The Georgetown Chamber of Commerce and Industry (GCCI) said banks have to take a more proactive approach in sharing possible hindrances restricting better access to finance for the Guyanese private sector, whether they be legislative, economic, social or environmental.
GCCI reminded that several members of Guyana’s private sector have publicly voiced their concerns about the issue. Minister of Finance, Dr Ashni Singh has also said that if legal impediments are identified, the administration would go to Parliament and remove them.
“Access to finance is one of the most critical issues facing the business community and the Chamber believes that the banks play a major role in mitigating the existing challenge,” the Chamber said.
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It even surmised that the failure of banks to respond to persistent calls from the private sector leads to the assumption that the issue of access to finance may be a question of internal diffidence, rather than a national legislation or policy concern.
The Chamber has continuously rallied key stakeholders to rally behind the cause of securing greater access to finance for businesses, as an imperative for Guyana’s growth aspirations. It has advocated for access to multiple instruments of borrowing such as invoice factoring, accounts receivable financing, contract borrowing and movable property lending for the Guyanese private sector to increase its competitiveness in the oil and gas sector. It said the local private sector risks becoming unable to compete with regional and international counterparts if this issue persists.