The Georgetown Chamber of Commerce and Industry (GCCI) today noted with concern, reports of operations at the Guyana Stock Exchange (GSE), and its effect on the business community in Guyana.
In a statement, it said that with access to financing being a leading hurdle for many businesses in Guyana, the GSE has a significant role to play in facilitating a transparent and efficient marketplace for companies to raise capital, invest, and grow. The statement said that the GCCI has been on public record, on multiple occasions, championing the reform of the capital markets and the stock exchange in Guyana.
“The lack of necessary infrastructure, technological advancements, and regulatory framework at the GSE compromises the financial health of businesses, restricts their ability to attract investment, and ultimately hampers their growth potential. That the substandard functioning GSE is also resulting in the sale of stocks in breach of a company’s by-laws is also most worrying”, the Chamber said.
With Guyana being on a “revolutionary growth trajectory”, the Chamber said that it is imperative that the GSE be revamped to keep pace with the rapid growth and development taking place all across the nation.
“The GCCI therefore calls on the Guyana Association of Securities Companies and Intermediaries Inc., and Guyana Securities Council (GSC) to prioritise the modernization of GSE infrastructure, with a focus on the incorporation of technologically advanced best practices”, the statement said.
