THE Guyana Manufacturing and Services Association (GMSA) has welcomed the presentation of the G$1.558 trillion Budget 2026, saying the spending plan signals the government’s continued commitment to strengthening economic resilience, promoting diversification and supporting inclusive growth.
In a statement following the budget presentation under the theme “Budget 2026: Putting People First,” the association noted that Guyana’s economy expanded by 19.3 per cent in 2025, with the non-oil economy growing by 14.3 per cent. The GMSA highlighted the strong performance of the manufacturing sector, which grew by 20 per cent, and the services sector, which expanded by 8 per cent, both of which made significant contributions to the non-oil economy.
Against the backdrop of an uncertain global economic environment marked by geopolitical tensions and external market volatility, the association said the measures outlined in Budget 2026 are timely and geared toward strengthening Guyana’s economic resilience while supporting longer-term diversification.
The GMSA also welcomed the inclusion of several policy proposals it had previously submitted to the Ministry of Finance. These include the removal of VAT on locally manufactured furniture—such as doors, mouldings and beds—the revision of the export allowance to include value-added timber products, and the removal of VAT on locally manufactured jewellery. The association also expressed support for the planned establishment of Special Development and Economic Zones to boost export-oriented manufacturing, as well as the proposed creation of a Junior Stock Exchange.
In addition, the association praised the government’s plan to establish a Development Bank capitalised at US$100 million, with provisions for collateral-free financing of up to G$3 million for small and medium-sized enterprises. It also welcomed the removal of corporate tax on agriculture and agro-processing, describing these measures as important steps toward easing access to finance and improving the competitiveness of local businesses.
The GMSA said the budget’s allocations, particularly in housing, agriculture, agro-processing and technology, are expected to have a direct and positive impact on the business community, giving companies greater confidence to proceed with expansion investments over the next five years and beyond.
Reaffirming its support for the government’s development agenda, the association said it looks forward to continued collaboration with policymakers to help build a stable, competitive and diversified economy and to advance sustainable growth across Guyana’s manufacturing and services sectors.