HomeUncategorizedAfter concerns raised, gov’t to ‘review & modernise’ stock exchange law

After concerns raised, gov’t to ‘review & modernise’ stock exchange law

February 15, 2024

A stock exchange facilitates the buying and selling of shares of publicly traded companies. Some of the companies listed on the Guyana Stock Exchange are: Banks DIH Limited, Citizens Bank Guyana Inc, Demerara Bank Limited, Guyana Bank for Trade and Industry Limited, and Sterling Products Limited.

In strong public statements recently, members of the local private sector expressed their disappointment at the operations of the Guyana Stock Exchange.

The Georgetown Chamber of Commerce and Industry (GCCI), in a statement, called for an overhaul.

“The lack of necessary infrastructure, technological advancements, and regulatory framework at the GSE compromises the financial health of businesses, restricts their ability to attract investment, and ultimately hampers their growth potential,” the City Chamber said in its statement.

President of the GCCI Kester Hutson

On Thursday, GCCI President Kester Hutson told the News Room that the body recognises access to financing is a huge challenge locally and a thriving stock exchange could help small and medium-sized businesses raise funds instead of solely relying on traditional loan arrangements with commercial banks.

“We recognise the 75% of our members are small and medium sized business who certainly won’t have readily available finance from the bank and we want to ensure options are out there and not just through the banks.

“…We’ve recognised that in the current state, Guyana’s own (the stock exchange) is not doing what it ought to,” Hutson said.

Now that the government is reviewing the Securities law, Hutson said the City Chamber will readily offer its suggestions on how the financial space can be improved. Easier access to information is one area, he said, needs attention.

Related Posts

About The Author

admin