A prolonged shortage of U.S. dollars in Guyana is disrupting the operations of One Communications, one of the country’s largest telecommunications providers, its U.S.-based parent company ATN International Inc said in its 2024 annual report.
The company warned that the foreign exchange constraint is limiting its ability to pay vendors and fund key infrastructure projects, including the construction of fiber networks. Many of the company’s suppliers in Guyana will not accept payment in local currency, ATN said, forcing it to rely on intercompany financing in foreign currency, and this is impacting its liquidity and leverage.
One Communications is a major player in Guyana’s telecoms market, competing with Digicel and ENet to provide mobile data, fixed voice, and high-speed broadband services to homes and businesses.
For One Communications, the situation is particularly critical as it seeks to upgrade its network by transitioning customers from legacy copper-based DSL infrastructure to fiber and fixed wireless systems.
ATN said the foreign exchange crunch is affecting liquidity not only for capital projects but also for other operational requirements of One Communications.
ATN holds an 80% stake in One Communications (Guyana) Inc., which generated US$122.6 million in revenue last year, ATN’s second-largest market after the United States.
The shortage of U.S. dollars has become a pressing macroeconomic issue in Guyana. In late March, Vice President Bharrat Jagdeo confirmed that the Bank of Guyana had injected US$35 million into the banking system to help stabilize the supply of foreign currency. A week later, on April 7, the Finance Ministry announced a further injection of US$100 million to be distributed across all commercial banks, following a high-level meeting between government officials, the Bank of Guyana, and representatives of commercial banks.
The government has said it is strategically managing the currency market to balance demand while avoiding economic distortions such as Dutch disease.
