-Managing Director of JSE
By Khadidja Ba
A recent visit by the Jamaican Stock Exchange (JSE) to Guyana has highlighted how it can support to the local Guyana Stock Exchange (GSE).
Acknowledging Jamaica’s Stock Exchange development surpasses that of Guyana’s by leaps and bounds, Managing Director of the JSE, Dr. Marlene Forrest and her team ventured to Guyana for the second time on May 14th, 2024. The visit was not in a prescriptive capacity but more in keeping with that of capacity building and knowledge sharing. Their previous visit was for the Regional Investments and Capital Markets Conference held at the Pegasus Suites and Corporate Centre on October 3 and 4, 2023 which focused on “demystify the capital markets, unveil investors’ choices and convenient solutions to companies mobilizing capital to innovate, grow and expand” (GCCI).
Dr. Forrest, speaking to Stabroek News recalled the interests of the Guyanese companies and individuals being focused mostly on financial literacy, business opportunities, interest in the development and trends of markets. On the heels of such a successful venture and based on feedback, the JSE was inspired, according to Dr. Forrest, to return to Guyana’s shores with every intention of “further deepening and strengthening the relationships, that we forged during our 2023 Conference, to have a better understanding of the Guyana market and its participants, and also to learn about the opportunities for collaboration and the challenges facing the GSE and to see how the JSE can help, partner and support changes for growth.”
An assessment of the current stock market climate in Guyana proved that persons and companies are attuned to the fact that there are options when exploring ways in which to interact with the stock market, whether it be the Guyana stock market or otherwise. With the recent upsurge in economic growth, there is an eagerness and all round positivity experienced by both investors and issuers in relation to the opportunities in the market and how they can benefits.
The main recommendation from Dr. Forrest was the need for more sensitization to the Guyanese public at large as it relates to the ways in which not just trading in the stock market but actually listing on both the Main Market and the Junior Market, is a good way for SMEs (Small and Medium-sized Enterprises) to grow and for investors to have another option for wealth creation. She said also, “Not only will the businesses flourish but also the man on the street who wants to create money can benefit. This is how it [JSE] has grown, and added success. JSE tends to share their experiences for others who are looking for ways in which to foster growth in their own countries.”
Dr. Forrest stated that the JSE has been exceeding expectations in their growth and the markets they have established. In so doing, the JSE has resources available to the GSE, should an interest be shown. Such as their “seamless system in terms of trading and settlement, as well as the technology we have available and structure which will depend on the members (of the GSE) and the persons in Guyana, and whether they want to tap into the resources we have. Our resources range from financial literacy and market education to a television channel, where we speak about how JSE can lend support in terms of a voice for persons in business”.
In a recent meeting with members of the private sector at the Guyana Manufacturing and Services Association, Dr. Forrest related that the feedback was “tremendously positive, the reception was good”. The meeting accomplished the intentioned goals by educating those present on various areas such as the requirements to be listed on any market and process for same as well as how to access capital through equity financing and debt financing on any exchange as well as sharing examples of the experiences of companies before and after they list and what it means in terms of governance, multiplier effects for sales, net profit and dividends. Importantly, the meeting presented alternative benefits for listing on the Stock Exchange apart from increasing profits such as raising their company profiles and personally as a necessary step in preparation for retirement.
Dr. Forrest encouraged members of the Guyanese public to attend the 2nd Regional Investments and Capital Markets Conference which will be held from October 8th-9th 2024. The theme of this year’s Conference is ‘Financing for Success: Where Passion, Prosperity and People Align’.
