Download PDF - The Georgetown Chamber of Commerce & Industry

GuyanaÊ BusinessÊ 2010Ê Ê Ê Ê Ê Ê Ê Ê Ê IssueÊ 1 

An Investor’s Guide To Doing Business In Guyana 

An Investor’s Guide To Doing Business In Guyana

Introduction 

4. Editorial 

6. Guyana: A Haven for Investment 

8. Country Facts 

Reviews 

14. Business Review 2009 

CONTENTS 

52 76 73 

Investing 

27. An Investors Guide 

46. Finding the Investment Opportunities 

48. Getting to Energy Independence 

52. Guyana’s Low Carbon Development Strategy 

56. Scotiabank - A Strategic Partnership with Guyana 

58. John Fernandes Group - 50 Years & Growing 

60. The Banking Sector in Guyana 

62. An Historical Overview of Guyana’s Economy 

68. Lethem on the Rise 

73. Getting on Board with Sports Marketing 

76. Fishing for Success 

82. GMC Forging ahead with Agri-business Development 

86. Improving Security 

Contacts 

88. Foreign Countries Represented in Guyana 

89. Guyana Foreign Missions 

90. Business Contacts 

Guyana Business 2010 | 2 

58 

82 

68

Editorial 

The Georgetown Chamber of Commerce & Industry is a private 

sector organisation reflective of the corporate business 

community in Guyana who has a common interest in sharing 

their experiences and promoting the growth and development 

of private enterprise and investments in Guyana. 

Chamber members created their individual businesses by identifying 

the opportunities available in the local market for goods and services 

created largely by ingenuity and Government initiatives in expanding 

and diversifying the economy. Government continues to be a critical 

partner in the national development process as the catalyst for 

identifying major development initiatives and creating the many 

opportunities for our local investors and entrepreneurs to continue 

expanding their businesses and maximise their passion and pioneering 

private enterprise spirit. 

With the limited financial capacity and the magnitude of some 

investments, several important and major areas of investment 

opportunities are beyond the capabilities of both Government and 

the local private sector. In this regard our country has over the years 

welcomed significant annual inflows of foreign direct investment from 

international and regional investors who have established businesses 

which are wholly owned or are joint venture projects with local investors 

and the Government. This has allowed for continued diversification of 

our economy and significant contribution to annual GDP. 

Our economy today is a reflection of continued positive annual growth 

and has become a haven for new investment. Our economy is based 

on agriculture, forestry, fisheries, manufacturing and gold and diamond 

mining. Government has led the investment and diversification of the 

economy through major investments in infrastructure development to 

include sea defences, housing, construction and rehabilitation of roads 

and bridges creating major opportunities for the construction sector 

and related services. Many new areas of economic opportunity such 

as tourism and hotel development, aquaculture, cultivation and export 

of non traditional agricultural produce, telecommunications and ICT, 

education and human resource development have evolved and are 

ripe areas for further investment. 

The search for oil and natural gas is now in high gear, the potential 

of hydro-electricity is currently being finalised and protection of the 

environment through the Government led Low Carbon Development 

Strategy is creating new areas of economic activity with significant 

positive potential for the economy. 

We at the Chamber are therefore proud to pioneer the publishing 

of this first edition of “Business Guyana” and hope that through these 

pages potential investors will get a greater understanding of our 

economy and the opportunities available and be guided in establishing 

a firm presence in Guyana. 

These are exciting times as we enter a new decade and the 

membership of the Georgetown Chamber of Commerce and Industry 

invite and welcome you to explore the rich potential of our vast resources 

and the many business opportunities for investment in our beautiful 

Guyana. 

We are indeed “Open for Business”. 


BUSINESS GUYANA is published annually for the 

Georgetown Chamber Of Commerce & Industry (GCCI) by: 

Advertising & Marketing Services (AMS) 

P.O.Box 101582, 213B Camp Street, Georgetown, Guyana 

Tel: (011592) 225-5384 Fax: (011592) 225-5383 

E-mail: mail.amsguyana.com 

Publisher & Editor: 

Lokesh Singh 

lokesh@amsstlucia.com 

Advertising Sales: 

Lokesh Singh Adrian Pryce 

Jessica Xavier Susannah Morgan 

Graphic Design: 

Donald Brower 

Mensah Fox 

Editorial Contributors: 

Lokesh Singh 

Ram & McRae 

Geoffrey DaSilva 

Miranda La Rose 

Tarron Khemraj 

Eon Caesar 

Nizam Hassan 

GINA 

Office of Climate Change 

Scotiabank 

Guyana Association of Bankers 

National Aquaculture Association of Guyana 

Contributing Photography: 

Mensah Fox Gavin Ramnarain 

GINA Office of the President 

Stabroek News John Fernandes Ltd. 

Guysuco CGX Canada 

Guyana National Newspapers Limited 

Guyana Marketing Corporation 

© Copyright 2010. Reproduction of any material without the 

permission of AMS & GCCI is strictly prohibited. 

AMS and GCCI wish to express sincere thanks and 

appreciation to all parties who have assisted in making 

this publication a reality. 

For further information on investing in Guyana contact: 

Georgetown Chamber of Commerce & Industry 

156 Waterloo Street, Georgetown, Guyana. 

Tel: 1 592 - 225 5846 

Email: gtchambe@networksgy.com 

Website: www.geochamberofcommerce.org 

On The Cover 

Aerial View of the 

recently commissioned, 

state of the art Skeldon 

Sugar Factory, Berbice. 

A D V E R TIS ING 

M ARKETI & N G 

S E R VIC E S 

S 

SOLUTIONS FOR SMALL BUSINESS 

“I AvE h A vISION FOR My BUSINESS. 

ScOTIABANk wORkS wITh ME 

TO AchIEvE IT.” 

Our relationship with you goes beyond business banking. We’re committed to helping 

your business succeed and have the solutions to help you achieve your business goals. 

We can provide you with the advice, services and tools that make banking for your 

business simple and understandable. So you can get on with growing your business. 

Come talk to a Small Business Representative at your nearest branch today – or visit 

us online at guyana.scotiabank.com/smallbusiness 

* Trademark of The Bank of Nova Scotia.

Ramesh Dookhoo - Chairman 

Private Sector Commission 

GUYANA 

A HAVEN FOR 

INVESTMENT 

On behalf of the Private Sector of Guyana and 

particularly the Georgetown Chamber of 

Commerce and Industry, it is with great pleasure 

that I encourage you to explore Guyana as a 

country open for investment with a multitude of 

opportunities for consideration. 

I applaud the Georgetown Chamber of Commerce and Industry 

and the Publishers for taking the initiative to produce this 

publication which contains a wealth of information to assist 

investors in reviewing our country and guiding them in the 

process of establishing your presence having taken the decision 

to invest in our wonderful country. 

Guyana is labelled “The Land of Many Waters” and I wish to 

also identify it with the label of “The Land 

of Many Opportunities”. Our Government 

has been progressive in its support of 

new investments in our economy and 

has established the Guyana Office for 

Investment as a specialised agency 

to facilitate and support investors. Any 

investor will be welcomed by the local 

business community which comprises 

home grown, regional and international 

ones, which have been present in Guyana 

for many years and are operating very 

successfully. 

Agriculture continues to be our single 

largest sector primarily through rice and 

sugar cultivation. Other sectors such as 

manufacturing, mining, forestry, fisheries, 


construction and tourism has emerged and continue 

to experience new investment and interest with 

significant annual contributions to GDP. Agricultural 

diversification continues to see major developments 

in the areas of aquaculture, fresh fruit and produce for 

export, livestock production and processing among 

others. 

With the expansion of commerce, there has been a 

new and heightened focus on the services sector 

which continues to experience rapid growth with the 

use of technology being the principal driver. 

Excitement abounds as we progress in 2010 with full 

exploration offshore and onshore for oil and natural 

gas. In addition, the new thrust by Government in creating Guyana as a Low 

Carbon Development economy and protecting our pristine tropical rainforest is 

ripe with opportunity. 

Government continues to take a lead role in stimulating economic activity 

through major investments in infrastructure projects with the construction of 

roads, highways, bridges, sea defence works, new schools and hospitals. In 

addition, there are significant investments in the education sector to ensure 

that we produce the requisite skills and human resource capacity to support a 

growing economy. 

On behalf of the Private Sector and Government of Guyana, I invite any investor 

to visit our country and explore the opportunity to invest in this beautiful country 

with wonderful people, diverse cultures, and a great place 

to do business. 

Ramesh Dookhoo 

Chairman 


Guyana Business 2010 | 7

COUNTRY 

EMERGENCY NUMBERS 

Police: 911,564 

Police: Emergency Response Unit: 225-6411 

Fire: 912 

Ambulance: 913 

TIME ZONE 

GMT - 04:00 

FACTS 

LOCATION 

Guyana is situated on the north east in South America and 

is the only English-speaking country.It is between 1o & 9o 

North Latitude and 57o & 61o West Longitude, bordering 

Venezuela to the West, Brazil to the South and Suriname to 

the East. 

CLIMATE 

Guyana is a tropical destination that is pleasant and 

warm for most of the year, humid, moderated by northeast 

trade winds; two rainy seasons (May to June, November 

to January). Average temperatures 24 °C– 31 °C. Mean 

temperature of 27 ° C and the average temperature range 

from 24 ° C to 31 ° C. Rainfall is approximately 2,300mm a 

year in Georgetown. 

GEOGRAPHY 

Guyana is the third-smallest country in South America after 

Suriname and Uruguay, it has four distinct geographical 

areas: the Low Coastal Plain; the Hilly Sand and Clay Belt; 

the High Land Region and the Interior Savannah. The area 

in square kilometers is 214,970 (83,000 square miles). 

About 85% of the land area is still forested, and only 2.5% is 

cultivated. The coastline lies 1 to 1.5 meters below sea level 

at high tide necessitating elaborate systems of drainage 

canals. The most valuable mineral deposits are bauxite, 

gold, and diamonds. The main rivers are the Demerara, 

Berbice, Corentyne and Essequibo. 

GOVERNMENT 

Guyana became independent from Britain in 1966 and 

a “Cooperative Republic” in 1970, when a non executive 

President replaced the Governor-General. A new 

constitution in 1980 gave the President wide executive 

powers. The Cabinet is headed by the President, and there 

is a 65-member National Assembly elected by proportional 

representation. 

ECONOMY 

The agricultural sector accounts for half the national GDP, 

producing sugar and rice for export, with extensive timber 

operations and a range of other products, from coffee to 

fish, fruits, fresh vegetables and well–respected brands of 

rum. Gold, bauxite and diamonds are mined. 

HEALTH 

There is a risk of malaria in certain parts of the interior. 

Consult your doctor for the required precautions if you 

intend to travel there. Georgetown and coastal areas are 

Malaria-free. Georgetown has one public and several 

private hospitals. 

Municipal hospitals and health care centres exist within 

rural and outer lying communities with medivac services 

available in cases of emergency. 

INTERNET 

For most customers, internet service is available nationally 

from independent providers. Service is also available in 

most hotels and at many internet cafés which have been 

established across the country. Some hotels and restaurants 

provide WI-FI at no charge to patrons using their laptops. 

LANGUAGE 

The official language is English. Often spoken with a 

Caribbean Creole flavour. Guyana is also the only English 

speaking country in South America. 

MEDIA 

There are four daily papers: Stabroek News, Guyana 

Chronicle, Kaieteur News and the Guyana Times. The well 

respected Catholic Standard and The Mirror are published 

weekly. 

There are over 20 TV stations: most rebroadcast US and 

other imports. GTV and GBC have merged as one entity- 

National Communication Network (NCN) operating as Voice 

of Guyana, Radio Roraima and 98.1 FM, the main radio 

stations. 

PLACES TO WORSHIP 

The predominant religious groups are Christians, Hindus 

and Muslims. Each is well represented with its own churches, 

temples, mosques. They are also very dominant across the 

country in most villages where they are major landmarks 

featuring traditional architecture of the various groups. 

POPULATION 

Approximately 751,223 (Census 2002) of which 90% live 

along the coastal strip and banks of major rivers. 

Guyana Business 2010 | 8 Guyana Business 2010 | 9 

Rewa 

Fair View 

Conservation 

International 

Concession

Country Facts 

TRAVELLING 

ENTRY REQUIREMENTS 

All visitors to Guyana are required to have a valid 

passport to enter and depart Guyana. All visitors to Guyana 

should ensure that their passports have at least six months 

of remaining validity. Those arriving by air require a return 

ticket. 

Visitors who wish to extend their stay may contact the 

Ministry of Home Affairs at 60 Brickdam, Georgetown. The 

Central Office of Immigration, located on Camp Street, 

Georgetown, must also note the extension in the visitor’s 

passport. 

Travelers for purposes other than tourism should check 

with the Ministry of Home Affairs for information about 

requirements for work permits and extended stays. On 

arrival, Guyanese Immigration normally grants visitors a 

stay of no more than thirty days. 

Visas are necessary for all visitors except nationals of the 

following countries: 

Commonwealth Countries 

Belgium Denmark Finland 

France Germany Greece 

Ireland Italy Japan 

Republic of Korea Luxembourg 

The Netherlands Norway Portugal 

Spain Sweden 

United States of America 

For further information contact the Consulate or 

Guyana Foreign Office nearest to you. 

TRANSPORTATION 

DRIVING IN GUYANA 

Traffic drives on the left. Seat belts are necessary by 

Law. If travelling to Guyana and you wish to drive, please 

enquire with the Customs Officer upon entry into Guyana for 

a local driving permit. Be sure to walk with your international 

licence to show. The permit is granted on the spot and is 

free of charge. 

TAXI AND BUSES 

Georgetown is well served with taxis, which operate 

throughout the city and to other urban centres. Taxis are easy 

to find outside most hotels and throughout Georgetown. 

Enquire of the rates before embarking upon travel. Private 

taxis are easily arranged through your local hotel or by 

calling one of the recommended taxi services. 

There are also ultra–cheap mini buses running around town 

and along the coast, or to the Cheddi Jagan International 

Airport and Linden. Check and confirm the fares before 

entering the vehicle. 

Transportation around the city is provided by privately 

owned mini buses which operate in allocated zones for which 

there is a well-regulated fare structure. This arrangement 

extends to all mini bus routes throughout the country. Taxis 

afford freer movement around the city. 

RIVER BOATS & FERRIES 

With the opening of the Berbice Bridge between East and 

West Berbice, travelling time is lessened for commuters 

from Georgetown to Berbice and onward travel to 

Suriname via the crossing at Moleson Creek. 

Commuters to West Demerara travel by road from the 

East Bank of Demerara and cross at the Demerara Harbour 

Bridge. The highway which begins on the West Coast of 

Demerara is heavily trafficked since it provides a link to 

Parika on the east bank of the Essequibo River which has 

become an important centre of economic activity in the 

Essequibo region. For example, speed boats or other types 

of marine transportation can be hired to take passengers 

as far as Bartica or other hinterland resorts and back in a 

single day. 

DOMESTIC AIR SERVICE 

Air transportation is readily available for traveling to 

several parts of the hinterland, whether for business or for 

pleasure. Several local airlines depart from Ogle Aerodome 

on the East Coast of Demerara and from Cheddi Jagan 

International Airport, Timehri. Information on their availability 

and movement is easily obtainable from their office and 

from tour operators. Private charter companies operate 

flights into the interior from the upgraded Ogle International 

Airport. 

• Air Services Limited. • Roraima Airways. 

Tele: 222-4357/222-4368 Tele:225-9647/8 

www.airservicesltd.com www.roraimaairways.com 

• Trans Guyana Airways. • Wings Aviation Ltd. 

Tele: 222 2525/2861 Tele: 222-6513 / 226 9098 

www.transguyana.net www.airguyana.biz 

INTERNATIONAL & REGIONAL CARRIERS 

Guyana’s international airport, named after the late 

President, Cheddi Jagan International is at Timehri, 25 

miles south of Georgetown. Flights from Europe are routed 

through Antigua, Barbados, or Trinidad. There are direct 

flights from Miami, New York, Toronto, Brazil, and 

Suriname. 

• Caribbean Airlines • LIAT. 

Tele: 1-800-538-2992 Tele: 227-8281/1-888-538-2992 

www.caribbean-airlines.com www.liatairline.com 

• Meta Airlines. • Suriname Airways 

Tele :225-5315 Tele: 225-4894/3473 

www.voemeta.com www.surinamairways.net 

• Delta Airlines • Blue Wings. 

Tele: 225-7800 Tele: 225-9647 

www.delta.com www.bluewings.com 


DEPARTURE TAX 

There is an exit tax of G$2,500.00 plus a security charge 

of G$1,500 (being a total of G$4,000). This is paid at the 

airport at the GRA booth. (The US dollar equivalent for this 

exit tax may vary with exchange fluctuations.) Please note 

that this is payable in GY$ or foreign currency.

Country Facts 

MONEY 

BANKING HOURS 

Banking Hours at most banks are 

relatively short: 

Mondays to Thursdays: 8am to 2pm 

Fridays: 8am to 2:30pm 

The main commercial banks are: 

Bank of Baroda 

Ave. of the Republic, Georgetown 

• Tel: 226 4005/6 

Bank of Nova Scotia 

Carmichael Street, Georgetown 

Tel: 225 9222 

Citizens Bank 

Camp Street, Georgetown 

• Tel: 226 1705/6 

Demerara Bank 

Camp Street, Georgetown 

• Tel: 225 0610/9 

Guyana Bank for Trade and Industry 

Water Street, Georgetown, 

• Tel: 226 8430/9 

New Building Society 

Ave. of the Republic, Georgetown 

• Tel: 227 4444 

Republic Bank Guyana Ltd 

Water Street, Georgetown 

• Tel: 226 1691/5/4091 

CURRENCY 

The unit of currency is the Guyana 

dollar, which floats against the 

US dollar. (Exchange rate at the 

time of publication: US$1=G$204* 

*approximate value, check for daily 

rates.) US dollars are widely accepted. 

British, Canadian and some other 

bank notes may be accepted as well. 

Foreign currency can be changed at 

banks, finance houses, and cambios. 

Many hotels will change money but 

generally give a lower rate. 

CAMBIOS 

These are licensed currency 

exchange houses. Most cambios 

are open from 8am to 5pm, and 

on Saturdays from 8am to 12pm, 

sometimes to 2pm. Keep your cambio 

receipt, you will need to produce them 

in order to change Guyanese dollars 

on departure. 

CREDIT CARDS 

Major credit cards and travellers 

cheques are accepted by most hotels, 

restaurants, car rental agencies and 

tour operators. International Visa, 

Mastercard, Maestro and Cirrus credit 


and debit cards can be used to obtain 

cash from the Bank of Nova Scotia 

in Branch during banking hours or 

at ABMs. A similar service is also 

available at the Guyana Bank for Trade 

and Industry (GBTI) at their branches 

and at select ATM locations. 

GUYANA STOCK EXCHANGE 

GASCI is a “self-regulatory 

Organization” which was formed for the 

purpose of developing a Stock Market 

in Guyana. It is the result of earlier work 

undertaken by the Adam Smith Institute 

funded by the UK Department. 

GASCI was incorporated on June 1st, 

2001. Trading commenced on June 30th, 

2003. The Stock Exchange was formally 

launched on September 25th, 2003. Its 

members consist of the four securities 

companies registerd to trade on the Stock 

Exchange viz. Beharry Stockbrokers 

Ltd., Guyana America Merchant Bank 

Inc., Hand-in-Hand Trust Corporation 

Inc. and Trust Company (Guyana) Ltd. It 

is governed by a board of six directors. 

Trading currently takes place on Mondays 

and on Wednesdays when Monday is a 

holiday. Trading starts at 10:00am.

December 30, 08 - GT&T launches new Fibre Optic Cable 

Preparations for landing of Suriname-Guyana 

Submarine Cable system in Georgetown, Jan. 2010 

2009 

Business Review 

The Guyana Telephone and Telegraph Company (GT&T) announced the 

launching of a new fibre optic Suriname-Guyana Submarine Cable System 

(SG-SCS). GT&T and the Surinamese telecommunications company 

TELESUR are together investing US$60m in the manufacturing and 

installation of the new Suriname-Guyana Submarine Cable System. 

As at January 2010 the shore-end landing of the Suriname-Guyana 

Submarine Cable System (SG-SCS) was activated at the Kingston Seawall 

in Georgetown. This 1,240 km repeater submarine fibre optic cable system 

will connect Guyana and Suriname to Trinidad & Tobago and hence to 

the rest of the world. The cable installation and related marine services 

will be provided by Global Marine Systems Limited (GMSL), the largest 

independent provider of submarine cable installation and maintenance. 

The cable design will rely on Huawei Marine Networks’ (HMN) innovative, 

optical transmission technology. 

The SG-SCS will have the distinction of being the first fibre optic submarine cable that lands directly in Guyana and it 

will directly and indirectly provide secure, high-speed, broadband communications capacity to businesses, Government, 

and the population as a whole. In fact, the SG-SCS will allow for more than 3,000 times the current bandwidth capacity in 

use in Guyana. Guyana’s investment in the design and construction of the cable amounts to some US$30 million. Upon 

completion it will enable current services and future, next-generation services at the highest industry standards and at a 

competitive cost. It will dramatically improve telecommunications delivery and the delivery of communications services 

generally and thereby place the enormous potential of ICT within the grasp of every Guyanese. 

GT&T is proud of its involvement in the SG-SCS project and looks to its completion by mid-2010 when the cable will 

become operational.. 

February 09, 2009 - Minister Dr Ashni Singh presents the National Budget. 

The size of the 2009 budget as presented to Parliament by Minister of 

Finance Dr Ashni Singh came in at G$128.9 billion, representing an 8.1 per 

cent increase over the previous year’s. The Minister of Finance described 

the budget as the “biggest ever.” The Minister expressed optimism in 

the sugar industry with the expected opening of the new state of the art 

Skeldon Sugar Factory and the construction of the Enmore Packaging Plant. 

Notably also was the allocation of G$1.1 billion to boost the expansion and 

development of the country’s non- traditional sectors and a G$500 million 

allocation towards the upgrading of the Belvedere Industrial Estate, the 

expansion of Eccles Industrial Estate and the development of the Lethem 

Minister Dr. Ashni Singh presenting the National Budget. Industrial Estate. 

February 25, 2009 - Insurance Giant CLICO under Judicial Management. 

Insurance giant CLICO had its operations in Guyana put under judicial management. Guyana’s Commissioner of Insurance 

(COI), Maria van Beek, had secured an order from the High Court to place CLICO (Guyana) under judicial management. 

This was initiated following a decision of the Bahamas Supreme Court to order the liquidation of CLICO (Bahamas). 

CLICO (Bahamas) held 51% of the assets of CLICO (Guyana) as at the end of 2007. The Commissioner of Insurance 

was appointed the Judicial Manager to administer and oversee the operations of the company. CLICO Guyana was 

subsequently declared insolvent in April 2009 as the Insurance Company had liabilities exceeding its assets by G$1.611B. 

April 30 and August 14, 2009 - The Anti-Money Laundering and Countering the Financing of Terrorism Bill 

passed and assented to respectively. The new Act provides for oversight of the export and insurance industries, real 

estate, and alternative remittance systems, and sets forth the penalties for non-compliance including, among others, the 

freezing and forfeiture of assets owned or controlled by persons suspected of engaging in money laundering activities. 


usiness review2009 

May 15, 2009 - Telephone companies Digicel and GT&T announced an 

agreement to enable cross-network mobile texting. The issue had been a 

contentious one between the two rival mobile providers who control the mobile 

phone market in Guyana. 

June 08, 2009 - Guyana’s Low Carbon Development Strategy (LCDS) launched. The strategy provides a broad framework 

of Guyana’s response to climate change and focuses mainly on investments in low carbon economic infrastructure and in 

high-potential low-carbon sectors. It also focuses on improving social services and economic opportunities for the wider 

Guyanese population. 

June 30, 2009 - Private Sector Commission Elects New Executive. 

Mr. Gerald Gouveia was re-elected Chairman of the Private Sector Commission (PSC), when the 

umbrella organization for the country’s private sector organisations held its 17th Annual General 

Meeting. 

The other executives elected were: 

Vice Chairman - Ramesh Dookhoo 

Secretary - Yog Mahadeo 

Treasurer - Chandradat Chintamani. 

July 02, 2009 - Guyana hosts CARICOM Heads of Government Conference. 

Guyana hosted the 30th Meeting of the Conference 

of Caricom Heads of Government. Among the issues 

discussed, the Heads indicated that the region will be 

looking to accelerate the pace of ongoing trade negotiations 

with Canada, Europe and Mercosur member states and that 

it will be monitoring closely the critical negotiations in the 

Doha Development Round of trade negotiations under the 

World Trade Organization. 

The Caricom Heads also renewed their commitment to 

pursue a strategic approach to transform the agriculture 

sector to ensure the region is food-secure and make the 

sector internationally competitive. 

Caricom Headquarters Building Guyana 

July 25, 2009 - National Opthalmology Hospital Opens in Berbice 

The state-of-the-art National Ophthalmology Hospital was 

commissioned by President Bharrat Jagdeo at Port Mourant, 

Berbice. Eye surgeries commenced on 28 July, 2009 at the 

hospital which will be offering an entire range of services free of 

cost to Guyanese and individuals from neighbouring countries. 

The Ophthalmology hospital is one of several projects 

under the Guyana/Cuba collaboration programme initiated by 

President Jagdeo in 2006, which includes the construction of 

four diagnostic and treatment centres at Diamond, Suddie, 

Mahaicony and Leonora. The institution is expected to conduct 

10,000 eye surgeries per year. 

Minister within the Ministry of Health Dr. Bheri Ramsaran 

said that the genesis of the hospital is a symbolic moment 

for Guyanese since it comes as a package with new services 

Minister within the Ministry of Health Dr. Bheri Ramsaran (left) Signs 

Memorandum of Understanding (MoU) with Cuba’s Charge D’ Affaires, 

Jorge Rodriquez Hernandez. 


offered by the Ministry of Health and the Government. 

He said Guyana and Cuba have been enjoying and building 

their diplomatic relationship over the years. This, he said, is

usiness review2009 

through cooperation between the countries which helped to build a strong foundation over three decades. 

Prior to the construction of the facility, thousands of Guyanese benefited from eye surgeries conducted in Cuba under 

the Guyana/Cuba ‘Mission Miracle’ programme. Since its inception in 2006 it has touched all population points in the country 

as persons were able to have corrective eye surgeries. 

Cuba’s Charge D’ Affaires, Jorge Rodriquez Hernandez praised Guyana for its support of Cuba which dates back to the 

time of Dr. Cheddi Jagan. He said the hospital is a reflection of the strong ties between both countries. 

On February 9, 2009 the hospital began screening patients for various eye ailments including cataract and pterygium 

and thousands of screenings have been done since. 

Specialized staff from Cuba including doctors, nurses, pharmacists, administrators and bio-medical technicians will operate 

the facility until Guyanese medical students currently undergoing training in Cuba return to serve their country. 

August 23, 2009 - New Skeldon Sugar Factory Commissioned 

The US$185M state-of-the-art Skeldon Sugar Factory in Berbice 

was officially commissioned by Guyana’s President Bharrat 

Jagdeo. The new factory in Region Six was conceived as part 

of the Guyana Sugar Corporation’s (GuySuco) strategic review 

and represents the largest financial investment in the country’s 

history. The new factory has the capacity to produce about 

120,000 tonnes of raw sugar annually, and is also expected to 

convert sugar cane into ethanol. The factory is also expected 

to become a provider of electricity which will be sold to the 

Guyana Power & Light as an added supply to the national grid. 

Recognizing that sugar is Guyana’s most significant foreign 

exchange earner ($35B) and one of the largest employers in 

the country (20,000 workers), Government has invested heavily 

in the sugar sector to reduce production costs and increase 

State-of-the-art Skeldon Sugar Factory. 

value-added production. The Skeldon factory is an integral part 

of this plan. 

Features of the new factory 

The factory incorporates some of the best technologies from the world of sugar manufacturing. These technologies are 

applied to provide a high efficiency manufacturing process that makes the best recovery of the sucrose and the energy 

in the raw sugar cane. This energy is harnessed to power the factory in converting the sucrose to sugar crystals and the 

surplus energy is used in the national grid. The new factory features a fully automated continuous process, rather than 

the traditional intermittent batch process. The use of high steam pressures and temperatures (54 bar and 485 degrees 

Celsius) allows a high thermal efficiency to be achieved which makes it possible to consistently produce a high quality 

product and is essential in the cogeneration context. 

Also, the use of diffusion technology, in place of traditional milling extraction, improves sucrose recovery and reduces 

energy consumption and maintenance costs. 

Sugar production 

The factory can produce about 120,000 tonnes of raw sugar annually, and will require about 1.2 million tonnes of cane 

annually, about three times the requirement of the old sugar mill. The additional canes will be produced from about 4,700 

hectares of new estate lands in Manarabisi (for a total of over 9,600 hectares) and about 4,200 hectares of new farmers’ 

lands being developed at locations near the estate and at Moleson Creek. It is expected that private farmers will supply 

around 30% of the total canes delivered to the mill. 

Future plans for the sugar mill include the conversion of the cane into ethanol, an alternative to fossil fuels. The ethanol 

would be exported mainly, although local use is also likely. 

The construction of a $1.2B packaging facility at Enmore Sugar Estate is ongoing. This would serve to add value to sugar 

being produced at Skeldon. 

Power Co-generation 

On December 20, 2007, GUYSUCO began supplying co-generated power to the Berbice Grid. The co-generation factory 

has the capacity to supply 10MW of electricity daily from one 5.0MW set and two 2.5MW sets. 

Power is dispatched to the grid at 13.8kV for the first phase of export and a 69kV transmission link is being installed to 

take the full output from Skeldon. 

On May 4, 2008 the Skeldon Sugar Modernization Project became the first project in Guyana to be registered with the 

United Nations Framework Convention on Climate Change (UNFCC) under the Clean Development Mechanism (CDM) of 

the Kyoto Protocol. 


usiness review2009 business review2009 

Registration as a CDM project allows GuySuCo to sell Certified Emission Reductions (CERs) that result from the generation 

of electrical energy generated from bagasse fuel. 

Bagasse is the fibrous residue that remains after the extraction of sucrose from sugar cane and, as a biomass, it 

represents a renewable energy source. Generation of electricity from bagasse displaces fossil fuels that would otherwise 

be used to generate electricity. The overall effect is a reduction in the emission of carbon dioxide which is a “greenhouse” 

gas that contributes to global warming. 

August 28, 2009 - President Bharrat Jagdeo Addresses Private Sector Leaders. 

At a dinner hosted by the Private Sector Commission (PSC) 

at the Guyana Pegasus Hotel, the President advised that over 

the last 17 years, Government has been working diligently to 

improve the economic landscape of Guyana. 

In the presentation the President outlined the approach 

behind Guyana’s Low Carbon Development Strategy (LCDS) 

and advised much more would be possible through the funds 

that will be generated under the LCDS from the trading of 

forest carbon credits. “The LCDS is more about development 

than about the environment and it will help us to accelerate 

infrastructural development and fill the budget gap,” the Head 

of State said. 

He also had a very frank and open exchange of views 

between himself and the audience on matters of concern to the 

President Bharrat Jagdeo addresses the Private Sector Commission 

(PSC) dinner held at the Guyana Pegasus on August 29. 

private sector, at which the President emphasized that nothing 

should be considered taboo. The President responded for over 

two hours to a vast array of questions and observations. 

It was an unprecedented occasion and unique in its democratic character as the Head of State placed himself completely 

at the disposal of the captains of industry and commerce in a dialogue which was refreshing and often revealing, conducted 

in an atmosphere of mutual respect and deserving acknowledgement. 

September 9, 2009 - Ogle certified as an International Airport 

Guyana’s capital, Georgetown, was endowed with the status 

of an international port of entry, making it only the second such 

facility in the country after the Cheddi Jagan International 

Airport at Timehri. 

The Ogle International Airport and the expected completion 

of the 4,000 foot runway in 2011 also is an exhibit to the 

foresight and long-term planning and execution of Government. 

The development of the aerodrome into a municipal airport 

providing both domestic and regional flights to international 

standards has been under consideration since 1989. 

Serious, expert study and analyses have been made of 

the proposal since a Preliminary Master Plan for Timehri 

International and Ogle Regional Airports, commissioned by 

the United Nations Development Programme (UNDP) and 

Ogle Airport - East Coast Demerara. 

the International Civil Aviation Organization (ICAO), was 

undertaken in 1993. 

The Master Plan was revised and updated in 1995 and in 

1998 the Inter-American Development Bank (IDB) commissioned a study examining privatization options for Ogle (the 

Norconsult Report) and a preliminary environmental assessment was concluded later the same year. 

In 1999, Guyana’s Air Transport Reform Programme, which was financed with a US$30M loan from the IDB, was approved 

and an integral part of the plan was the development of the Ogle Airport. It was also identified as a vital part of Guyana’s 

National Development Strategy (NDS). 

Public-private partnership 

Faced with a projected increase in demand for air travel of 

five percent annually and as part of the development of the 

Ogle Aerodrome, the airfield was leased to a private consortium 

of aircraft owners, who operate under Ogle Airport 

Incorporated (OAI), in 2001 for a period of 25 years. 

The foundation stone to mark the commencement of the 

new developments was laid by President Bharrat Jagdeo 

on September 17, 2003 by which time, there were eight 

companies operating 34 aircraft. These transported annually 

some 50,000 passengers and 4,000 tons of cargo. 

The first phase of the development project dealt with the 

mandatory safety improvements required by the ICAO and 

included a new 2,500 foot runway parallel to the existing 

runway, a new terminal facility, development of the hardstanding 

aircraft taxi and parking areas, new and improved 

drainage, improved facilities for customs, immigration, air 

traffic control and health and fire services. This brought the 

airport to an international acceptable safety standard of operation 

in keeping with the required environmental management 

plan. 

The second phase will convert the first phase terminal into 

domestic operations only, and extend the new runway to 

4,000 feet. 

After the laying of the foundation stone in 2003, Government, 

realizing that additional funding was required to complete 

the development project, approached the Caribbean 

Community (CARICOM) Secretariat and its Secretary General, 

Dr. Edwin Carrington, later that year, for assistance in 

sourcing the necessary funds. 

Dr. Carrington, recognizing the potential of a regional airport 

so very near to the CARICOM Secretariat, enthusiastically 

signed on to the project and served as the conduit in 

facilitating assistance from the European Union through the 

9th European Development Fund of 1.5M for the extension 

of the runway to 4,000 feet. 

With Phase One complete and Phase Two expected to 

be finished in 2011, and the commissioning of the Takutu 

Bridge connecting Guyana to Brazil, the country continues 

to become more accessible which will redound to the benefit 

of the national economy. 

Benefits of international status 

At the certification ceremony, Dr. Carrington outlined the 

several benefits to be had from converting the aerodrome 

into a regional airport. These include, he said, improved 

intra-Caribbean transport, facilitation of transport between 

Caribbean and Latin American countries, the facilitation of 

CARICOM governance and the co-mingling of Caribbean 

people. 

Another benefit, Dr. Carrington highlighted, was the promotion 

of multi-destination tourism with visitors enjoying the 

white sand and beaches of the Caribbean isles and the 

eco-tourism adventures to be had in Guyana. 

Guyana Business 2010 | 20 Guyana Business 2010 | 21


September 14, 2009 - Takutu Bridge to benefit CARICOM goods, service providers. 

The Takutu Bridge was officially opened. The bridge 

connects Lethem and the south east of Guyana to the northern 

Brazilian state of Roraima. President Bharrat Jagdeo and the 

Brazilian President Luis Inacio Lula da Silva were on hand for 

the ribbon cutting ceremony. The opening of the bridge is a 

major advancement toward facilitating trade between the two 

nations. Apart from the benefits of trade and other opportunities 

which the newly commissioned bridge across the Takutu River 

will provide for both Guyana and Brazil, it also gives CARICOM 

producers of goods and services easy access to Brazil through 

Guyana. 

Head of State Bharrat Jagdeo said the structure will, in a very 

significant measure, “open new vistas to be explored”. 

The President described the past trade activity between 

Takatu Bridge on the Guyana/Brazil Border. 

Brazil and the Caribbean as small, recalling that in 2004 Brazil’s 

exports to CARICOM were valued US$744M while CARICOM’s 

export to Brazil were US$38M in the same period. In 2008 Brazil’s exports to CARICOM averaged US$1.2M while exports 

from CARICOM were US$91M. 

Similarly, in 2004, total trade between Guyana and Brazil amounted to a mere US$9.7M, with Guyanese imports from 

Brazil accounting for virtually all of this activity. 

“Since then, total trade between Guyana and Brazil has almost doubled to US17.8M in 2008,” President Jagdeo said. 

President Jagdeo said despite Guyana’s close geographic proximity to Brazil, the modest level of trade activity between 

the two countries has been striking. For Guyana, the new bridge will aid in the promotion of trade in items under the 

Guyana/Brazil Partial Scope Agreement which President Jagdeo said is yet to be fully taken advantage of The Partial 

Scope Agreement refers to the exchange of tariff preferences on specific products among signatories to the agreement. 

The bridge was opened to the movement of vehicular traffic, passengers and cargo on July 27. Brazilian President Luis 

Inacio Lula da Silva testified to the benefits which are already serving several frontier communities in the areas of goods 

supply, health and education. 

The Brazilian President however, highlighted the need for reduction in the imbalance in trade relations between the two 

countries and as Guyana joins the competitive import institution programme, exports to Brazil will be boosted. 

Optimistic about the future benefits which the bridge will bring to both countries, President Lula said his government is 

eyeing the opening of banks in the district to accelerate the integration agenda. He stressed the importance of agriculture 

development noting that it will be fundamental. 

The Guyana Government, through the Agriculture Ministry, has already begun structuring its short and long-term plans to 

capitalise on these opportunities which the Takutu river bridge will bring. Only recently, the Guyana Government finalised 

an arrangement with the Brazilian Agriculture Research Agency (EMBRAPA) for upland rice production, corn production, 

aquaculture and forestry. The arrangement allows the Agriculture Ministry to work through the EMBRAPA office in Boa Vista 

instead of Brazil’s capital. 

September 18, 2009 - Cuba Awards 146 Scholarships for 2009 as Part of Guyana’s Development Plan 

146 students have been awarded scholarships to pursue 

studies in Cuba for the 2009/2010 academic year as an integral 

part of Government’s plan for the development of Guyana. 

The President was, at the time, addressing the students and 

their families at an orientation session held on the lawns of State 

House before they leave for Cuba on September 23. 

He explained that the country is beginning a new stage of 

economic reforms that will lead to greater development for the 

country and noted that achieving this would require qualified 

individuals to meet the demands that will result. “If our people 

are healthy and educated, they will be able to live a prosperous 

and productive life,” the President said. 

The Cuban Scholarship Programme started in 2002 when the 

President Bharrat Jagdeo poses for a photo with the 146 Cuban 

scholarship awardees on the lawns of State House. 

Cuban Government offered Guyana 350 scholarships, and it 

was extended in 2006 when a further 965 scholarships were 

offered over the period 2006 to 2010. 

Including the 2009 batch of 146 students, 1,141 of the 1305 Cuban scholarships have been awarded, in addition to the 

45 that were awarded under the Caribbean Community-Cuba Scholarship Programme. 

Of the 1,141 scholarships awarded, 136 are for agricultural sciences, 760 for medicine, 8 for sports and 237 for 

engineering and other sciences. 

Over the years, the scholarships have been awarded to students from all of the administrative regions of Guyana. 

October 01, 2009 President Bharrat Jagdeo met with the Brazilian Minister of Energy and Mines, Mr. Edison Lobão, to 

discuss wide ranging developmental issues, including Guyana’s hydro-electricity potential and how the two countries 

could work together to further the exploration of that potential. 

October 28, 2009 - Demerara Distillers Ltd invests $1.8B in state-of-the-art bottling plant 

Demerara Distillers Limited (DDL) commissioned its stateof-the-art, 

$1.8B liquor bottling plant at its Greater Diamond 

complex, East Bank Demerara. 

The plant, which benefited from a $400M grant from the 

European Union (EU) under the 70M Integrated Development 

Programme for the Caribbean Rum Sector, has enhanced 

production capabilities with three Italian-made bottling lines 

able to handle 12,000, 3,000 and 2,000 bottles respectively, 

is flexible with the ability of handling over 15 different types 

of bottles, has the most recent technology and is extremely 

energy efficient, with the bottle washer using 20% of the energy 

of similar machinery to sterilize 12,000 units. 

“If we did not have confidence in this country, we would not 

From the right - President Bharrat Jagdeo, Dr. Yesu Persaud, Chairman of 

Demerara Distillers Limited, European Union Ambassador Geert Heikens, 

and Komal Samaroo, Managing Director/Executive Vice-President 

of International Marketing, cut the ribbon to commission the new $1.8B 

liquor bottling plant. 


have invested in so many projects or developed new products,” 

Dr. Yesu Persaud, Chairman of DDL, stated, during his address 

to the audience that included members of the Cabinet, 

diplomats, business and political leaders. He also noted that 

DDL was able to transform itself, expanding from its main 

product of rum to carbonated beverages, shipping, distribution 

services and fresh fruit juices. 

Komal Samaroo, Managing Director/Executive Vice-President of International Marketing, explained that the company 

devised a three-pronged approach to its growth and development that encompassed diversifying sources of income, 

using waste streams to create economic value and competitive edge and adding value to its distillery products through 

the creation of high-value branded products. 

It is this final prong of creating high-value branded rums that led to the development of the bottling plant, which will allow 

the company to supply the 50 countries where it has a presence, including eight provinces in Canada and 20 states in the 

United States of America. 

November 2009 - The Governments of Guyana and Norway signed a Memorandum of Understanding (MoU) 

in which Norway will provide US$250M to Guyana in exchange for efforts to protect the country’s forests. Under the 

agreement, Norway will provide the financial incentive over a five year period and Guyana in return promised to ensure 

sustainable mining and forestry practices, maintain open and transparent dialogue on climate change and use the funds 

provided accountably and transparently. 

November 2009 - All Taxis to be Standard as of August 2010 

In a meeting with a large contingent of taxi service providers at the Guyana International Conference Centre (GICC), 

President Bharrat Jagdeo indicated that Government will make it compulsory that all vehicles that ply the hire car trade as 

taxis be painted the same colour by August 2010. This is part of the Administration’s efforts, through the Ministry of Tourism, 

to improve the standards and quality of service provided by the public transport sector in light of the expectation that the 

demand for these services will grow significantly as Guyana’s tourism industry expands. 

This requirement aims to make it easier for patrons to identify vehicles offering transport services and allow law 

enforcement officers to be able to recognize and penalize those that do not conform to the new regulations.


President Jagdeo intimated that this decision was not taken 

lightly, noting that he was advised by several parties who 

provided numerous recommendations. The ideas put forward 

included prohibiting passengers from sitting in the front seat, 

installing a screen between the front and back seats, moving to 

a metered service, using tracking devices for vehicles, having 

taxi drivers wearing similar uniforms and the paint scheme. 

However, the Head of State stressed that he was cognizant 

of the cost that implementing all of these recommendations 

would put on the service providers. Therefore, he stated that 

his decision to make only the recommendation on the paint 

scheme compulsory is meant to apply minimum standards that 

will increase the quality of service provided incrementally. 

A large number of taxi service providers at the Guyana International The other recommendations remain voluntary but the 

Conference Centre to interact with President Bharrat Jagdeo 

President pointed out that employing them would provide those 

operators with a competitive advantage from which they can 

benefit. 

November 12, 2009 Dr Ashni Singh, Minister of Finance, presented the 2009 mid-year report to the National Assembly. 

According to the report the economy contracted 1.4% for the half-year. This decline was attributed mainly to a decline 

in sugar revenues of around 20%. The report was however optimistic that the economy will rebound in the latter half and 

record a 2.5% growth for the entire year. 

November 23, 2009 - Canada’s CGX to drill for oil, gas in Guyana 

Canadian petroleum company CGX Energy Inc. will drill for 

oil and natural gas deposits along Guyana’s eastern coast in 

2010 after a nearly decade-long sea-border dispute disrupted 

operations, officials said. Drilling is expected to begin in late 

2010 in the Corentyne region, company President Kerry Sully 

said. 

Toronto-based CGX identified the location in June 2000 but 

was forced offsite when Suriname claimed ownership of the 

area. A U.N. tribunal settled the maritime border dispute in 

2007, awarding Guyana nearly double the territory granted to 

Suriname. 

The resolution also determined that the CGX site was more 

than 6 miles (10 kilometers) inside Guyana’s territory, Sully said, 

but the company found a better location 3 miles (5 kilometers) 

An overhead view of the CGX Energy Inc oil rig offshore Guyana 

south of the original site. 

CGX explored more than 190 square miles (500 square 

kilometers) and expects to spend roughly $70 million to drill a well 20,000 feet (6,000 meters) deep, Sully said. 

Spanish-Argentine company Repsol YPF and Exxon Mobil Corp. of Irving, Texas, also have concessions in Guyana’s oiland-gas-rich 

basin, which could contain up to 15 billion barrels of oil and 42 trillion cubic feet of gas reserves, according 

to the U.S. Geological Survey. 

Two years ago, CGX paid $8.9 million -- the majority of Guyana’s legal bill -- following the country’s dispute with Suriname, 

though President Bharrat Jagdeo has said CGX would not receive preferential treatment. 

December 02, 2009 - New G$2B Linden Hospital Complex Commissioned 

The Linden Hospital Complex, which has the motto, “Improved 

Health Care: Access through Partnership” was officially 

commissioned by President Bharrat Jagdeo. The complex was 

constructed at a cost of G$1.8B and equipped at a further cost 

of G$200M under the Health Sector Programme (HSP).President 

Bharrat Jagdeo expressed Government’s commitment to 

ensuring development in every region of Guyana, including the 

township of Linden. 

The HSP is a five-year, US$25.5M (over $5B) programme cofinanced 

by Government and the Inter-American Development 

Bank (IDB), and the goal of the programme is to improve the 

effectiveness, quality and equity in access to health service in 

President Bharrat Jagdeo interacts with some of the nursing staff of the 

Linden Hospital Complex after its commissioning on December 2 


Guyana. Also being constructed under the HSP is the in-patient 

facility at the Georgetown Public Hospital at a cost of $1.2B. 

The medical facility was a progressive step for the development 

of the Linden township and would improve the lives of the people of Region 10 and many hinterland communities that 

access the coast through Linden. 

December 04, 2009 - New 20.7 MW Kingston Power Plant Commissioned. 

The country’s only electricity supplier, 

Guyana Power and Light (GPL) 

commissioned a new 20.7MW power 

plant at its Kingston site in the capital 

city, Georgetown which consist of three 

6.9MW Wartsila turbines. The plant, which 

adds 30% to the generating capacity of 

the Demerara network, will significantly 

reduce the incidence of power outages 

and is part of Government’s plan to 

catapult Guyana to the next level of growth 

and development, given that power is an 

important requisite for economic activity. 

Government has invested US$125M into 

the Guyana Power and Light Incorporated 

(GPL), the local electricity utility. An 

additional US$15M was invested in fuel 

subsidies in 2007 and 2008 when the 

world price for fuel had risen significantly. 

This ensured that electricity rates 

remained relatively stable. 

An external view of the 20.7MW Kingston Power Plant 

President Jagdeo reiterated his 

Administration’s commitment to continue investing in this key sector, highlighting the US$38M agreement with the Import- 

Export Bank of China to modernize the electricity transmission system over the next two to three years. The project will also 

see the stringing of 110km of transmission mains from Skeldon in Berbice to Edinburgh, West Coast Demerara and the 

construction of seven power sub-stations that will route the power.

Guyana 

Guyana 

An Investor’s Guide 

Presented by: 

Ram & McRae 

Chartered Accountants 

Professional Services Firm 

157 "C" Waterloo Street, 

Georgetown, 

GUYANA 

Telephone: (592) 226-1072 / 226-1301 / 226-0322 

Facsimile: (592) 225-4221 

E-mail: info@ramandmcrae.com 

Website: www.ramandmcrae.com 

31 October 2009 


RAM & McRAE 

Ram & McRae, now in its 25th year of operation, is a firm of Chartered Accountants with a distinct focus... the com 

To provide services designed to meet the needs of our clients,... services of an exceptional quality, that adhere to the 

highest professional standards, provided at fees within the financial resources of our clients. We provide a full range of 

integrated services which include: 

• Accounting - offering practical advice and assistance in preparation of periodic financial statements for 

management and statutory purposes. 

• Audit and Review Engagements - providing professional opinions on financial statements on a full scope audit 

or review engagement basis. 

• Taxation - Preparation of annual tax computations and development of tax strategies for individuals and 

corporate entities. 

• Payroll - offering a payroll service at any time in the activity cycle from time keeping to payment. 

• Computer Services - a special arm of the firm engaged in computer services such as repairs and maintenance, 

software programming and development of business applications. Our payroll package PAYMASTER is the most 

widely used indigenous payroll software package in Guyana. 

• Business Plans - creating and developing business plans for internal management purposes and to support efforts 

to raise debt or equity finance. 

• Business Valuation - undertaking business valuations for the purpose of estate planning, shareholder insurance 

coverage, litigation support, loan applications and real estate lease or acquisition. 

• Corporate Services - advise and assist in the preparation and filing of statutory documents and returns of external 

companies and incorporation and liquidation of companies in Guyana. We can act as company secretary and legal 

representative in such matters. 

• Personnel Consultancy - We can avail ourselves to provide professional general advice and services to 

management and staff. These would include statutory compliance, banking and financial arrangements, 

work permits, registration with statutory authorities, etc. Our Job Bank also maintains a database of qualified 

individuals suited for positions at all levels of an organisation. 

• Management Consultancy - System evaluation and design, cash management strategies, implementation of 

budget and cost control mechanisms, dividend policy recommendations and share valuations. 

The Firm was established in October 1985. The Partners are Christopher Ram, FCCA, ACMA, ACIS, LLB, LEC; Robert 

McRae, CPA, BSc, FLMI, and Rakesh Latchana, FCCA. It consists of four qualified professionals and approximately thirtyfive 

semi-professional and support staff. 

The Managing Partner is the country contributor to Taxation and Investment in the Caribbean, a publication of the widely 

respected International Bureau of Fiscal Documentation (IBFD). 

This Information Package 

has been prepared 

by Ram & McRae, 

Chartered Accountants, 

to provide companies 

and businesspersons, 

particularly those from 

outside of Guyana, with a general 

overview of business practices in 

Guyana. It is intended to provide 

information that will assist those 

entities to understand the business 

environment in Guyana, without making 

Introduction 

EXCLUSION OF LIABILITY & DISCLAIMER 

Neither in the text nor in any note in this publication, is Ram & McRae offering any professional or legal advice. While 

every effort has been made to ensure that the contents of this publication are accurate, Ram & McRae shall not be liable 

to any person or entity for any loss or damage caused or alleged to be caused directly or indirectly by use of any 

information or any error contained in this publication. 

For specific professional advice, please contact us. 

any specific recommendations on their 

choice of business activity or mode of 

operation. 

Any laws or regulations referred to 

in this Package are subject to change 

by the relevant statutory authority. 

We have taken considerable care to 

present the information as accurately as 

possible but caution that this Package 

represents an introductory summary 

and should not be considered an 

authoritative statement of the law. Any 

person considering doing business 


in Guyana is advised to contact the 

firm for specific advice, not only to 

avoid any pitfalls but more especially 

to take maximum advantage of the 

opportunities offered by this developing 

economy. 

While the tax laws are by international 

standards, simple, they offer several 

opportunities to the investor who must 

however be careful to ensure that 

any tax planning is done within the 

parameters of the legislation and is 

based on sound professional advice.

Guyana was granted 

independence from 

the United Kingdom 

in 1966 and became 

a republic within the 

Commonwealth in 

1970. It is the home of the Caribbean 

Community (CARICOM) Secretariat 

even as it enjoys the unique position 

of being the only English speaking 

country in South America. It is by far 

the largest country in CARICOM with 

an area of 83,000 square miles and a 

multi-ethnic, multi-cultural population 

of approximately 766,200 of persons of 

Indian, African, Chinese, Portuguese 

and European origin, and indigenous 

Amerindians. Ninety percent of the 

population lives on the coastal strip 

while the Amerindians reside mainly in 

the savannahs and highland regions 

and enjoy certain traditional rights over 

the areas where they live. 

With access to the CARICOM market 

under the Caribbean Single Market 

and Economy and as a beneficiary 

under the Caribbean Basin Initiative 

(CBI), many of the country’s products 

gain preferential treatment into the US 

and enjoy duty-free treatment under 

THE COUNTRY 

the Generalised System of Preferences 

(GSP). Special access arrangements 

are also in place to the huge European 

Market under the Economic Partnership 

Agreement (EPA), to Canada through 

CARIBCAN and to other countries 

through bilateral agreements. 

Following decades of experiments 

with socialist economic models, 

the country in 1989 entered into an 

Economic Recovery Programme under 

which the corporate, fiscal and financial 

systems have been systematically and 

continuously revised, and all exchange 

controls removed. These measures 

have resulted in significant economic 

growth, reduction of the external 

debt through substantial debt-relief 

and grants, all allowing substantial 

investment in physical and social 

infrastructure. 

Guyana lies within the equatorial 

trough zone and the seasons are 

determined mainly by the variation in 

rainfall patterns. In the Coastal Zone, 

there are traditionally two wet seasons 

from May to July and from November 

to January and two dry seasons 

from February to April and August to 

October. 


The economy, because of the climatic 

structure of the country is primarily 

based on agriculture, eco-tourism, 

forestry, fishery and mining in bauxite, 

gold and diamonds. Efforts are in 

progress to promote non-traditional 

agricultural produce and aquaculture, 

and a number of companies are 

pursuing plans for oil exploration. 

Under a Low Carbon Development 

Strategy (LCDS) being promoted by the 

Government of Guyana, the economy 

will offer lucrative opportunities for 

businesses in new and expanding 

sectors that pursue environmentally 

friendly activities. 

To confirm its commitment to 

fostering a favourable environment 

for growth and creating opportunities 

by improving its political climate, 

maintaining a stable macroeconomic 

environment, modernising the traditional 

growth sectors and rehabilitating and 

expanding the physical and social 

infrastructure, the Government in 2004 

passed the Investment Act setting out 

the incentives and guarantees to both 

foreign and domestic investors.

A 

country rich in 

resources such as gold, 

diamonds, bauxite, 

forestry and agriculture, 

Guyana’s economy 

continues to improve 

and has averaged growth of 4.53% 

between 2006-2008. Its population 

of approximately 766,200 had a per 

capita GDP in 2008 of USD1,233.6 with 

official statistics showing poverty on the 

decline. Guyana boasts one of the most 

liberalised economies in the Caribbean 

having successfully implemented 

and completed an IMF-supervised 

Economic Recovery Programme 

aimed at macro-economic stability, a 

private-sector market-driven economy 

and greater fiscal responsibility. In 

its initial phase, this policy saw the 

economy grow at an average of 7% 

per annum followed by a more modest 

performance thereafter. However, 

growth has returned and in 2008, the 

economy recorded an increase of 3.1% 

in real GDP compared with an increase 

of 5.4% in 2007. Inflation was 6.4% in 

2008 compared to 14% in 2007. 

The country has taken a lead role in 

responding to climate change and has 

formulated a Low Carbon Development 

THE ECONOMY 

Strategy (LCDS) in collaboration with 

international consultants McKinsey 

and supported by the Government of 

Norway. 

The LCDS constitutes a new 

economic paradigm of development 

based on deploying the country’s 

pristine forests to mitigate Global 

Climate Change. This will open a 

wide range of business opportunities 

in new sectors and industries and the 

government has already indicated its 

willingness to support such initiatives. 

Establishing a Legal Presence in 

Guyana 

The information set out in this section 

is necessarily limited and may not 

address the specific requirements of a 

particular investor. For such information 

please contact the Firm. 

A decision to do business in Guyana 

will require the investor to consider the 

appropriate form of the business entity 

from both a legal and tax standpoint. 

Almost invariably the investor will be an 

established corporation and the issue 

will be whether to incorporate a new 

company or register as an external 

company. 

Companies are governed by the 

Canadian-style 1991 Companies Act, 

which replaced the previous Act, which 

followed the British legal system. 

Constituting under the Companies Act 

1991 - Incorporation 

Incorporation is effected when 

one or more persons or entities or a 

combination thereof agree to form a 

company in Guyana by filing Articles of 

Incorporation and, optionally, By–Laws. 

On the issue to it of a Certificate of 

Incorporation, the company becomes 

a legal entity in the eyes of the law. 

Documents and information required 

for incorporation of a company in 

Guyana. 

Articles of Incorporation 

• The proposed name of the 

company. 

• The proposed address of the 

registered office in Guyana. 

• The classes and any maximum 

number of shares that the 

company is authorised to issue. 

• Restrictions if any on share 

transfers. 

• Number (or minimum and 

maximum) of Directors. 

• Restrictions if any on business the 

company may carry on. 

• The names, addresses, 

occupations and signatures of 

incorporators. 

• The names and addresses of 

directors and secretary. 

• A statutory declaration by an 

Attorney-at-Law that the provisions 

of the Companies Act have been 

complied with. 

• Other provisions, if any. 

Registration 

Registration is effected where a 

company incorporated outside of 

Guyana chooses not to incorporate 

locally but to register as an external 

company by filing with the Registrar 

a statement containing specified 

information about the company. 

Registration does not create a 

separate legal entity but effectively 

only provides legal recognition of the 

company in Guyana, giving it a right to 

sue in the courts of Guyana. 

Information required for registration as 

an external company 

• the name of the Company. 

• the jurisdiction in which the 

company is incorporated. 

• the date of its incorporation. 

• the manner in which it was 

incorporated. 

• the particulars of its corporate 

instruments. 

• the period, if any, fixed by its 

corporate instruments for the 

duration of the company. 

• the extent, if any, to which the 

liability of the shareholders or 

members of the company 

is limited. 

• the nature of the undertaking or 

business that the company will 

carry on in Guyana. 

• the date on which the company 

intends to commence any of its 

undertakings in Guyana. 

• the authorised, subscribed and 

paid-up or stated capital of the 

company and the shares that the 

company is authorised to issue 

and their nominal or par value if 

any. 


• the full address of the registered 

or head office of the company 

outside Guyana. 

• the full address of the principal 

office of the company in Guyana\ 

• the full names, addresses and 

occupations of the directors of the 

company. 

Documents required to accompany 

application for registration 

• a statutory declaration by two 

directors of the company that 

verifies on behalf of the company 

the particulars set out in the 

statement 

• a copy of the corporate 

instruments of the company 

• a statutory declaration by an 

attorney-at-law that the relevant 

provisions of the Act have been 

complied with 

• the prescribed fees 

• a power of attorney appointing 

a resident representative of the 

company. 

Duties on both a fixed and ad valorem 

basis are payable on incorporation or 

registration.

BANKING AND FINANCE 

The banking and financial 

system consists of: the 

Central Bank, commercial 

banks; trust companies, a 

building society, insurance 

companies, credit unions, 

bank and non-bank cambios. 

Bank of Guyana 

The role of the Bank of Guyana is 

to act as the Central Bank for Guyana 

and its primary purpose is to formulate 

and implement monetary policy so as 

to achieve and maintain price stability. 

It also has exclusive powers and 

duties to regulate financial businesses 

operating in Guyana. 

Commercial Banks 

Commercial banks make up over 

70% of the assets of the financial 

system. There are six commercial 

banks operating in Guyana. These 

are: Republic Bank (Guyana) Limited 

(RBL) owned by Republic Bank 

Limited of Trinidad and Tobago, three 

indigenous banks - Guyana Bank for 

Trade and Industry (GBTI), Demerara 

Bank Limited, Citizens Bank (Guyana) 

Limited - and the internationally-owned 

Bank of Baroda (India) and the Bank of 

Nova Scotia (Canada). 

Trust Companies 

Trust companies (5% of the financial 

system assets) can only accept term 

(time) deposits. Generally they offer, 

among other services, mortgage 

financing, trust management, trade 

financing, pension fund investment 

and brokerage services. 

Merchant Banking 

There is only one merchant bank 

in Guyana – the Guyana Americas 

Merchant Bank, formerly Guyana 

Finance Corporation Limited. The 

Company is licensed under Section 6 

(2) of the Financial Institutions Act 1995 

and provides the following financial 

services: securities brokerage, 

securities issuance, investment 

advisory, investment management, 

corporate advisory, financial 


restructuring, mergers and acquisition, 

project advisory and public sector 

advisory services. 

Building Societies 

There is only one building society 

in Guyana - the New Building Society, 

with its head office in Georgetown 

and branches in Regions 5, 6, 7 and 

10. Its major activity is the provision 

of mortgage financing for residential 

properties. 

Insurance Companies 

There are fourteen (14) insurance 

companies (including several related 

companies) with the majority of them 

being local companies offering either 

life or general insurance. Three 

groups of companies dominate the 

sector. All of the insurance companies 

are privately owned and the state’s 

involvement in the sector is confined 

to the National Insurance Scheme. 

Insurance companies and pension 

funds are regulated by the Insurance 

Act, 1998. 

Cambios and Foreign Currency 

Bank and non-bank cambios easily facilitate the 

conversion of foreign currency. Cambios facilitate 

the ease with which payments for commodity imports 

and invisibles are made once the required amount 

of foreign currency is available. Residents and nonresidents 

can access the cambio market. 

Securities Markets 

Guyana Association of Securities Companies 

and Intermediaries (GASCI) is a Self-Regulatory 

Organisation registered with the Guyana Securities 

Council to carry on business as a stock exchange 

and an association of securities companies 

and intermediaries. Currently there are fourteen 

companies on the Stock Exchange and trading 

occurs on Monday of each week.

The information set out in 

this section is necessarily 

limited and may not address 

the specific requirements 

of a particular investor. For 

such information please 

contact the Firm. 

Income of individuals is subject to tax 

under the Income Tax Act. 

The income of companies defined 

as corporate or unincorporated 

bodies - and including branches of 

foreign companies is taxed under the 

Corporation Tax Act. In addition, all 

taxpayers may be liable to Property 

Tax and Capital Gains Tax. 

Individuals and companies that are 

resident in Guyana are subject to tax 

on income arising from all sources in 

and outside of Guyana. However, in the 

case of individuals who have earned 

LIABILITY TO TAX rates applying to particular industries. 

income arising outside of Guyana, only 

that portion that is received in Guyana 

is subject to tax. 

A non-resident person or corporation 

carrying on trade or business is only 

liable to tax on income derived from 

Guyana regardless of where the 

income is received. A temporary 

resident individual or corporation is not 

liable to tax on income arising abroad 

whether received in Guyana or not. 

Individual Income Tax 

Income is defined in the Income Tax 

Act as any gains or profits from any 

trade, business, profession or vocation 

for whatever period of time it may 

have been carried on or exercised in 

Guyana. Individuals are taxed at the 

rate of 33⅓% on income in excess of 

$420,000 per annum. 

Individuals who are employed pay 

taxes by payroll deduction on the pay 

as you earn (PAYE) basis. Individuals, 

who are self-employed, i.e., by way 

of any trade, business, profession or 

vocation, must pay taxes quarterly 

in advance on the first day of April, 

July and October and December 31 

of each year. Any balance due after 

the determination of the final liability 

is payable on or before April 30 in the 

following year. 

Excise Tax and Value-Added Tax 

The Excise Tax (ET) and Value Added 

Tax (VAT) became effective on January 

1, 2007. The ET and VAT replaced the 

Consumption Tax, Hotel Tax, Purchase 

Tax, Telephone Tax, Service Tax, and 

Entertainment Tax. 

VAT at the rate of 16% is charged 

on all goods and services whether 

imported or manufactured locally, 

except where the goods and services 

are zero-rated or exempted under the 

VAT Act. 

The ET is imposed on specific 

imported or home-produced goods. 

These are Petroleum products, Tobacco 

products, Alcoholic beverages, and 

Motor vehicles. 

Corporation Tax 

All companies and branches of 

foreign companies are subject to tax on 

the income reported in the company’s 

financial statements prepared in 

accordance with International Financial 

Reporting Standards, subject to certain 

adjustments required under the tax 

laws. 

The rate of tax for commercial 

companies is forty-five percent (45%) 

and for non-commercial thirty-five 

percent (35%). There are no special tax 

A commercial company is defined as 

a company that derives at least seventyfive 

percent (75%) of its gross income 

from goods not manufactured by it or 

if it is engaged in telecommunication, 

banking or insurance other than longterm 

insurance. 

A Minimum Corporation Tax (MCT) 

of two percent (2%) of turnover is 

payable by commercial companies. 

Companies may carry forward losses 

for an unlimited number of years, 

but the losses may not reduce the 

taxable income in any year by more 

than fifty percent (50%) or in the case 

of commercial companies the tax 

payable to less than two percent (2%) 

of turnover. Loss carrybacks are not 

allowed. 

The Act allows for tax purposes 

the deductibility of all expenses of a 

revenue nature wholly and exclusively 

incurred in the production of income. 


The principles of deductibility are 

generally similar to those which 

apply in North America and the 

United Kingdom. Deductions for 

administrative, technical, professional 

or other managerial service fees paid 

to a non-resident company or branch 

referred to in the Act as “head office 

expenses” may not exceed one percent 

(1%) of annual turnover. Charitable 

donations are not deductible unless 

these are made under a deed of 

covenant. 

Dividends paid by resident 

companies to other resident companies 

and to resident individuals are exempt 

from tax. A final withholding tax of 

twenty percent (20%) is imposed on 

dividends and other ‘payments’ to nonresident 

companies and individuals. 

The standard rate is however subject 

to the provisions of Double Taxation 

Treaties with CARICOM states, Canada 

and the United Kingdom.

The tax laws also allow for the 

unilateral relief for foreign taxes paid 

in countries with tax systems and 

legislation similar to those in Guyana. 

Corporation Tax is payable in 

advance quarterly instalments on 

the preceding year’s tax liability. 

Advance tax payments are due on 

the 15th of March, June, September 

and December of the calendar year 

prior to the tax year. However, the 

Commissioner of Inland Revenue may 

require the company to calculate the 

payments based on estimated income 

for the current year. 

Tax returns must be filed and any 

balance of tax due, paid by April 

30 of the tax year. Failure to comply 

incurs a further charge of forty-five 

percent (45%) on chargeable income 

for the first year and fifty percent (50%) 

thereafter. 

Property Tax 

Resident individuals and companies 

and non-residents with net property 

in Guyana who own property as 

defined in the law are liable to Property 

Tax. Property includes tangible and 

intangible property, cash, receivables 

and other rights. Liabilities are 

deducted from the amount of property 

and the tax is payable on April 30 at 

the specified rate. 

The rates of Property Tax are as 

follows: 

Companies 

On the first $1,500,000 of 

Net Property Nil 

On every dollar of the next 

$5,000,000 ½% 

On every dollar of the 

remainder ¾% 

Other Persons 

On the first $7,500,000 of 

Net Property Nil 


next $5,000,000 ½% 


remainder ¾% 

The filing and payment deadline for 

property taxes is April 30 of the following 

tax year. Non-compliance results in 

penalties similar to those applicable to 

corporation tax and income tax. 

Capital Gains Tax 

Capital Gains Tax is imposed on the 

net chargeable gains derived from 

the disposal of capital assets. Gains 

derived within twelve (12) months 

of the acquisition date are treated 

as ordinary income and subject to 

corporate income tax at the applicable 

rates. Gains derived from the disposal 

of assets held for more than twentyfive 

(25) years are exempt and gains 

between these two periods are subject 

to a tax rate of 20%. 

Capital Gains Tax is not chargeable 

on the transfer of shares or stock held 

in a public company limited by shares. 

In the case of a company which was 

a private company immediately before 

March 7, 1994 and was subsequently 

converted into a public company 

limited by shares, the exemption 

applies only to capital gains arising 

from the change of ownership of shares 

or stock after the expiry of two years 

from the date on which the company 

was converted. 

Penalties and interest 

Failure of the taxpayer to file returns 

other than the Value-Added Tax return 

by the due date will attract a penalty 

of two percent (2%) of the amount of 

tax assessed unless a demand notice 

has been raised by the Commissioner 

in which case the rate is five percent 

(5%). Failure to file the Value-Added 

Tax return by the due date will attract a 

penalty of the greater of one thousand 

dollars for each day and 10% of the tax 

payable for each month that the return 

remains outstanding. For failure to pay 

taxes other than Value-Added Tax on 

or before the due date, the taxpayer 

becomes liable to pay a penalty of two 

percent (2%) of the unpaid amount 

for each month or part thereof that 

the tax remains unpaid during the 

first three months after the due date 

tax assessed, three percent (3%) per 

month or part thereof during the next 

three months, four percent (4%) per 

month or part thereof during the next 

six months or five percent (5%) per 

month or part thereof thereafter. 

Interest on the late payment of taxes 

other than the Value-Added Tax is equal 

to the prime lending rate, as published 

by the Bank of Guyana, plus 500 basis 

points (nineteen point five-four percent 

(19.54%) for the last quarter of 2009). 

Interest on the late payment of Value- 

Added Tax is two percent (2%) per 

month calculated as simple interest. 

Work Permits 

Foreign Nationals are required to 

obtain a work/residence permit from 

the Ministry of Home Affairs if desirous 

of being employed in Guyana. The 

following information is necessary 

when applying: 

• Full Name 

• Nationality 

• Date of Birth 

• Age 

• Passport no. 

• Marital status 

• Profession 

• Employer in country of origin 

• Employer in Guyana 

• Nature of work to be undertaken in 

Guyana 

• Duration of stay in Guyana 

• A copy of portion of passport 

showing date and place of issue 

and expiry. 

• A copy of portion of passport 

showing date of entry into Guyana. 

Fiscal Incentives 

The Investment Act 2004 codifies 

the incentives available to foreign and 

domestic investors and removes the 

exercise of discretionary powers and 

the uncertainty this has created for 

potential investors. 

Certain investments in identified 

sectors and in particular regions will 

almost automatically qualify for tax 

holidays for up to 10 years, while 

certain types of activities will benefit 

from a range of fiscal concessions. 

These include: 

- Waivers of import duty on 

specified machinery, equipment 

and raw materials; 

- The consumption tax has been 

replaced by VAT at a standard rate of 

16%. Certain goods and services are 

completely exempt from VAT while 

a whole range are taxed at a zero 


rate, including output of companies 

operating under an investment 

agreement entered into with the 

Government. 

- Generous capital allowances under 

the Income Tax (In Aid of Industry) 

Act to certain key trades and 

businesses. These are in addition to 

the normal wear and tear allowances 

given for tax purposes. 

To enhance the application and 

approval process, the investment 

promotion agency, the Guyana Office 

for Investment (GOINVEST), has been 

given wider powers and charged with 

facilitating new domestic and foreign 

investments that are consistent with 

the country’s development thrust. 

All investors in Guyana are 

guaranteed the full protection of the 

Constitution and the Investment Act. 

In this regard, Guyana is a signatory 

to the International Convention on the 

Settlement of Investment Disputes 

between States and Nationals of other 

States (ICSID) and to the Multilateral 

Investment Guarantee Agreement 

(MIGA). 

In addition, Guyana qualifies for 

insurance of United States investments 

in accordance with the scheme 

operated by the Overseas Private 

Investment Corporation (OPIC).

National Insurance 

The National and Social Security Act 

Cap. 36:01 provides for the compulsory 

participation in the National Insurance 

Scheme. Forms for the submission of 

insurance can be obtained from the 

Head Office of the National Insurance 

Scheme. 

There is no provision which would 

allow the employee or the employer to 

exempt him/herself from participation. 

Contributions at the following rates 

are compulsory and must be deducted 

by the employer and paid over by the 

15th of the month following the month 

for which the deduction is made: 

SOCIAL SECURITY 

Employee 5.2% of insurable earnings 

Employer 7.8% of insurable earnings 

No contributions are made by the 

employee if he/she is under 16 years or 

over 60 years but the employer would 

contribute at the rate of 1.5%. 

Limit to insurable earnings 

The maximum amount of insurable 

earnings on which contributions are 

payable is $113,660 or equivalent 

weekly or fortnightly amounts. 

The Scheme provides for the payment 

of short-term, long-term and cash 

benefits on the basis of the number 

and level of contributions made by the 

employed person and his employer or 

by himself if self-employed. 


Books and Records 

Under the Companies and the Income 

Tax Acts, a company is required to 

maintain adequate accounting records 

to give a true and fair view of the state 

of the company’s affairs. Registers 

must be kept for Share and Debenture 

Holders, Directors and Officers along 

with minutes of meetings and resolutions 

of Directors and Shareholders. 

All companies registered under the 

Companies Act 1991 are required to file 

with their tax returns annually financial 

statements which must comply with 

International Financial Reporting 

Standards and be accompanied by 

an audit report issued by a practising 

member of the Institute of Chartered 

Accountants of Guyana (ICAG).

CURRENCY EXCHANGE 

Exchange Control was 

effectively removed by 

the Foreign Exchange 

(Miscellaneous 

Provisions) Act, 1996 

which replaced the 

Exchange Control Act, Cap 86:01. 

The Act requires a declaration to the 

Comptroller of Customs when bringing 

in or taking out of Guyana more than ten 

thousand US dollars or its equivalent in 

any other currency. 

CURRENCY 

The Guyana dollar floats freely 

according to market conditions. On 

October 31, 2009 the market rate of 

exchange between the Guyana dollar 

to the US dollar was approximately 

G$205 to US$1. 

FOREIGN OWNERSHIP AND THE 

PRIVATE SECTOR 

The Role of Foreign Investment 

Generally, the foreign investments in 

which Guyana is interested are those 

which, among other things: 

• Strengthen the infrastructure, 

with particular reference to services 

such as financial services, tourism, 

telecommunications, airport and 

airline services, shipping and port 

facilities, hydropower and other 

electricity generation, housing and 

hotel accommodation. 

• Increase exports and foreign 

exchange earnings. 

• Save expenditure of foreign 

exchange on imports. 

• Develop the country’s natural 

resources in an environmentally 

sustainable manner. 

• Promote the development and 

transfer of technology. 

• Promote employment growth and 

development through the strategic 

location of economic activities. 

Ownership of Investments 

There are, in general, no restrictions 

on the proportion of private or foreign 

ownership of any enterprise or asset. 

A foreign investor could choose to 

invest alone, or in partnership with 

other foreign/local investors and 

entrepreneurs under the Companies 

Act No. 29 of 1991. However, under 

section 333 of the Companies Act, 

1991, an external company shall have 

the power to hold land as may be 

authorised by licence of the President 

of Guyana. 

There are also certain restrictions 

on the size of mining and forestry 

concessions which foreign investors 

may hold. 

LABOUR 

The law provides for the compulsory 

recognition by the employer of a union 

which has the support of the majority 

of the entity’s employees. Trade Unions 

are therefore common and in some 

sectors they are particularly effective. 

Even in the absence of a trade union, 

legislation provides for working hours, 

the payment of overtime and holidays 

with pay. 

Wages are generally fixed by free 

collective bargaining. 

Normal working hours are 8½ hours 

a day, 5 working days per week with 

1 hour for lunch. Overtime is usually 

paid at time and a half with double time 

on Sundays and holidays. 

OTHER 

Revenue Stamps 

Receipts for payments of G$500 and over, require revenue stamps. These stamps may be obtained from the Post Office. 

An additional G$l revenue stamp is required for every additional G$1,000 or part thereof. 

Vehicle Licences & Fees 

This can be obtained from the Division of Motor Vehicles of the Internal Revenue, Guyana Revenue Authority. 

STATUTORY HOLIDAYS 

The Statutory Holidays are: New Year’s Day 

Republic Day 

Phagwah 

Good Friday 

Easter Monday 

Labour Day 

Arrival Day 

Independence 

Day 

Caricom Day 

Emancipation Day 

Youman Nabi 

Eid-ul-Azah 

Diwali 

Christmas Day 

Boxing Day 

ADVERTISING TRADE AND PROMOTIONS 

The main media for advertisement 

in Guyana are the local newspapers, 

radio and television stations. 

Major newspapers are: 

There are four major daily 

newspapers. 

• Guyana Chronicle (State Owned) 

• Stabroek News 

• Kaieteur News 

• Guyana Times 


January 1 

February 23 

Variable 

Variable 

Variable 

May 1 

May 5 

May 26 

July 1 

August 1 

Variable 

Variable 

Variable 

December 25 

December 26 

There are two radio stations in 

Guyana both of which are stateowned 

and several television channels 

including one state-owned channel. 

Most of these do not have national 

coverage. 

• GWTV Channel 2 

• STVS Channel 4 

• CNS Channel 6 

• WHRM Channels 7 

• DTV Channel 8 (Berbice) 

• RCA Channel 8 (Essequibo) 

• HBTV Channel 9 

• LRTVS Channel 10/17 

• NCN 11 (State Owned) 

• RBS Channel 13 

• MTV Channel 14/65 

• NTN Channel 18/69 

• VCT Channel 28 

• VISIONTV Channel 46/102

PRINCIPAL LEGISLATION 

The main legislation of interest to the investor are as follows: 

Companies Act 1991 29 of 1991 

Income Tax Act CAP. 81:01 

Corporation Tax Act CAP. 81:03 

Income Tax (In Aid of Industry) Act CAP. 81:02 

Capital Gains Tax Act CAP. 81:20 

Property Tax Act CAP. 81:21 

Value-Added Tax Act 2005 10 of 2005 

Excise Tax Act 2005 11 of 2005 

Petroleum Act CAP. 92:01 

Petroleum (Exploration & Production) Act 1986 3 of 1986 

Mining Act 1989 20 of 1989 

Labour Act CAP. 98:01 

Termination of Employment and Severance Pay Act 1997 19 of 1997 

Occupational Safety and Health Act 1997 32 of 1997 

Prevention of Discrimination Act 1997 26 of 1997 

Trade Union Recognition Act 1997 33 of 1997 

Securities Industry Act 1998 21 of 1998 

Bank of Guyana Act 1998 19 of 1998 

Financial Institutions Act 1995 1 of 1995 

Factory Hours & Holidays Act CAP. 95:02 

Investment Act 1994 1 of 2004 

Prevention of Money Laundering and Financing of Terrorism Act 13 of 2009 

Updated and annotated copies of these and other legislation may be obtained from Ram & McRae. 


Administrative Regions of Guyana 

Source: commons.wikimedia.org 

T 

here are four key words 

to keep uppermost in our 

minds when we characterize 

the development of Guyana 

- OPEN, COMPETITIVE, 

DIVERSIFIED, SUSTAINABLE. 

These words highlight the economic 

strategy of the Government of Guyana 

in partnership with the private sector 

and international donor agencies. 

The main goals of that strategy are to 

achieve and maintain higher economic 

growth rates and a better standard of 

living for all Guyanese through a visibly 

enhanced business climate. 

Local and foreign investors can attest 

to the on-going improvements in the key 

areas of doing business in Guyana: (a) 

the maintenance of political, economic 

and social stability, (b) a strong 

financial sector, (c) an expanding 

modern infrastructure (bridges, roads 

and telecommunications), (d) the 

continuous reform of laws, regulations 

and key public service institutions, (e) 

the expansion and modernization of the 

education, health and housing sectors, 

(f) a growing local business sector, 

and (g) a forward-looking International 

outlook by the Government of 

Guyana (particularly, the Low Carbon 

Development Strategy). 

Map Detailing Guyana’s Forest Cover, Protected 

Areas and Logging Concessions. 

Source: forestmonitor.org 

FINDING THE INVESTMENT 

Over the years, Go-Invest has 

facilitated many projects and that trend 

shows no sign of slowing, with the first 

half of 2009 recording two hundred 

and sixty-eight new and expanding 

investment projects. 

The sectors registering the fastest 

growth in the first half of 2009 were: 

Agriculture (with 88 new projects), 

Services (with 65 new projects) and 

Wood Products (with 36 new projects). 

Taken together, the investment projects 

in these three sectors comprise sixtynine 

percent of the total number 

of projects. The other thirty one 

percent of the projects are in the Light 

Manufacturing, Tourism, Information 

and Communications Technology, 

Mining and Alternative Energy 

Sectors. 

There has been great geographic 

diversification of these new 

investments, with one hundred and 

sixty-five (62%) of the total for the first 

half of 2009 being located outside of 

Region 4, and in particular, Regions 1, 

3, 4, 6, 9 and 10. 

Diversity can also be seen in the origin 

of those investments, with 146 projects 

being led by local investors, 111 being 

controlled by foreign investors and 

17 joint ventures between locals and 

foreigners. 

Mineral Exploration Map of Guyana 

Source: www.swissco-gold.com/ 

OPPORTUNITIES IN GUYANA 

Over the last five years, although 

the largest number of Foreign Direct 

Investment (FDI) projects continues to 

be from the USA and Canada, we have 

seen an increasing number of FDI 

projects from Brazil, China, India and 

Trinidad and Tobago, as well as a few 

projects from Russia, Ireland, Mexico, 

St. Kitts, St. Lucia and the United 

Kingdom. For the first half of 2009, 

Go-Invest was facilitating one hundred 

and eleven such projects. 

Also notably, a significant number 

of overseas based Guyanese in the 

Diaspora are continuing to invest in 

Guyana, with fifty-seven of the projects 

in the first half 2009 being owned by 

such individuals. 


It is my belief that for the sustained 

development of an economy, the 

diversification of new investments and 

re-investments as well as foreign and 

local investments is essential. 

Such a mindset and strategic 

approach are enabling our country to 

survive in these times of uncertainty in 

the global economy and encourages 

us to take advantage of the new 

opportunities. 

For further information contact: 

Geoffrey Da Silva 

Chief Executive Officer 

Guyana Office for Investment 

www.goinvest.gov.gy

Guyana Basin Oil Exploration Blocks Map & Statistics by CGX (Canada) 

Getting to 

Energy Independence 

Guyana is endeavoring 

to forge a path 

of economic competitiveness 

and in 

today’s world this 

means access to 

affordable and efficient 

energy sources. 

Towards this end, the government has 

encouraged private sector investment 

and has lobbied diplomatically to ensure 

that all of Guyana’s energy potential 

within its geographic and exclusive 

economic zones is exploited. 

For several years, Guyana had faced a 

challenge by the Surinamese government 

for the right to exploit its offshore 

oil and gas potential in the Guyana- 

Suriname Basin (which has been labeled 

by many experts as having the 

second most attractive under-explored 

basin in the world). This led to Guyana 

taking its case to the United Nations 

under the Convention of the Law 

of the Sea and on February 25, 2004 

and in 2007, the Tribunal upheld Guyana‘s 

maritime claim and deemed the 

Surinamese eviction of the CGX oilrig 

illegal. CGX concluded after the award 

that 93% of its Corentyne PPL (Petroleum 

Prospecting License) and 100% 

of its Georgetown PPL located offshore 

Guyana fell in the territory awarded to 

Guyana. The company then began to 

conduct surveys in 2008 on the licenses. 

In 2009, CGX began processing the 

3-D seismic data acquired during those 

surveys that began in 2008, and this is 

to be followed by analysis and interpretation 

of the data and the possible 

identification of targets for drilling. According 

to company CEO, Kerry Sully, 

drilling would ensue sometime in 2010, 

with half-a-dozen wells planned. US 

Firm Gustavson Associates has calculated 

a total best estimate (P50) prospective 

resource of four Corentyne 

prospects to be 2.7Bb of oil. 

CGX owns 25% of the offshore 

Georgetown PPL, and its joint venture 

State of the Art Skeldon Sugar Factory 

Harnessing Solar Energy 

Hydro Power Through Guyana’s 

Many Waterfalls 


Wind Power Potential

partners in the Georgetown PPL include 

Repsol 15% and its subsidiary, YPF 

Guyana (30%), and Tullow Guyana BV 

(30%). Once drilling begins, the period 

between discovery and production is 

from five years to ten years. 

Currently, Guyana’s energy needs are 

partly fulfilled through benefits from 

concessionary oil in the PetroCaribe 

Agreement, a Venezuelan initiative 

comprising mainly of 17 Caribbean 

countries, including Guyana. 

In a World Trade Organization 

(WTO) June 3 report, on a Trade 

Policy Review of Guyana, to the WTO 

Trade Policy Review Body, it was 

noted that the supply of electricity in 

Guyana faces difficulties, due to the 

reliance on imported oil and makes 

it very vulnerable to price shocks on 

the oil market. On the other hand, 

the report emphasized Guyana’s 

enormous potential for hydro-powered 

electricity generation, outlining that it 

is expected that power supply will see 

substantial improvements over the next 

few years, which will also have a very 

positive effect on the competitiveness 

of the manufacturing sector. In the 

long run, Guyana’s vast potential for 

the generation of hydropower could 

also be used to export energy to 

other countries in the region or for 

the production of aluminum, said the 

report. 

The Government of Guyana is also 

keen on pursuing investments in 

hydropower generation (and other 

forms of renewable energy) because 

it complements the national strategy 

of transforming Guyana into a low 

carbon economy and it also reduces 

the country’s dependence on imported 

fuel which is estimated to be around 

US$350M annually. 

Presently, there is much expectation 

in the Amaila Falls Hydro Electricity 

Project. This project is located along 


the Kuribrong River in Potaro, Region 

Eight and has a projected investment 

value of close to US$600M (a cost 

that the government expects to be 

fully subsidized by the international 

community since it is a renewable 

energy project) and is expected 

to produce 140 megawatts of 

electricity (enough to supply the 

whole country) when completed. New 

York based company Sithe Global 

Power (developers of the Bujagali 

Hydroelectric Project on the Nile River 

in Uganda, Africa) has been identified 

as the project developers and bids 

have already been received from 

interested parties to construct the 

hydropower plant. Work on the project 

is expected to begin this year. All of the 

energy generated by the project will 

be taken by the government owned 

power company (only one in Guyana) 

Guyana Power and Light (GPL) and is 

guaranteed through a long term Power 

Purchase Agreement. 

In addition, there are also other 

projects that were completed and some 

that are on stream to upgrade Guyana’s 

electricity generation infrastructure. 

The Kingston Power Plant, which was 

completed in October ’09, added 

20.7 megawatts to the existing grid. 

Moreover, the Kingston plant is part 

of a major project to integrate and 

establish a continuous network from 

Berbice to Essequibo, including 

the East and West Bank Demerara 

networks. This interconnection project 

President Jagdeo meets with Canadian Business Executives. 

is budgeted at US$39.6M and will 

enable GPL to expand its transmission 

and distribution system with the 

construction of 110 km of single circuit 

69 kilovolt sub-stations, the expansion 

and upgrading of two existing 69/13.8 

kilovolt substations, and installation of 

a fiber optic network. 

In Berbice, the Guyana Sugar 

Corporation (GUYSUCO) has been 

supplying co-generated power to 

the Berbice Grid. The co-generation 

factory has the capacity to supply 

10MW of electricity daily from one 

5.0MW set and two 2.5MW sets. This is 

expected to increase now that the new 

Skeldon sugar factory is completed 

and can convert bagasse (the waste 

of the sugar cane) into fuel. 

With all these initiatives ongoing, 

there is little doubt that in the near 

future, Guyana will be able to supply all 

its energy needs while also exporting 

to the rest of the world.

Guyana Head of State Bharrat Jagdeo and the Norwegian Minister of International Development and the Environment, 

Erik Solheim signing a Memorandum of Understanding (MoU) between Guyana and Norway to protect Guyana’s tropical forests 

at Fairview village, on the banks of the mighty Essequibo River. 

L. C. D. S 

Guyana’s Low Carbon Development Strategy 

A stimulus for investment & sustainable development 

What is the Low Carbon 

Development Strategy? 

Guyana’s Low Carbon 

Development Strategy (LCDS) is an 

innovative approach to combating 

climate change while simultaneously 

promoting economic growth and 

development. First released in June 

2009, and revised in December 

2009, the LCDS sets out how, given 

the appropriate incentives, Guyana 

can avoid significant emissions of 

greenhouse gases from deforestation 

that would occur following a rational 

development path. The appropriate 

incentives will be generated 

through interim payments for the 

carbon storage service provided 

by Guyana’s forests from Guyana’s 

partnership with the Norwegian 

government and other sources, 

and ultimately through the reduced 

emissions from deforestation and 

degradation (REDD+) mechanism 

established under the United 

Nations Framework Convention on 

Climate Change (UNFCCC). These 

payments will be used to expand 

economic growth, and will enable 

Guyana’s economy to be realigned 

along a low carbon development 

trajectory. This will catalyse Guyana’s 

efforts to diversify its economy and 

provide new economic opportunities, 

employment and more efficient use 

of resources, while maintaining the 

valuable forest ecosystem. 

Investment opportunities under 

the LCDS 

The LCDS highlights a number of 

strategic sectors in which to focus 

investment in order to align Guyana’s 

economy along a low carbon 

development trajectory. These 

include: 

• Investment in low carbon 

economic infrastructure, including 

President Jagdeo adresses public and private sector officials at launching of LCDS programme. 

the development of hydropower to 

reduce reliance on non-renewable 

energy sources; the upgrading of sea 

and river defences to protect against 

future sea level rise and flooding; 

investment in high technology 

telecommunications facilities (fibreoptic 

bandwidth); and improving 

roads, drainage and irrigation to 

unused, non-forested land with high 

agricultural potential. 

• Investment and employment in 

high-value, low carbon economic 

sectors, including the production of 

fruit and vegetables; aquaculture 

and sustainable forestry; and wood 

processing, as well as low carbon 

business development opportunities 

such as business process 

outsourcing and ecotourism. 

• Investment in communities and 

human capital, thereby ensuring 

that Amerindian and hinterland 

communities and the broader 

Guyana citizenry have improved 

access to health, education, 

renewable energy, clean water and 

employment, without threatening the 

sustainability of forest resources. 

These investment opportunities are 

discussed in more detail below. 

Investment in low carbon economic 

infrastructure. 

There are three types of 

infrastructure that are outlined in the 

LCDS for priority investments. These 

are: 

• Hydropower: Currently, Guyana 

relies on imported fuel oil and 

diesel for its electricity generation, 


which is both expensive and carbon 

intensive. Guyana is moving ahead 

to develop a hydropower site at 

Amaila Falls which could deliver 

energy security by meeting all of 

the country’s domestic power needs 

for the foreseeable future, improve 

Guyana’s balance of payments, 

and significantly reduce end-user 

costs. Investment in hydropower 

will substantially reduce Guyana’s 

dependence on fossil fuels, thereby 

reducing greenhouse gas emissions. 

In addition, the reduction in the price 

of electricity will provide a catalyst for 

value-adding industries, stimulating 

investment in other sectors of the 

economy. 

• Draining, irrigation and road 

development to improve access to 

unused, non-forested land: Guyana

has substantial, unused 

non-forested land that can be 

converted to productive use, but 

lack of infrastructure currently 

makes this land inaccessible or 

prohibitively costly to develop. 

For example, in the Canje Basin, 

significant investment in draining 

and irrigation is needed to convert 

land for agricultural use. In the 

intermediate savannas, investment 

in roads and related infrastructure 

would improve access and provide 

infrastructure required for habitation. 

By developing infrastructure in 

these parts of the country, economic 

activity and employment will be reoriented 

away from areas which put 

pressure on the forest. 

• Telecommunications 

infrastructure: Guyana’s outsourcing 

industry has the potential to 

significantly 

increase 

employment in the 

near future, however 

telecommunications 

infrastructure is 

a key barrier to 

sustaining growth 

in this industry. 

Investment in 

fibre optic cables 

and a technology 

park will enable 

growth in business 

outsourcing and 

will also reduce 

the cost of 

telecommunications 

for individuals and 

companies nationwide. 

Investment and 

employment in 

high-value, low 

carbon economic 

sectors 

Building on 

the priority 

diversification 

opportunities 

outlined in the National 

Competitiveness Strategy, Guyana 

has identified six priority lowcarbon 

economic sectors: fruits 

and vegetables, aquaculture, 

sustainable forestry and wood 

processing, business process 

outsourcing, eco-tourism, and 

possibly bio-ethanol. Guyana plans 

to focus initially on three sectors: 

fruits and vegetables, aquaculture, 

and sustainable forestry. 

• Fruits and Vegetables: Guyana 

is well-positioned to expand exports 

of fruits and vegetables as it has 

major tracts of non-forested arable 

land that are potentially suitable for 

commercial agriculture. It has ample 

labour and can produce these crops 

in a cost-effective way. In addition, 

Guyana is positioned close to major 

fresh fruit and vegetable export 

markets in the Caribbean, Brazil and 

the United States. 

• Aquaculture: Guyana has 

an opportunity to provide fresh 

and frozen fish to its Caribbean 

neighbours and other importing 

nations, such as the United 

States. While aquaculture will 

require significant start-up costs, 

the industry, once-established, 

would allow Guyana to tap into 

large and growing markets in 

fresh fish, as well as frozen and 

processed seafood. Guyana has 

55,000 hectares of state-owned, 

uncultivated coastal lands and up to 

118,000 hectares in the intermediate 

savannahs. In addition, Guyana has 

hinterland areas that are suitable for 

production of fish or crustaceans, 

such as tilapia and shrimp. 

• Sustainable forestry: Logging 

companies operating in Guyana 

could generate substantially more 

value from the limited portion of 

the forest where sustainable forest 

harvesting is appropriate, through 

a shift into integrated primary and 

secondary processing and more 

efficient extraction. New investment 

in processing activities in Guyana 

would facilitate greater production 

of higher-value wood products 

that meet international standards 

for export and could bring new 

capabilities in waste minimization 

and recovery, as well as market 

linkages to enhance export value 

of processed products. In addition, 

Guyana will support local and 

international firms in increasing 

end-user demand for products from 

Guyanese species. 

Investment in communities and 

human capital 

Transforming Guyana’s economy 

will require striking a balance 

between attracting large, longterm 

private investors who will 

have a catalytic impact on the 

national economy, and making 

significant investments in human 

capital and social services to equip 

the population for participation in 

the new economy. Key areas of 

investment will include: 

• Improving job prospects and 

private sector entrepreneurship: 

Guyana will continue to invest in 

targeted education initiatives to 

fuel economic growth, potentially 

including specialized vocational 

training (e.g., for business process 

outsourcing), creation of a 

management school, and possibly 

establishing a centre of biodiversity 

excellence. 

• Supporting social services: 

Guyana will invest in services 

such as basic infrastructure (road 

maintenance, reliable supplies 

of potable water), health and 

education services through 

discrete projects funded by forestry 

payments. 

Moving forward with the LCDS 

On the 9th of November 2009, 

the Governments of Guyana and 

Norway signed a Memorandum of 

Understanding in which Norway 

committed to provide financial 

support of up to US$250 million 

by 2015 for results achieved by 

Guyana in limiting emissions 

from deforestation and forest 

degradation, which will support 

the implementation of Guyana’s 

LCDS. At the Copenhagen climate 

meeting held in December 2009, the 

importance of reducing emissions 

from deforestation and forest 

degradation (REDD), and avoiding 

emissions through conservation 

of standing forests (REDD+) was 

recognised by global leaders. 

This represents an important step 

forward which will ultimately allow 

Guyana, as well as other forest 

countries, to receive payments for 

its forests through an international 

REDD+ mechanism. Guyana is 

currently moving forward in putting 

the necessary framework in place to 

enable the effective implementation 

of the LCDS. Over the next five 

years, the country will begin to 

execute and deliver on the priority 

infrastructure projects needed to 

re-orient the economy toward lowcarbon 

growth, including investment 

in hydropower, high value fruits 

and vegetables and aquaculture, 

amongst others. 

Climate change is a serious 

threat to the well-being of human 

societies, and developing countries 

are particularly vulnerable to its 

negative consequences due to their 

dependence on climate-sensitive 

sectors and their limited capacity 

to adapt. However, climate change 

can also be viewed in terms of 

the opportunities that it provides 

for investment in adaptation 

and mitigation technology, and 

as a catalyst for sustainable 

development. It also 

provides a platform 

for transfer of 

financial, technical, 

intellectual and 

human resources 

from developed 

to developing 

countries, a process 

which could begin 

to reduce the 

inequalities between 

rich and poor 

nations. Guyana’s 

LCDS outlines 

how the country 

can position itself 

to capture the 

opportunities that 

climate change 

presents, while 

simultaneously 

making a significant 

contribution to 

tackling the source 

of the problem 

by reducing 

greenhouse 


gas emissions through avoided 

deforestation. The LCDS is a leading 

example to other developing 

countries in demonstrating that 

a low carbon, climate⅓resilient 

economy can be achieved without 

compromising the integrity of natural 

ecosystems. In particular, it can 

provide the world with a working 

model of how a REDD+ mechanism 

can operate, and is an example to 

other forest countries of how the 

world’s forests can be conserved 

without sacrificing the development 

aspirations of those who live in 

them. 


Office of Climate Change 

Government of Guyana 

www.lcds.gov.gy

Scotiabank Head Office Guyana. 

Scotiabank 

A Strategic Partnership with Guyana 

In business since 1832, The Bank of Nova 

Scotia (Scotiabank) is a Canadian-based 

company with a long-standing presence in 

the Caribbean and Central American region. 

The bank’s first overseas branch opened in 

Kingston, Jamaica in 1889 to service trade 

between Jamaica and Canada. 

Scotiabank opened its first branch in Georgetown, 

Guyana in September 1968. Since that time, the 

Bank’s presence has grown to five branches (2 

in Georgetown, 1 in Berbice and 2 in Essequibo), 

employing over 170 people, offering retail and 

commercial banking services. The Bank currently 

offers, among other services, electronic cash 

management services for businesses, online banking 

for retail customers, trade finance services, small 

business banking, wire transfers and 12 ABMs 

with international connectivity. 

“Scotiabank Guyana has 

grown with its customers,” says 

Amanda St. Aubyn, Country 

Manager, Scotiabank Guyana. 

“We continue to provide the 

services customers need to 

meet their evolving financial 

needs. Whether it is a new small 

business venture or the management of personal 

bank accounts online, we have introduced the 

tools to help customers be successful in their 

efforts.” 

As Guyana’s largest 

international bank, Scotiabank 

takes pride in fostering local, 

regional and cultural initiatives 

that play an important role in 

the future development of the 

region. This is why the Bank 

is such a strong supporter 

of West Indies Cricket, and 

why Scotiabank is so pleased 

to be the Official Bank of 

West Indies Cricket and the 

exclusive sponsor of Kiddy 

Cricket since 1999. The Bank 

takes seriously its community 

commitments and is also 

involved in other initiatives 

like HIV/AIDS awareness and 

prevention. Under our Bright 

Future Programme, corporate 

donations are made towards 

projects that enhance the wellbeing 

of children in the areas 

of health, education, sports 

and social welfare. 

Scotiabank has been a part of 

the Caribbean community for 

over a century now, and we are 

proud to say that the continued 

success of the Bank can be 

attributed to the fact that we 

support the communities where 

we do business in ways that 

are meaningful to people. 

“Supporting the communities 

where we live and work is 

an important part of who 

we are,” says St. Aubyn. 

“Scotiabankers have given 

significant volunteer hours to 

initiatives in their communities. 

The results are very positive – 

both for the communities and 

for employees. We’re proud to 

support communities, as they 

have been instrumental to our 

growth and success.” 

With assets of over CDN$513 

billion (at April 2009), over 442 

branches and over 900 ATMs, 

Scotiabank is the leading 

bank in the Caribbean and 

Central America. Scotiabank Group 

is also one of North America’s premier 

financial institutions and Canada’s most 

international bank. Approximately 67,698 

employees of the Scotiabank Group and 

its affiliates deliver a diverse range of 

products and services including personal, 

commercial, corporate and investment 


banking to about 10 million customers 

in some 50 countries around the world. 

Scotiabank trades on the Toronto (BNS), 

New York (BNS) and London (BNV) Stock 

Exchanges. 

For more information please visit: 

www.scotiabank.com

Q 

Executive 

A & 

Question Answer 

Chris Fernandes 

Interview with Chris Fernandes – Chairman & CEO John Fernandes Group 

Who is Chris Fernandes? 

Chris Fernandes is number 12 

of 14 children born to John & Alda 

Fernandes. He attended St. Stanislaus 

College graduating in 1962. Worked 

with T. Geddes Grant Guyana Ltd. from 

1962 to 1966 when he joined John 

Fernandes Insurance Ltd., which he 

managed until joining the firm of John 

Fernandes Ltd on May 2, 1982, as 

Secretary/Director. He was promoted 

to Chairman and CEO of the Company 

on 1st March 1992. 

John Fernandes Group 

50 Years & Growing with Guyana 

Tell us a little bit about your 

company’s history and some of the 

products and services offered. 

John Fernandes Ltd (JFL) was 

incorporated 50 years ago on October 

15, 1959. It was at the time a relatively 

small Shipping Agency business, 

which did stevedoring under contract 

for the Guyana Rice Marketing Board 

and provided cargo-handling services 

to small inter-island schooners and 

motor vessels plying between Guyana 

and the Eastern Caribbean. 

The Company’s entire facility was 

destroyed by fire on February 13, 1962, 

on the day of the ‘Black Friday’ riots. 

Within three months, the company had 

reconstructed a small pier, temporary 

warehouse and office and was back 

in business. The Company has been 

continuously expanding since then 

and is today accepted as the leader in 

the local Shipping Industry. 

The Company specializes in 

providing cargo-handling services to 

container ships but also facilitates the 

bulk loading of vessels with export 

rice, the bulk discharging of grain for 

use in livestock feed as well as fertilizer 

for the Agriculture Industry. 

Guyana’s President Bharrat Jagdeo, Chris Fernandes-Chairman and CEO of John Fernandes Group 

and other Company Officials at 50th Anniversary Celebrations of the John Fernandes Group 

Does the current nature of our ports 

and shipping industry meet the 

needs of the local economy? 

The present port facilities in 

Georgetown are in need of significant 

capital investment to make them more 

efficient. Providing this is done, the 

present port can continue to adequately 

satisfy the needs of our local economy 

in the short and medium term. 

Our population has remained 

constant over the last 50 years and our 

exports have experienced very modest 

growth and up to this point economical 

development has been slow. 

However, if these parameters are 

changed by the road link established 

with Brazil, there will be a need for a 

deep-water harbour to cater for the 

upsurge in cargo movement in the 

medium and long term. 

If you could change anything about 

the shipping industry, what would 

that be? 

There is an urgent need for upgrading 

the vessels that supply our local pilot 

service, surveying, buoy tendering and 

dredging. The major hindrance to Port 

Georgetown is the limitation of the low 

maximum draft permitted for vessels 

entering and leaving the Port. 

Has the global financial recession 

affected your group of companies? 

The global financial recession has 

mostly affected our Shipping Company. 

Containerised exports of timber and 

wooden furniture have declined 

significantly. This has negatively 

impacted on our 

revenue. 

What advice would 

you give to would 

be investors about 

doing business in 

Guyana? 

Investors need to 

be encouraged, as 

we need overseas 

financial resources 

to assist in building 

our country. The 

type of investment 

would determine our 

advice to them as 

the challenges vary 

depending on the 

area of investment. 

How would you characterize the 

local business environment over the 

past year? 

The impact of the global economic 

downturn on the local business 


environment cannot be ignored. Over 

the past year this has created a mood 

of uncertainty and reluctance for new 

investment as some speculate on the 

recession worsening before things 

start to get better. 

What can we expect from the John 

Fernandes Group of Companies in 

the future? 

Our Group is still optimistic about 

the future. We are looking forward to 

the development of the Brazil/Guyana 

trade and the possible use of Port 

Georgetown as the transhipment port 

for cargo coming to and from Brazil. 

We are in search of a Brazilian joint 

venture partner to assist in facilitating 

this trade. 

We also have plans to provide 

logistical support to companies that 

are likely to commence oil exploration 

in Guyana in the near future. 

We stand committed to the 

development of our country and we 

are satisfied that “together we can”.

The Banking Sector in Guyana 

Guyana has a wellestablished 

financial 

system consisting of 

commercial banks, 

a merchant bank, 

trust companies, 

insurance companies, credit unions, a 

building society and a stock exchange. 

The country’s six (6) commercial banks 

are the more dominant players in the 

local financial industry, three (3) of 

which are locally controlled banks and 

three (3) foreign controlled banks. 

All commercial banks are licensed 

to operate under the Financial 

Institutions Act 1995, and the local 

regulator is the Bank of Guyana, which 

regulates the banks in accordance 

with the principles set by the Basel 

Committee on Banking Supervision. As 

a consequence, all banks comply with 

international best practices for bank 

management. The Bank of Guyana’s 

supervisory and regulatory rules and 

norms are reviewed regularly and are 

updated in the light of changing and 

evolving circumstances. In general, the 

more important rules constantly under 

review relate to lending policy, capital 

adequacy norms, credit concentration 

issues, foreign currency exposure, 

accounting standards and provisioning 

requirements. The statutory minimum 

reserve requirement for banks is set 

at 12 percent of total deposits, while 

the statutory liquid assets required to 

be maintained in relation to deposit 

liabilities is set at 25 percent of demand 

liabilities and 20 percent of time and 

savings liabilities. 

Our banking sector can be regarded 

as mature, with the two newest banks 

starting operations in 1994 and the 

other older banks having heritage 

of between 40 to over 150 years. 

The banks are well managed and 

operate with sound risk-management 

systems and corporate governance 


structures, and together play a major 

role in promoting economic growth 

by the mobilisation of savings and its 

channelling to productive areas. 

At 31 December, 2008, the six (6) 

commercial banks had total assets of 

$232.7 billion, with liabilities of $208.0 

billion and capital and reserves of 

$22.7 billion. The total commercial 

banks branch network has expanded 

from 25 at the start of 2004 to 32 at the 

end of 2008. The banks have relatively 

strong capital bases and strict 

provisioning requirements against 

bad and doubtful debts as well as for 

diminution in value of investments. All 

banks have successfully achieved the 

legal benchmark of 8.0 percent for the 

Capital Adequacy Ratio (CAR), which 

at the end of 2008, averaged 18.28% 

for the banks. 

The primary variable in the cost 

structure for commercial banks’ is 

interest rates on deposit and lending 

products. For the local banking 

sector, interest rates are market 

determined, and these rates have 

trended downward over the last five 

years as a result of higher levels of 

liquidity in the banking system. The 

small savings rate, which was 3.46% 

at the start of 2004, has declined by 

31 basis points to 3.15% at the end of 

2008, whereas the weighted average 

lending rate of the commercial banks, 

which was 15.58% at the start of 2004, 

has declined by 318 basis points to 

12.40% at the end of 2008. 

Currently, the banks offer a wide 

range of services and innovative 

financial products to both individual 

and corporate customers, including 

savings and investment accounts, 

short and long-term financing for 

business development and expansion, 

prepaid, international payment 

systems, foreign trade support, foreign 

currency trading, debit and credit 

cards, payroll processing, telephone 

and internet banking, safekeeping 

and night depository, among others, 

within which some banks have carved 

out niche markets, where they hold 

some form of competitive advantage. 

The major economic sectors to which 

banks provide financing are rice 

farming, construction, forestry, mining, 

fishing, manufacturing and retail and 

wholesale distribution, housing and 

transportation. 

Today, the local banking sector 

exists within the reality of a radically 

transformed financial system, 

driven by globalization and financial 

innovation, such that the proliferation 

of financial innovations has blurred 

the distinction between traditional 

banking and other forms of financial 

intermediation. Importantly, however, 

our banking sector has remained 

largely unaffected from the pitfalls 

of such radical transformations given 

the slower pace of our financial sector 

development and the predominant 

conservative culture of our banks. 

In looking to the future, the local banks 

aim to offer their customers greater 

electronic options for conducting 

their banking business, including an 

interconnected ATM / POS network, 

while improving service delivery 

through enhanced process automation. 

The local Bankers Association is 

active and works to ensure a safe, 

vibrant and competitive banking sector 

through the fostering of a collaborative 

approach, along with pursuing public 

education that will enhance the well 

being of consumers within the banking 

community. 


The Guyana Association of Bankers 

c/o Guyana Bank for Trade & Industry Ltd 

47-48 Water Street, G/Town.

Parliament Building 

Historical Overview 

A 

lot could be written on 

the modern economic 

history of Guyana’s 

economy. However, this 

short essay focuses on 

the following issues: first, 

an examination of per capita GDP (an 

aggregate measure of productivity) and 

prices over the period 1967 to 2008 is 

summarised; second, the structure of 

production is presented; third, the issue 

of finance is delineated and in closing, 

the article presents a brief discussion 

of the foreign exchange market. 

Growth and prices outline 

On Aspects of Guyana’s Economy 

Figure 1 presents the rate of growth 

of per capita GDP (total real GDP 

divided by the population) and inflation 

rate since 1967. The growth of per 

capita GDP (placed on the left-axis) is 

often seen as an aggregative measure 

of a nation’s productivity. A persistent 

growth of productivity, in turn, is at the 

heart of the welfare of a nation. We 

can divide the growth performance 

into several key periods in Guyana’s 

history. First, there is the period of early 

independence from 1967 to 1975 over 

which per capita GDP expanded at 

an average of 2.54%. Three important 

events took place over this period. 

(i) There was the first oil shock. (ii) 

In 1970 economic policy shifted to 

Socialist planning. (iii) In 1974 and 

1975 Guyana benefitted from a major 

increase in world sugar price causing 

per capita GDP to expand in these two 

years by 7.1% and 7.6% respectively. 

Second, the second phase – from 

1976 to 1988 – witnessed a protracted 

downturn in the growth of per capita 

GDP (by an average of -2.36%) and 

consequently the living standard of 

Guyanese. Over this period state control 

intensified with the nationalization of 

banks, sugar industry and bauxite 

industry. Several researchers have 

also noted the rise in the underground 

economy (in particular smuggling) 

over the second phase as a way to 

circumvent government regulations. 

Third, from 1989 to 2008 Guyana 

entered a new period of trade and 


financial liberalization and the return of 

free and fair elections. From late 1988 

an Economic Recovery Programme 

(ERP) was launched by the government 

under the support of the IMF and 

World Bank. These reforms – under 

the supervision of the IMF and World 

Bank – would eventually pave the way 

for significant inflows of concessional 

loans, grants and debt relief in 

subsequent periods. Moreover, the 

inflows would help to place Guyana on 

a more stable financial path, albeit with 

important help from the sister Bretton 

Woods institutions. Over this entire 

period the per capita GDP grew by an 

average of 2.47%. 

The third period can be divided into 

two sub-periods – 1989 to 1997 and 

1998 to 2008. The latter period was 

characterized by political instability 

and unprecedented criminal violence. 

In the first sub-period productivity grew 

by 4.57%, while in the second subperiod 

it grew by a paltry 0.75%. 

Figure 1 also presents the inflation 

rates on the right-axis. Over the first 

period outlined above (1967 to 1975), 

inflation averaged 9.3%. Over the 

second period (1976 to 1988) inflation 

Data source: World Development Indicators and Bank of Guyana 

averaged 13.7%. As noted earlier, the 

underground economy (in particular 

smuggling of banned commodities) 

took off during the latter period. This 

was also an era of price controls. 

Therefore, inflation recorded in the 

official numbers might not reflect the 

true extent. 

Over the third period (1989 to 2008), 

Guyana experienced its highest

annual inflation rates, which averaged 

23.8%. However, in the early period of 

economic reforms and liberalization, 

the inflation rate was the highest. The 

highest rates of 158.2%, 59.1% and 

134.6% occurred respectively in the 

years 1989, 1990 and 1991. By 1992 

the inflation rate stabilized to 11.3%. 

Economic analysts agree that the 

liberalization of the foreign exchange 

regime in 1990 (see below) would 

have resulted in the rapid depreciation 

of the Guyana dollar against the US$. 

This, in turn, resulted in significant 

pass-through to domestic prices given 

that the economy is dependent on the 

imports of consumer goods, capital 

goods and fuel. 

Structure of the economy 

Table 1 presents the percentage 

share of GDP of each production 

sector in Guyana. As these structures 

do not change overnight, the table 

reports selected years. Each sector’s 

output was divided by GDP at factor 

Table1. Percentage share of GDP by productve sectors 

cost to give the relative share. The data 

suggest there have not been significant 

structural shifts in the economy since 

1980. The data, moreover, provide an 

insight into potential sectors for the 

keen investor. In particular, there is 

tremendous potential for investments 

in light manufacturing and agroprocessing. 

The investor should be 

cognizant of and take advantage of 

the trade agreements Guyana has with 

CARICOM and the United States. 

1980 1990 2000 2008 

Sugar cane 14.8 16.4 12.0 7.9 

Rice paddy 3.8 2.6 2.4 2.4 

Livestock 3.1 2.6 2.2 2.2 

Other agriculture 3.6 6.9 5.2 5.5 

Fishing 1.3 12.8 3.1 2.5 

Forestry 1.2 1.8 3.5 2.9 

Mining and quarrying 16.5 10.1 11.7 6.9 

Manufacturing 7.7 5.2 10.5 9.9 

Distribution 8.6 6.6 7.9 10.4 

Transport and com munication 5.6 7.6 9.0 13.8 

Engineering & construction 7.1 4.5 8.4 11.0 

Rent and dwelling 1.3 5.1 1.7 2.0 

Financial services 4.0 7.0 5.8 6.5 

Other services 2.5 2.2 3.7 4.4 

Government services 18.6 8.5 12.9 11.8 

Total percentage 100 100 100 100.0 

Note: man ufacturing includes processing of rice paddy and p rocessing sugar cane. 

Data source: Bank of Guyana Annual Reports and Statistical Bulletins (various years) 

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Finance 

The Guyana financial system is 

dominated by commercial banks, 

which by the end of 2008 still 

accounted for approximately 67% of 

all financial assets. There is no active 

bond market and the stock exchange 

is yet to assume a prominent place 

in development financing. Guyana 

dismantled its development banks as 

part of the era of financial liberalization. 

However, several notable economists 

have noted that developing economies 

are likely to remain bank-dominated 

indefinitely. 

Table 2, therefore, presents the 

composition of the key assets demanded 

by commercial banks (an analysis of 

non-bank financial institutions is also 

important but space does not allow 

us to do so in this essay). The primary 

asset classes are reserves (required 

+ excess), foreign assets, credit to 

government (mainly T-bills), credit to 

government enterprises, and credit to 

the private sector (business loans and 

loans to individuals). Business credit 

is very important from an economic 

growth perspective as it reflects, to a 

large extent, the intermediation of the 

society’s savings to private businesses. 

It is obvious that the percentage of 

private credit has increased in bank 

portfolios in the post-liberalization 

era. However, commercial banks have 

continued to hold substantial levels 

of excess reserves and government 

Treasury bills – as is the case in many 

Table 2. Composition of commercial bank assets 


Percent of total 

Credit to 

public 

enterprises 

Credit to 

private 

sector 

Total assets 

Foreign Credit to 

(G$mill) Reserves assets government 

1980 834 15.1 7.1 27.1 27.5 23.3 

1985 2851 22.0 1.2 29.1 29.4 18.2 

1990 13233 13.6 18.2 31.1 5.7 31.4 

1995 50598 20.4 7.5 31.4 0.8 39.9 

2000 102396 15.1 7.0 19.8 0.4 57.7 

2005 150180 17.7 18.8 26.9 1.0 35.6 

2006 180216 18.0 17.5 25.5 0.6 38.4 

2007 203975 11.7 24.3 21.7 0.1 42.2 

2008 232629 12.5 21.3 21.5 1.1 43.6 

Source: IMF, International Financial Statistics and Bank of Guyana Statistical Bulletins 

(various years). 

Credit to government includes bank purchase of T-bills. 

other developing economies. 

According to Table 2, another 

important asset is the foreign asset 

category. Commercial banks need to 

hold foreign assets for the purpose 

of facilitating their customers’ 

international business transactions. 

However, more research needs to be 

done to determine whether there is a 

speculative motive behind the demand 

for foreign assets. At some point, 

however, Guyanese policy makers 

would need to reconsider the issue of 

state development banking. 

Another important issue pertaining 

to business financing is the high 

lending rate; and also from a customer 

perspective the low savings and 

deposit rates. The combination of 

high loan rates and low deposit rates 

produces a wide intermediation 

spread for Guyana. However, a similar 

situation exists in several CARICOM 

states. The spread (see right-axis in 

Figure 2) has tended to widen since 

the early 1990s. At the end of 2008 the 

average lending rate averaged 12.4%, 

while the average deposit rate was at 

2.3% (below the 6.1% inflation for that 

year).

Foreign exchange market 

40 

30 

20 

10 

The foreign exchange market was 

reformed in 1990 when the parallel 

market rate was merged with the 

official rate. The cambio market was 

developed in March 1990 when 

commercial banks and several nonbank 

traders were allowed to trade 

foreign currencies – mainly the US 

dollar, British Pound, Euros and 

Canadian dollar. The idea was to allow 

the market to determine the rate rather 

0 

92 94 96 98 00 02 04 06 08 

Average lending rate 

Average deposit rate 

SPREAD (right-axis) 

than have the government set the rate. 

As at the end of 2008, there were 21 

licensed foreign currency dealers. 

However, the six commercial banks 

still dominate the purchases and 

sales of foreign currencies accounting 

for approximately 90% of all trades 

at the end 2008. The US dollar is 

still the dominant currency traded 

(approximately 89% in 2008). 

The Guyana dollar/US dollar exchange 

rate has depreciated substantially over 


14 

12 

10 

8 

6 

4 

2 

the years since 1990. In 1990 one US$ 

bought around $G40, while at the end 

of 2008 the rate of exchange stood 

at 1US$ = G$206. However, this rate 

has demonstrated noticeable stability 

since 2005; so much so that the IMF 

has classified Guyana to have a de 

facto pegged exchange rate regime. 

The academic literature has a lot to say 

about the choice of an exchange rate 

regime (pegged versus floating); but 

that is beyond the scope of this essay. 

By Tarron Khemraj

Aerial view of Lethem 

Lethem on the Rise 

Establishment of a Commercial Zone 

The ground has been 

laid for business and 

commerce to take off in 

the border township of 

Lethem, Rupununi with 

the establishment of a 

Commercial Zone coinciding with the 

opening of the Takutu Bridge with its 

many possibilities for development 

and an improved standard of living. 

The establishment of a Commercial 

Zone in Lethem, the administrative 

centre of Region Nine (Upper 

Essequibo/Upper Takutu), is in keeping 

with the broader Lethem Development 

Plan, which caters for the development 

of commercial, industrial, residential 

and small business development. 

The once sleepy border township, 

which until the past two decades relied 

heavily on air transportation to access 

goods and services from Georgetown, 

had also relied heavily on goods coming 

from Bon Fim in Brazil. A cattle trail 

had also linked the interior township 

with the coastal belt. Travelling that 

route by foot takes approximately two 

weeks. However, with the development 

of the road from Mabura to Lethem, 

the trip from Georgetown to Lethem 

has been significantly reduced to an 

average of nine hours. Business and 

commerce has since been enhanced 

and trucks ferrying goods from 

Georgetown and other coastal areas 

traverse the 345-kilometre roadway on 

a daily basis. 

During the first week in September 

2009, the government handed over to 

businesspersons in Lethem the leases 

to lots in the zone, which consists of 


64 lots. The entrepreneurs who have 

already received leases have begun 

to seek approval from the relevant 

authorities – including the Central 

Housing and Planning Authority, the 

Environmental Protection Agency and 

others - to start construction of the 

infrastructure for the various projects 

they will be undertaking. 

With the receipt of the leases some 

of the businesspersons have begun 

to clear the land in preparation for the 

construction phase which will start 

once the relevant permissions are 

granted. 

At the time of writing 60 of the 64 lots 

had been allocated, 20 of which were 

granted to businesspersons from the 

Rupununi. The remainder was given to 

businessmen and women from other 

The recently opened Takatu Bridge 

Linking Guyana and Brazil 

parts of Guyana. The four lots, which 

are close to the Lethem airstrip are still 

to be awarded pending approval from 

the Civil Aviation Department. 

In excess of $1B is expected to be 

invested in the development of the 

commercial zone over a two-year 

period. The area demarcated for the 

zone is found between the Guyana 

Defence Force barracks and the air 

strip at Lethem. Already the Guyana Oil 

Company (Guyoil) gas station is located 

within the zone. While production will 

cater for local consumption provision 

will also be made for the export of 

goods and services to Brazil. About 

550 jobs will be created. 

At present many of the businesses 

at Lethem are scattered in and 

around the township. In the proposed 

commercial district, which is close to 

the main road, the major businesses 

will be centrally located and closer to 

the regional administrative offices as 

well as customs and immigration.

In the 2009 national budget, the 

government also made available $41M 

as a capital grant to the Lethem Power 

Company so that additional generators 

and transformers could be installed to 

boost electricity supply to meet the 

needs of the business community in 

their quest to develop the area. 

Meanwhile, the commercial zone 

makes provision for a range of 

enterprises including hardware stores, 

general merchandise, gas stations, 

restaurants and hotels for the tourism 

and hospitality industry. It is anticipated 

that visitors’ arrival to Lethem will 

increase significantly once travel and 

trade picks up. 

President Jagdeo of Guyana and President Lula of Brazil 

at Official Opening of Takatu Bridge. 

Among those who will benefit from 

the establishment of the commercial 

zone is the President of the Rupununi 

Chamber of Commerce and Industry 

(RCCI), John Macedo, who owns a 

gas station at Lethem and who plans 

to relocate it to the business area. 

The business community, Macedo 

said, welcomes the allocation of the 

leases for the commercial estate, which 

has been in the making over the past 

three years since it is giving them the 

opportunity to expand their businesses 

and venture into new enterprises. The 

relocation of his gas station would 

give him the opportunity to expand his 

general store as well as open a guest 

house at the current site. 


To complement the commercial zne, 

Macedo noted that the RCCI was now 

calling on the government to declare 

Lethem a duty free zone (DFZ) as 

exists in the Brazilian border town of 

Bon Fim. 

Calling for Lethem to also be 

declared a duty free zone (DFZ) - a 

bounded and bonded area where 

foreign merchandise is brought in 

without import duties, for further 

processing or re-exporting, Macedo 

said that the local business sector was 

concerned Bon Fim is a duty-free port 

while Lethem is not. In terms of trade, 

Lethem not being a duty free port 

would be placed at a disadvantage. 

As part of its plan to develop Bon Fim, 

the Brazilian government has offered 

incentives for businesspersons to 

invest in the Brazilian border town. 

Macedo, who is also the Chairman of 

the Rupununi Rodeo Committee, said 

that based on requests the RCCI has 

had with President Bharrat Jagdeo he is 

optimistic that Lethem will be declared 

a duty free area early next year since 

some businesses will be crippled if 

that were not done. For many people in 

Lethem, Bon Fim is within easy walking 

distance and they would gravitate to 

cheaper prices there. 

Years ago, Guyanese did their 

household shopping in Bon Fim but 

from the late eighties through the early 

nineties to the present time when the 

345 kilometre-road from Georgetown 

to Lethem was upgraded, many 

Brazilians made their way to Lethem to 

do their household shopping within the 

limited quantities allowed. 

Macedo hopes that when the area is 

declared a duty free zone, the duties 

imposed on alcohol and alcohol-related 

products will be abolished. Smugglers 

of alcoholic beverages, who have easy 

access due to the hundreds of miles of 

porous borders, will prosper, while the 

legitimate businesses including those 

in the tourism and hospitality industry 

will suffer since the cost of alcohol 

and alcoholic beverages coming from 

Brazil will be exorbitant. The locally 

produced bottled Banks beer is not 

always readily available. 

Alcohol and alcohol related products 

are among the five products coming 

from Brazil on which duties are imposed. 

The other products are tobacco, fuel, 

arms and ammunition, vehicles and 

motor cycles (above 175cc) coming 

into Lethem, but they are not a source 

of concern for the business community 

at Lethem. 

Apart from the popular annual rodeo 

during the Easter holidays, which 

attracts a significant number of visitors 

from coastal Guyana 

and from across 

the border, Lethem 

attracts the nature 

and adventure tourists 

all year long for 

which the hospitality 

industry would have 

to cater. Lethem and 

its environs, including 

the Kanuku Mountain 

range, is a paradise 

for nature tourism. 

The area boasts 

some of the world’s 

rare species of 

animals including the 

jaguar, black caiman, 

and giant river turtle, 

as well as a number 

of species of birds 

including the rare red 

siskins. 

The objective for the 

establishment of the 

commercial zone is 

to capitalise on trade 

and travel which is 

made easier with the September 21, 

2009 opening of the Takutu Bridge 

which links Guyana and Brazil, more 

so Northern Brazil and Georgetown. 

While the bridge offers immediate 

transportation benefits, President 

Jagdeo has said that other plans to come 

on stream will include an upgraded 

road from Georgetown to Lethem, the 

construction of a deep water harbor, 

the harnessing of renewable sources 

of energy such as hydro-power, and

eliable and affordable information 

communication technology. Lethem is 

already linked by telephone and enjoys 

limited internet connectivity. 

With the opening of the bridge goods 

will be transported more efficiently 

between the two countries and trade in 

items under the Guyana/Brazil Partial 

Scope Agreement, which is yet to be 

fully exploited, could be promoted by 

the Guyanese private sector. 

The bridging of the Takutu River from 

Lethem to Bon Fim in Brazil means 

that Guyanese, Eastern Caribbean 

nationals, and the adventurous 

travelers in general can travel by motor 

vehicle from Georgetown across the 

Takutu Bridge into Brazil onto the South 

American inter-continental highway 

southward to Argentina. They can also 

link up to the Pan American Highway 

onto the Pacific coast as well as travel 

through Central America across the 

Panama Canal to North America. 

Scene of Annual Rupununi Rodeo hosted at Lethem 

From the Brazilians’ perspective, 

the bridge provides more efficient 

transportation and market access for 

the landlocked State of Roraima to the 

Atlantic Ocean, the Caribbean Sea, 

North America and Europe. 

By Miranda La Rose 

Shiv Chanderpaul-Guyana’s 

World Ranked Test Batsman 

Getting on Board with Sports Marketing 

Potential and Opportunities 

Many Guyanese 

businesses are 

engaged in 

‘sports marketing’ 

and the ‘sport 

industry’ through 

s p o n s o r s h i p 

of a number of sporting events and 

individual athletes on an ad hoc 

basis but there is need for developing 

working relationships between sports 

organizations and businesses. 

Both sports marketing and the sport 

industry are strengthening their hold 

in places like Jamaica, Trinidad and 

Tobago, The Bahamas and Barbados 

where investment in their athletes 

Andrew King - Guyana’s Ace Race Driver 

are beginning to pay high dividends 

for their athletes and their countries’ 

economies. 

Sports marketing is now being 

seen as a vehicle for marketing one’s 

country and for attracting direct 

foreign investments. The publicity and 

free advertisement gained through 

success in sports at mega sporting 

events and which attracts international 

news coverage cannot be quantified in 

dollar terms. 

Defined as “consisting of all activities 

designed to meet the needs and wants 

of sports consumers through exchange 

processes” sports marketing has 


Nicolette Fernandes - Guyana’s World 

Ranked Squash Player 

developed two major thrusts, being, 

marketing of sports products and 

services directly to consumers of 

sports, and marketing of consumer and 

industrial products or services though 

the use of sports promotion. 

There is no official estimate of the size 

of the sport industry which contributes 

to sport tourism in the Caribbean. 

However, the Sport Business Journal, 

an industry trade publication in the 

USA has estimated that the sport 

industry in the USA has grown to a 

US$213 billion industry per annum in 

2008. The sport industry in the United 

Kingdom is estimated at 20 billion 

pounds annually.

The estimated values in these 

countries include sport related 

advertising, venue, signage, athletes 

endorsements, construction of sporting 

goods and licensed merchandise, 

event management and marketing 

services, sponsorship, ticketing sales, 

mobile text, messaging and media 

broadcasting among other areas. 

In Guyana, while cricket attracts its 

own sponsors and cricketers are paid 

handsomely, at least at the level of the 

West Indies team, the same cannot be 

said of other sports in Guyana such as 

football, rugby, squash, track and field, 

volleyball, hockey and other sporting 

disciplines. 

Jamaica is leading the way in 

reaping the benefits of investment 

in sport facilities and by extension a 

budding sports marketing industry 

with track and field high on its list. The 

name of Usain Bolt, Osafa Powell, and 

other finalists at the recent World Track 

and Field Championships in Berlin 

come to mind following their high level 

performances. Bolt wears the stamp 

of ‘Made in Jamaica’ and can be seen 

celebrating around the stadiums with 

the Jamaican national flag firmly on 

display. It is difficult to quantify the 

financial returns that the success 

these Jamaican athletes have on the 

country’s economy and its image, but 

one can correctly assume that it is 

considerable. 

In addition, some observers have 

claimed that opportunities for direct 

foreign investments were opened 

for neighbouring Trinidad and 

Tobago following the Soca Warriors 

participation in the FIFA World Cup 

Football in Germany in 2006. 

Sports marketing in Guyana is 

still very spasmodic. A few of the 

indigenous companies which have 

been in the forefront in sports marketing 

and putting millions of dollars mainly 

into team sports – cricket, football, 

rugby, squash and motor racing are 

the Guyana Telephone and Telegraph, 

Banks DIH, Demerara Distillers 

Limited, Beharry Group of Companies, 

Demerara Mutual Life Insurance, the 

Hand-in-Hand Insurance Company, 

Bank of Nova Scotia. The Guyana Sugar 

Corporation invested millions of dollars 

in sports grounds and other facilities 

leading to the popularising of cricket in 

many parts of Guyana. A fewer smaller 

businesses help the individual athlete 

with airfares, hotel accommodation and 

meals for tournaments in the region. 

President of the West Indies Rugby 

Union, Kit Nascimento, has publicly 

praised the GT&T for its contribution 

to Guyana and West Indies rugby 

noting that Guyana has in recent years 

dominated rugby in the Caribbean at 

the senior men and women’s levels. 


GT&T’s Chief Executive Officer, Major 

General (retired) Joe Singh was quick 

to point out that the Guyana Rugby 

Football Union and West Indies Rugby 

Union adhere to strict accountability 

practices. In this regard GT&T was 

assured that their investment was 

worthwhile. 

With the exception of a few, the 

majority of sports organisations 

approach business entities for 

sponsorship at the last moment, or, on 

an ad hoc basis. 

At a recent panel discussion on 

sports marketing at the University of 

the West Indies, Mona Campus in 

August, the majority of the speakers 

including the marketing managers 

of the National Commercial Bank of 

Jamaica, Mayberry Investments and 

Digicel noted that their entities work 

in partnership with a number of sports 

organisations to meet their funding 

objectives. 

Maybe it is time that the business 

community and sports organisations 

in Guyana look towards investing in 

sports marketing and branding in a 

more structured way, so as to ensure 

that the sporting industry emerges as 

one of the premier sector towards the 

development of Guyana’s economy 

and global image. 

By Miranda La Rose 

Providence Cricket Stadium Guyana.

Fishing for Success 

How Aquaculture Will Change Guyana’s Economy 

Tilapia, one of the 

world’s first cultured fish 

species, is often referred 

to as Saint Peter’s fish. 

The reference comes 

from biblical passages 

about the fish that fed 

the masses. Considering that tilapia 

is farmed in more than 100 countries 

and reaps annual global sales of more 

than US$3 billion, the name remains 

appropriate. 

While not biblical in length, Guyana’s 

history with tilapia stretches back 

more than 100 years. It wasn’t until 

recently, however, that aquaculture 

(with a focus on tilapia) was put on 

a fast track to diversifying the future 

of Guyana’s agricultural economy. 

Guyana’s nascent aquaculture sector 

is now gaining traction with producers 

expecting to successively double their 

output each following year. 


Guyana’s natural environment (an 

abundance of land, including easily 

adaptable farmland with existing 

drainage canals; ample fresh water 

and a consistent climate) and close 

proximity to the U.S. market, coupled 

with the existing marine fisheries 

infrastructure (processing plants, 

transport and marketing channels, and 

U.S. export certifications) has proven 

to be a boon to helping aquaculture 

develop in Guyana. 

Inspired by several studies showing 

that tilapia aquaculture would be 

a profitable economic venture for 

Guyana, a group of individuals decided 

to get serious about development. 

But looking to aquaculture’s history in 

Guyana, the group pinpointed areas 

for improvement. 

In the past, a lack of public-private 

sector collaboration resulted in minimal 

progress, and pre-1990s efforts to 

introduce aquaculture in Guyana often 

failed because there was no market 

identified for the fish being raised. 

The group decided on a formal 

name – the National Aquaculture 

Association of Guyana (NAAG) – and 

began tackling these problems from 

the start. To ensure a diversity of 

expertise, members were recruited 

from all elements of the industry, 

including farmers, entrepreneurs, feed 

producers, and representatives of the 

government, donor agencies, and 

NGOs. 

NAAG then set out to create a 

market-led strategy by researching 

and identifying markets for farm-raised 

tilapia and other fish. What they found 

in the U.S. and the Caribbean was very 

encouraging. 

Rising demand for fish products 

combined with the decline in marine 

fishing supply have led to a booming 

worldwide aquaculture industry. 

Aquaculture is the fastest growing 

food production sector in the world, 

and within this tilapia holds the 

highest growth rate. Tilapia is the most 

requested fish worldwide and in the 

U.S. alone, nearly 350 million pounds 

of tilapia, valued at nearly US$483 

million, were imported in 2006. 

With markets identified, NAAG began 

to refine their expertise. They began 

holding weekly meetings and, as an 

organization, became members of the 

American Tilapia Association and the 

World Aquaculture Society. 

With assistance from the Ministry 

of Agriculture and donors including 

United States Agency for International 

Development/Guyana Trade and 

Investment Support (USAID/ 

GTIS) project, the Inter-American 

Development Bank (IDB), and the 

UK Department for International

Development 

(DFID), NAAG has made significant 

progress. Hatchery capacity has 

increased; technology for growing 

suitable fish species has been 

improved; quality fish feed is now 

produced locally; and technical and 

business skills training for those 

interested in aquaculture is readily 

available. 

NAAG members have also 

represented Guyana at several 

international aquaculture symposiums 

and conventions. As a result, NAAG 

has been able to make key 

market connections, and has 

kept up-to-date on industry 

trends and modern methods of 

aquaculture. 

While participating in the 2006 

International Symposium on Tilapia 

Aquaculture, NAAG first heard of 

supermale tilapia. Supermales are 

genetically bred male fish that have 

two Y sex chromosomes instead of 

the usual XY pair. Because of this 

unique feature the fish produce 

only male offspring, eliminating the 

time consuming and costly task of 

separating the male and female fish by 

hand – a practice that prevents mating 

and contributes to a faster growing 

crop of fish. 

In early 2009 Guyana’s aquaculture 

sector received a large boost in 

production thanks to assistance 


provided by the British Department 

for International Development (DFID). 

DFID contributed £60,000 worth of 

Supermale tilapia to NAAG, in the form 

of roughly 1,700 supermale to stock 

a fish hatchery at Maharaja Oil Mill of 

Cove and John, East Coast Demerara. 

The supermales will benefit several 

aquaculture farmers in Guyana, 

including the Trafalgar/Union 

Community Development Committee 

(TUCDC), which is a group of 240 

women from the Trafalgar region of 

the East coast of Guyana. Due to 

limited employment opportunities in 

the area, the members of TUCDC 

banded together to create their own. 

Seeking to raise money that will allow 

them to get involved in aquaculture, 

the women applied for and received 

short term financing from the European 

Union’s micro-finance programme, and 

invested in chicken rearing. 

The women then acquired 25 

acres of land from the Government 

on a flood plane. When raising up 

land to build flood-proofed chicken 

pens, the women excavated six large 

ponds to be used to grow tilapia. The 

women will soon receive some of the 

DFID-funded supermale tilapia and 

are planning to sell some fish on the 

local market, but have also found a 

buyer who will export fish to markets 

in Jamaica. 

In total, the DFID-funded supermales 

are expected to produce roughly 82 

million fingerlings (juvenile fish) over 

the next five years, potentially resulting 

in US$70.4 million for the industry 

and more than 1,000 new jobs in the 

fisheries and surrounding industries. 

Growth 

in the sector has also allowed Guyana’s 

main aquaculture research station at 

Mon Repos to be expand to include 

a hatchery and two large production 

ponds. The research station will soon 

generate income through fish sales 

and further broaden its training. Future 

annual revenue for the station is 

expected to be around US$80,000. 

The increase in fish being cultivated 

in Guyana has led to an increase 

in demand for one of the 

sector’s most essential – and 

expensive – inputs: fish feed. 

Chico Persaud, a NAAG member 

and owner of Maharaja Oil Mill, now 

makes an advanced three-stage fish 

feed that targets the specific phases 

of fish growth. The high protein feed is 

made from local ingredients and nearly 

all NAAG supported aquaculture farms 

use it. 

Several NAAG farmers are also 

producing fish that is being sold to 

local and international markets. From 

his aquaculture farms in Von Better 

and Hampton Court, Mr. Beni Sankar 

has exported some 20,000 pounds 

of tilapia to the U.S. and Caribbean. 

Mr. Sankar has also harvested 10,800

pounds 

of pacu 

and 2,400 

pounds of hassar. 

At his farm along the Corentyne River 

in Whim, Berbice, Mr. Ronald Arjune 

has been putting to good use the 

region’s naturally occurring brackish 

water, which has allowed his tilapia to 

grow exceptionally well. Mr. Arjune is 

producing a 1.25lb fish in 5-6 months 

(the international standard for tilapia 

growth is 1lb in 6 months). 

Mr. Arjune sells his fish 

and shrimp on the local 

market, and has also 

sent shipments to the 

Caribbean via domestic 

fish processors. As local 

markets, restaurants, 

grocery stores and processors 

demand more tilapia, regional 

farmers are looking to him as proof 

that aquaculture is a viable business. 

And as a result of his success, the 

Berbice region is now being heralded 

as having great potential for becoming 

an aquaculture hub in Guyana. 

While the successes of individual 

farmers are important to demonstrate 

that aquaculture does work in Guyana, 

NAAG realizes that the disjointed 

efforts of the past won’t work. To reach 

their goal of making aquaculture one 

of Guyana’s major export earners by 


2015, it’s going to take a continued 

collective effort. 

Once an aquaculture industry is 

fully established in Guyana, it will be 

exporting a substantial amount of 

product to the Caribbean and North 

American markets. Fish hatcheries 

and feed mills will be producing 

essential inputs for both commercial 

and subsistence farmers, while larger 

farms will be taking advantage of a 

satellite farming system to support 

smaller farms. Within the next 5-10 

years this could bring in nearly US$70 

million in revenues, and create more 

than 1,000 new jobs in the aquaculture 

and surrounding industries. 

Membership in the National 

Aquaculture Association of Guyana 

(NAAG) is open to all. 


National Aquaculture Association of 

Guyana (NAAG) 

www.aquaculture.org.gy.

Guyana 

Marketing 

Corporation 

Forging ahead with 

Agri-business 

Development 

As the Ministry of Agriculture 

forges ahead with its agricultural 

diversification and modernization 

thrust with the objective of 

positioning Guyana as a major 

supplier of agricultural produce, the Guyana 

Marketing Corporation continues to be one 

of the key agencies providing support to this 

strategy. 

Guyana Marketing Corporation’s mandate of 

facilitating and coordinating the development 

of quality non-traditional agricultural produce 

for export places it in a unique position towards 

helping the agricultural sector to diversify. The 

role of GMC has also evolved over the years 

to facilitate these developments within the 

agricultural sector. GMC no longer buys or 

sells agricultural commodities but supports 

and enables agribusiness development 

especially in the area of export marketing of 

non-traditional agricultural commodities. 

The New Guyana Marketing Corporation 

(GMC) as it is sometimes called, is the 

marketing arm of the country’s Ministry of 

Agriculture and is primarily responsible for 

enabling the growth and development of the 

fresh and processed products sector, as well 

as furthering the expansion of agri-business 

investment throughout Guyana, with emphasis 

on maximizing exports. 

The country’s 

progression towards 

a more diversified 

agriculture sector 

has seen the role of 

GMC evolve from a 

‘facilitator’ to an active 

player at all levels of 

the production and 

marketing chain, 

enabling vital linkages 

between producers 

and exporters, while 

at the same time, 

promoting the agribusiness 

investment 

opportunities that exist 

in the non-traditional 

crops sector (all crops, 

with the exception of 

rice and sugar). 

In fulfilling its mandate of facilitating 

increased exports, staff of GMC, 

through its Marketing Information 

Centre, is involved in disseminating 

exporting procedures and advice to 

stakeholders, as well as facilitating 

market and supply linkages for existing 

exporters. 


During 2009 the agricultural 

sector recorded a 32% increase in 

exports of non-traditional agricultural 

commodities compared to 2008.

GMC’s Key Functions 

The agency assists exporters of 

non-traditional agricultural products 

with Marketing advice, assistance 

for sourcing supplies, harvesting, 

cleaning, and facilitating logistical 

arrangements for exports. 

Support to Farmers, Agro-processors, 

Exporters / Stakeholders 

•Facilitates training programs for 

farmers, agricultural technicians, 

exporters etc 

•Monitors daily wholesale and retail 

prices from the local market 

•Assists in supply sourcing for 

exporters 

•Conducts field visits to assess 

farmers readiness for export 

•Provides market and marketing 

information, advises on the 

availability of produce, freight and 

other marketing matters 

•Provides a one-stop desk for 

export documentation of nontraditional 

agricultural produce 

•Conducts market studies for local 

and overseas markets 

•Participates in trade fairs, and 

expositions to promote Guyana’s 

fresh fruits and vegetables and also 

processed products 

Officials inspecting a pineapple farm 

•Advises on the availability of trade 

and business opportunities 

•Advises on the kinds of produce 

that are being exported 

•Facilitates the registration of 

exporters with the US Food and 

Drugs Administration (FDA) and 

B ioterrorism Legi slation registration 

Packaging/Refrigerated 

Facilities 

In keeping with regional requirements 

for the export of fresh agricultural 

products, GMC manages the Sophia 

and Parika agro-packaging facilities, 

the services of which are available to 

farmers at a minimal cost. 

Improving Communications 

GMC has collaborated with one of the 

major telecommunications companies 

to develop an Agriculture Marketing 

Information Service (AMIS) to improve 

the flow of information between the 

producers of crops and livestock and 

their markets – locally and regionally. 

With this very affordable service 

farmers and other key stakeholders in 

the sector now have wireless access to 

reliable agricultural market information 

through the use of their mobile phones. 

The Guyana Shop 

To further support manufacturers 

and exporters, GMC has established, 

on the ground floor of its Head Office, 

the Guyana Shop, a facility which 

markets more than more 400 locally 

produced processed agri-products 

including, jams, jellies, sauces, juices, 

confectionery, detergents, handicraft 

and organic products. 


The Road Ahead 

GMC will continue to provide to all 

stakeholders, the vital services which 

are necessary to support Guyana’s 

thrust to build a new and diversified 

agriculture sector. The agency is 

committed to meeting the many 

challenges which lay ahead, confident 

that it will remain resilient in its drive to 

realize its expanding mandate. 


Guyana Marketing Corporation 

www.newgmc.com.

Improving Security 

Critical to Investment 

With a growing 

economy and a 

hunger for foreign 

investment, 

G u y a n a ’ s 

government has 

been equal to the task of upgrading 

the security forces. In recent years, 

Guyana has put security on the front 

burner and is taking every step to 

ensure that the nation is safe and 

secure. 

Government has increased the 

budget for the security forces in its 

recent annual budget to enhance 

functionality. The main areas of 

concentration are training, vehicles, 

weapons and tactical gear. Monies 

are also being spent on building 

data bases and networking all police 

stations to the head quarters in the 

city. The Guyana Police Force will also 

very soon have its own state of the art 

forensic laboratory. 

The Guyana Police Force, whose 

job is to protect citizens and keep law 

and order in the country, is divided into 

six Divisions throughout the country. 

The Divisions are A through F with 

each Division under the command 

of an Assistant Commissioner. The 

enhanced Police Force has had great 

success with the various challenges 

it has faced largely due to vehicles, 

weapons and training they have 

received in recent years. 

The Guyana Government, through 

the Ministry of Home Affairs, has also 

taken the initiative to resuscitate the 

community policing group in rural areas 

giving them the necessary training, 

weapons and vehicles in order for the 

proper dispensation of their duties in 

the various communities. 

The Mayor & City Council, through 

its city constabulary division, is 

responsible for security in Georgetown 

and recently introduced a pedal cycle 


division, which has seen early success 

by speedy apprehension of persons 

fracturing the law. 

Guyana also has a number of 

private security companies providing 

various products and services 

including electronic security. These 

companies form a network called the 

Guyana Association of Private Security 

Organisations (GAPSO). The creation 

of GAPSO allows for the sharing of 

intelligence and the forming of an 

alliance with the Guyana Police Force. 

All ports of entry have members of 

the Customs & Trade Administration 

and the Guyana Revenue Authority 

ensuring proper documentation and 

inspection for import and export of 

merchandise. 

Our borders have army bases and 

are manned and patrolled by members 

of the Guyana Defence Force. 

By Eon Caesar 

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AMBASSADORS & HIGH 

COMMISSIONS REPRESENTED 

IN GUYANA 

H. E. Manorma Soeknandan 

Ambassador 

Embassy of the Republic of Suriname 

and Dean of the Diplomatic 

Corps 

171 Peter Rose & Crown Streets, 

Queenstown, Georgetown 

Tele: 592 226 7844; 225 2631 

Fax: 592 225 0759 

Email: surnmemb@gol.net.gy 

H.E. Luiz Gilberto Seixas de Andrade 

Ambassador 

Embassy of the Federative Republic 

of Brazil 

308 Church Street, Georgetown 

Tele: 592 225 7970; 226 9693 

Fax: 592 226 9063 

Email: bragetown@solution.2000.net 

guibrem@solutions2000.net 

H.E. Fraser Wheeler 

High Commissioner 

British High Commission 

44 Main Street 

Georgetown 

Tele: 592 226 5881-4 

Fax: 592 225 3555 

Email: bhcgeo@networks.gy.com 

FOREIGN 

COUNTRIES 

REPRESENTED IN GUYANA 

H.E. Francois Montour 


Canadian High Commission 

High & Young Street, Kingston 


Tele: 592 227 2081-2 

Fax: 592 225 8380 

Email: grgtn@international.gc.ca 

H.E. Zhang Jungao 

Ambassador 

Embassy of the People’s Republic of 

China 

Track ‘B’, Mandela Avenue 


Tele: 592 227 1651; 227 1652 

Fax: 592 225 9228; 226 4308 (Commercial) 

Email: prcemb@networks.gy.com or 

chinaguyana@yahoo.com 

H.E. Dario Morandy 

Ambassador 

Embassy of the Bolivarian Republic 

of Venezuela 

296 Thomas Street 


Tele: 592 226 1543; 226 6749 

Fax: 592 225 3241 

Email: embveguy@gol.net.gy 

H.E. Pavel A Sergiev 

Ambassador 

Embassy of the Russian Federation 

Public Road, Kitty 


Tele: 592 227 1738: 226 9773 

Fax: 592 227 2975 

Email: reing@networks.gy.com 

H.E. Subit Kumar Mandal 


Indian High Commission 

307 Church Street 


Tele: 592 226 3996; 226 8965 

Fax: 592 225 7012 

Email: hoc.georgetown@mea.gov.in 

Ms. Karen Williams 

Charge D’ Affaires 

Embassy of the United States of 

America 

Young & Duke Streets, Kingston 


TELE: 592 226 3938; 225 7960 

Fax: 592 2270240; 592 225 8497 

Email: usembassy@hotmail.com 

GUYANA’S FOREIGN 

BELGIUM 

Embassy of the Republic of Guyana 

H.E Dr. Patrick Ignatius Gomes 

Ambassador 

12 Avenue du Bresil 

1000 Brussels, Belgium 

Tel: 322 - 675 - 6216 

Fax: 322 - 672 - 5598 

E-mail: embassy9.guyana@skynet.be 

BRAZIL 


H. E. Harrinarine Nawbatt 

Ambassador 

SHIS Q I05 Conjunto 19 Cassa 24 

Lago Sul , CEP 71615 – 190 

Brasilia DF , Brazil 

Tele: 55-61-3248–0874, 3248–087 

Fax: 55-61-3248–0886 

E: embguyana@embguyana.org.br 

OTTAWA, CANADA 

High Commission Republic of Guyana 

H. E. Rajnarine Singh 


151 Slater Street, Suite 309 

Ottawa , K1P 5H3 ,Canada 

Tele: 613 - 235 – 7240, 235 -7249 

Fax: 613 -235 -1447 

E-mail: guyanahcott@rogers.com 

TORONTO, CANADA 

Consulate General of the Republic of 

Guyana 

Mr. Danny Doobay 

Honorary Consul General 

505 Consumers Road 

Suite 206 Willowdale 

Ontario M2J 4V8, Canada 

Tele: 416- 494-6040, 494-6059, 

Fax: 416 - 494-1530 

E-mail: info@guyanaconsulate.com 

CHINA 


Mrs. Choo A Yin 

Charge d’ Affaires a.i. 

No. 1 Xiu Shui Dong Jie 

Jian Guo Men Wai 

MISSIONS 

Beijing ,China 

Tele: 8610 - 6532 - 1601 

Fax: 8610 - 6532 - 5741 

E-mail: guyemb@public3.bta.net.cn 

CUBA 


H. E. Mitradevi Ali - Ambassador 

Calle 18, No. 506, Entre 5ta y 7ma , 

Miramar, Havana 

Cuba . 

Tele: 537 - 204 - 2094 

Fax: 537 - 204 - 2867 

E-mail: embguyana@enet.cu 

LONDON, ENGLAND 


H. E. Laleshwar K. N. Singh, C.C.H. 


3 Palace Court 

Bayswater Road 

London , W2 4LP , England 

Tele: 44 - 207 - 229 – 7684 

Fax: 44 - 207 - 727 - 9809 

E-mail: guyanahc1@btconnect.com 

Website: www.guyanahc.com 

INDIA 


H. E. Jairam Ronald Gajraj 


F-8/22 Vasant Vihar 

New Delhi - 110057 , India 

Tel: 91 11 4166 9717-8 

Fax: 91 11 4166 9714 

E-mail: hcommguy.del@gmail.com 

NICKERIE, SURINAME 

Consulate General Republic of Guyana 

Mr. Arlington Bancroft - Consul General 

Doorga Shaw Straat #29 

Nickerie , Suriname 

Tele: 597-210-266 

Fax: 597-212-080 

E-mail: guyconsulnick@sr.net 

PARAMARIBO, SURINAME 


H.E. Karshanjee Arjun - Ambassador 


Henck Arron Straat No. 82 

Paramaribo ,Suriname 

Tele: 597 - 477 – 895, 472 - 509 

Fax: 597- 472 - 679 

E-mail: guyembassy@sr.net 

PERMANENT MISSION OF GUYANA 

TO THE UNITED NATIONS , USA 

Mr. George Talbot 

Charge d’ Affaires a.i. 

801 Second Ave, Suite 501 (5th Floor) 

New York, New York 10017 

USA 

Tele: 212 – 573 – 5828-9 

Fax: 212 -573 - 6225 

E-mail: guyana@un.int 

NEW YORK, USA 

Consulate General 

Republic of Guyana 

Mr. Brentnold Evans - Consul General 

Mr. M.R. Khan 

Deputy Consul General 

370 7th Avenue, Room 402, New York 

New York 10001 , USA 

Tel: 212 - 947 – 5115-6, 947 – 5110-9 

Fax No: 212 - 947 - 5163 

E: guyanaconsulate@hotmail.com 

WASHINGTON, USA 


H.E. Bayney Karran - Ambassador 

2490 Tracy Place, N. W. 

Washington , D.C. , 20008, USA 

Tel: 202 - 265 - 3834, 

202 - 265 – 6900-1, 328 – 1567 

Fax: 202 - 232 -1297 

E: guyanaembassydc@verizon.net 

VENEZUELA 


H.E. Dr. Odeen Ishmael, C.C.H. 

Ambassador 

Quinta Roraima, Avenida El Paseo 

Prados del Este, Caracas, 

Venezuela 

Tele: 58 212 977 1158, 975 3687 

Fax: 58 212 - 976 – 3765 

E-mail: embaguy@cantv.net

BUSINESS CONTACTS 

PRIVATE SECTOR ORGANISATIONS 


Umbrella organization for most private sector business and 

employer organizations. Most major companies are also 

members. 

157 Waterloo St, Georgetown 

Tel: 225 0977 • Fax: 225 0978 

E-mail: pscentre2@yahoo.com 

Website: www.psc.org.gy 

CHAMBERS OF COMMERCE 

Georgetown Chamber of Commerce & Industry 


Tel: 225 5846 

Email:gtchambe@networksgy.com 

www.geochamberofcommerce.org 

Berbice Chamber of Commerce and Development 

12 Chapel Street, New Amsterdam, Berbice 

Tel: 333 3324 

Linden Chamber of Industry and Commerce 

84 Riverside Drive, Watooka, Linden 

Tel: 444 2901 

Rupununi Chambers of Commerce 

2 Lethem, Rupununi 

Tel: 772 2213 

BUSINESS ORGANISATIONS 

Consultative Association of Guyanese Industry 


Tel: 226 4603 

Email:cagi@solutions2000.net 

Forest Products Association of Guyana 


Tel: 226 9848 

Email: fpasect@guyana.net.gy 

Guyana Association of Travel Agents 

Wm Fogarty Building, 34-37 Water St., Georgetown 

Tel: 227 7225 

Fax: 225 2513 

Email:jimbacchus@inetguyana.net 

Guyana Manufacturers’ & Services Association 

157 Waterloo Street, Georgetown 

Tel: 223-7405/06 

Fax: 225-5615 


Email:gma_guyana@yahoo.com 

www.gma.org.gy 

Guyana Rice Producers’ Association 

Public Rd. Crane,W.C.D 

Tel: 254 2011 / 0355 

Institute of Private Enterprise Development 

253 South Road, Bourda, Georgetown 

Tel: 225 8949 

Email:iped@solutions2000.net 

Tourism and Hospitality Association of Guyana (THAG) 


Tel: 225 0807 • Fax: 225 0817 

E-mail: thag.secretariat@gmail.com 

Website: www.exploreguyana.org 

GOVERNMENT OFFICES & AGENCIES 

Ministry of Tourism Industry & Commerce 

229 South St., Lacytown, Georgetown 

Tel: 226 2505 

Fax: 225 9310 

GO-INVEST(Guyana Office for Investment) 

190 Camp & Church Sts, Georgetown 

Tel: 225 0658/227 0653 

Fax: 225 0655 

E-mail: goinvest@goinvest.gov.gy 

Website: www.goinvest.gov.gy 

Guyana Rice Development Board 

117 Cowan Street, Kingston, Georgetown 

Tel: 225 8717 

Fax: 225-6486 

Guyana Tourism Authority 

National Exhibition Centre, Sophia, Georgetown 

Tel: 219-0094/5/6 

Fax: 219 0093 

Email: info@guyana-tourism.com 

Website: www.guyana-tourism.com 

REGIONAL ORGANISATIONS 

CARICOM - The Caribbean Community Secretariat 

P.O. Box 10827, Turkeyen, Greater Georgetown 

Tel: 222 0001-75 

Fax: 222 0171 

E-mail: registry@caricom.org 

Website: www.caricom.org

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