THE Georgetown Chamber of Commerce and Industry (GCCI) has reaffirmed its position that Guyana’s financial sector requires urgent modernisation to keep pace with the country’s rapidly evolving economy.

The Chamber has expressed strong support for Vice President Dr. Bharrat Jagdeo’s recent remarks, in which he described the sector as needing to be “dragged out of the stone ages.”
According to the GCCI, businesses reliant on financial institutions continue to face significant challenges, including delays caused by outdated paper-based and bureaucratic systems, as well as difficulties in accessing capital and foreign exchange.

The Chamber has called on the Bank of Guyana to take proactive steps in addressing these gaps to ensure that the banking sector is equipped to meet the needs of the economy and business community.

In addition, the GCCI is urging local banks to modernise their services in alignment with the demands of their clientele. The Chamber emphasised that Guyana’s economic development and improvements in the ease of doing business must be approached with urgency and diligence, given the financial sector’s critical role in national growth.

The call for reform underscores growing concerns among stakeholders that an outdated financial system could hinder investment, trade, and overall economic progress in the country.