PRESIDENT, Dr Irfaan Ali’s recent statement that the Bank of Guyana will move from its traditional passivity to a proactive, data-driven approach marks a turning point in our economic history. For too long, people viewed central banking in the region mainly as a defensive shield, a way to just hold the line.
By signalling a move toward a modern, forward-looking institution that can effectively manage liquidity and inflation, the Head of State is not just adjusting policy; he is establishing the necessary financial framework for a global powerhouse. This kind of institutional growth earns respect from investors and is required for sustainable development.
The foundation of this change is the strong push for financial inclusion, which has progressed from mere talk to real achievements. The fact that more than 600,000 Guyanese are now part of the formal financial system—with over 65,000 new bank accounts opened since 2020—shows that the government’s strategy of simplifying bureaucratic processes is working.
By removing the obstacles that once made opening a bank account incredibly difficult, the administration has empowered thousands of citizens, readying them to receive social cash transfers digitally and participate fully in the economy. With online banking now available at four local commercial banks, it’s clear that the digital age has finally reached our financial landscape, extending even to the remote areas.
One of the most ambitious elements of this plan is the establishment of a “junior stock exchange.” This initiative addresses a key issue for local entrepreneurs: access to funding.
By allowing smaller and emerging companies to raise money under regulations suited to their size, rather than the strict requirements of the senior exchange, the government is making investment opportunities more accessible.
Alongside the upcoming Guyana Development Bank, promising zero-collateral loans for small and medium-sized enterprises, this creates a strong environment where capital supports broad innovation rather than just serving the elite.
Critics often confuse caution with stability, but in a fast-growing economy, passivity is risky. President Ali’s insistence that the Central Bank must act with urgency, intelligence, and credibility is the directive our financial leaders need.
A modern payment system, a stable exchange rate, and a lively capital market are essential, not optional; they are the driving forces of a first-world economy. With these reforms, Guyana is not just becoming wealthy; it is maturing and securing a financial future that is both inclusive and strong.