The Guyana Stock Exchange (GSE) is now facing heightened scrutiny as the Georgetown Chamber of Commerce and Industry (GCCI) has called for stock market reforms, expressing deep concern over operational challenges and emphasizing their significant impact on the local business community.
The GCCI, a staunch advocate for the local business community has consistently championed campaigns for the enhancement of capital markets and the stock exchange in Guyana. As the oldest and premier private sector representative body in Guyana, it noted its dedication to fostering growth and development within the business community.
In a recent statement, the GCCI emphasized the crucial role of the GSE in providing businesses access to essential financing. “Access to transparent and efficient financing is vital for businesses in Guyana, and the GSE plays a significant role in facilitating this,” the GCCI underscored.
The Chamber pointed to pressing issues at the GSE, including a lack of infrastructure, technological advancements, and a robust regulatory framework, highlighting potential threats to businesses’ financial health. “Our businesses need a robust platform for growth, and the current state of the GSE jeopardizes this,” the organization asserted.
Against the backdrop of Guyana’s revolutionary growth trajectory, the GCCI stressed the urgency of revitalizing the GSE to align with the nation’s development. “The GSE must evolve to meet the needs of our expanding economy,” it said.
Calling upon the Guyana Association of Securities Companies and Intermediaries Inc., and the Guyana Securities Council (GSC), the GCCI urged the prioritization of GSE infrastructure modernization. This includes the incorporation of technologically advanced best practices to ensure a reliable financial market supporting Guyana’s burgeoning growth.
The GCCI statement also expressed concern about the sale of stocks in violation of company by-laws, further complicating the challenges faced by local enterprises. Urging immediate action, the Chamber emphasized the need to address these issues promptly to safeguard the integrity of Guyana’s financial markets.
