JSE Conference aims to address issues challenging businesses

GUYANA’S private sector is striving to keep up with the evolving nation’s demands during its massive growth spurt. But with the first-ever Jamaican Stock Exchange (JSE) Conference being hosted here, in Guyana, prospects are beaming.

The Private Sector Commission (PSC) Chairman and Chief Executive Officer (CEO) of GAICO, Komal Singh, while speaking on day two of the JSE Conference on Wednesday at the Pegasus Suites and Corporate Centre, said that the private sector is having difficulties keeping up with the fast-paced development.
More so, he said that the private sector does not have enough capacity to contain the demands of the market but, he still encouraged the people to take advantage of the opportunities that are emerging.

“[It] is indeed a challenge for the private sector at large to stay in tune with what is going on,” the PSC Chairman related.
Singh then gave credit to President Dr. Irfaan Ali’s remarkable leadership, which has put Guyana on the map in terms of food, energy, and climate security.
Announcing that the nation’s Gross Domestic Product (GDP) for the first half of 2023 surpassed expectations, he reflected upon the growth of the economy. Notably, the real GDP grew by an estimated 59.5 per cent, in the first half of 2023 and, in particular, the non-oil economy expanded by 12.3 per cent in the first half of the year.
The PSC Chairman further said that the opportunity within each traditional sector poses great potential and starting with the agricultural sector, he stated: “We in the private sector have seen tremendous amount of opportunity, and we have seen a lot of people being encouraged to get more back into the agriculture sector, but we also have some challenges in terms of access to capital, access to the technical expertise.”

Referencing the ’25 by 2025’ goal set by President Ali, he went over on the abundance that is lying within the agricultural sector and declared that the PSC will continue to leverage their full support towards the government’s initiatives.
Singh further stated: “Now is the time to start preparing…” as he explained that amidst the gas-to-energy project that will be coming on board, the time is ripe to start constructing agro-processing facilities.
Furthermore, speaking on the meat of the matter, the PSC Chairman remarked that business awareness is not prominent as it should be, but he is hoping that the JSE conference will change this.

LEARNING STAGE
Meanwhile, Senior Vice-President of the Georgetown Chamber of Commerce and Industry (GCCI) and Country Manager, Guyana, and Suriname, NCB Capital Markets Limited, Richard Rambarran, said that the nation’s private sector still has a long way to go and this conference marks both a learning and building experience for both Guyana and Jamaica.

He said: “In my view, I believe this represents a landmark moment for both countries in multiple dimensions…It is my fervent hope that it represents a continued forging of relations between the two countries as Caribbean sister nations to drive both economies forward.”
Rambarran also said: “The rebirth of our private sector over the past three decades implies that our private sector is one that is still very young. Because when you are young, you do have a tendency to make errors. You also do have a tendency to still be going through the learning curve.”
Moreover, President of the GCCI, Kester Hutson, during a panel discussion, spoke about the need for integration of the capital market, and addressed a number of issues standing in the way of Guyana’s development.

“The pressing issue is the inability to bring these related resources together effectively. The urgency of this model cannot be overstated, unlocking the free movement of free resources both in terms of trade and finance is essential for Guyana’s development,” Hutson stated.
Meanwhile, Simon Johnson, Senior Specialist of the Inter-American Development Bank (IDB), shared similar remarks and spoke on the need for easier access to capital in order to achieve progress.