its capacity to implement policies that will guide Guyana’s financial sector to support growth being expressed in the real sector.

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