Guyana’s President calls on the financial sector to get more involved in regional development

Financial players in the Caribbean region were encouraged on Thursday to get involved in transformative development as capital is needed for continued growth.

Irfaan Ali, President of Guyana, made the appeal while delivering a virtual keynote address at the Jamaica Stock Exchange’s (JSE) 2023 Regional Capital Markets Conference, saying that while the opportunities are there, this transformation can only come to fruition if the Access to finance is easy to mobilize.

“The Caribbean financial sector needs to play a more instrumental role in mobilizing capital to fill the region’s financial gap,” he noted.

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Noting that the Caribbean’s financial needs will exceed US$10 billion by 2020, the Guyanese leader underscored the partnership’s key role in promoting growth and development for his country and other Caribbean nations.

“We know this is not possible with the savings in the region and so the challenge must involve partnering with others,” he explained.

However, to strike a balance, Ali said mobilizing funds through what he called “strong regulation and oversight” needs to be met for it to be a successful endeavor.

“Financial markets are not without risk. The deeper the region becomes integrated into global financial markets, the higher the risk of global troubles… Securities and capital markets need strong regulation and oversight to protect investors,” he stressed.

President Ali encouraged investors to get involved in Guyana’s development as several improvements are made in technology, agriculture, infrastructure and education.

“Transformation comes not only from the discovery of oil alone, but also from the use of oil revenues and the momentum that the industry is already playing to boost the economy. Guyana will become an economic powerhouse,” he affirmed.
Last July, President Ali supported the formation of Guyana-based New Haven Merchant Bank.

The bank, which offers various services such as wealth management and investment banking, among others, plays a crucial role in providing much-needed finance and capital to develop small businesses and promote infrastructure development in line with the government’s development agenda.

cmc/