PRESIDENT, Dr Irfaan Ali has reaffirmed Guyana’s dedication to the advancement and growth of its Local Content Legislation, highlighting that the current review will facilitate the addition of new services and elevated targets for established sectors.
Reflecting on the progress at a year-end press conference held earlier this week, Dr. Ali stated, “As a government, we continue to set ourselves high standards. So when we achieve one target, we set the highest target.”
He observed that, although the government is pleased with its legislative achievements, the emphasis has shifted to establishing new objectives.

The President highlighted that the legislation which was implemented to bolster the local private sector, would undergo regular reviews to ensure it remains relevant and effective in fostering national growth. “That is why we have said in the local content legislation that there will be a period of review… the review is ongoing right now to see what new services can be added, how we can increase the targets in existing services,” he said.

As part of the ongoing review, Dr. Ali mentioned that even the insurance sector is now seeking to increase its targets within the Local Content framework. “For a matter of fact, the insurance companies are addressing us right now to see how we can have a higher target, or target for insurance services as part of the local content legislation,” he revealed.

As part of the ongoing review, Dr Ali mentioned that the insurance sector is now seeking to increase its targets within the Local Content framework. “For a matter of fact, the insurance companies are addressing us right now to see how we can have a higher target, or target for insurance services as part of the local content legislation,” he revealed.

The Head of State further underscored the significant role of the local private sector, praising its resilience and determination in expanding its scale of operations and diversifying services. “The local private sector has invested heavily in expanding their own scale of operation, in expanding and diversifying their base of services that they can provide,” the President noted. This growth, he emphasised, is an outcome of the government’s policies aimed at fostering private sector development and national economic sustainability.
This drive for growth and diversification is viewed as a direct result of the successful implementation of the Local Content Legislation. According to the President, this mechanism, which includes annual reviews, was specifically designed to ensure that the local private sector would have the tools and opportunities to grow alongside the country’s expanding industries.

“This is an ongoing process, and that is a consequence of success… we expected, with the type of policies that we are pursuing, the local private sector to invest and to grow, and we’re seeing it.”
Dr Ali further took the opportunity to commend the local private sector for their impressive efforts in harnessing the opportunities presented by the country’s evolving business landscape. “I want to compliment the local private sector for the manner in which they’re growing and expanding themselves to take maximum benefit out of this,” he said.

Guyana’s Local Content Act was passed in December 2021 and brought with it guidelines that were designed to maximise the participation of Guyanese companies in the sector, beginning with the provision of services such as office-space rentals, janitorial services, laundry and catering services, pest-control services, insurance services and the supply of food, among several others.

Officials have said that the update to the piece of legislation will likely include new provisions that reflect the lessons learned since its enactment and include other opportunities and areas that have seen growth.
The government is currently conducting a thorough review of the Local Content Act to identify additional services that can be included and explore ways to expand existing provisions. This review aims to further enhance opportunities for local businesses.
By October 2024, the legislation has reportedly generated over US$2 billion in business for local enterprises. Approximately 65 per cent of the workforce in the oil sector comprises Guyanese nationals, with significant female representation.
In just the first half of 2024, over 454 new hires were recorded under the specified sectors, through the Act.