The Georgetown Chamber of Commerce and Industry (GCCI) said in a statement today that it is displeased with the Central Bank’s handling of a foreign currency shortage. See full statement below.
In light of the shortage of foreign currency in Guyana, the Georgetown Chamber of Commerce and Industry (GCCI) is dissatisfied with the Bank of Guyana’s (BOG) lack of action, vision and modern financial policies to improve access to financing for local businesses.
The country’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 Bank of Guyana has failed to intervene in the ongoing foreign currency shortage issue, despite the Private Sector complaining of a lack of US dollars since 2019.
Therefore, the Chamber views the Central Bank’s inaction to activate mitigating strategies to address the foreign currency situation as a disregard for business.
The GCCI 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 experienced in the real sector