Guyana looking to Jamaica to set up junior stock exchange

The Georgetown Chamber of Commerce and Industry, GCCI, says it is collaborating with the Jamaica Stock Exchange regarding the development of a junior stock exchange in Guyana.

In a statement, the GCCI said that the information regarding the junior stock exchange was among matters announced at the second Regional Investments and Capital Markets Conference last week.

GCCI President Kester Hutson, who participated in a panel discussion on ‘the Private Sector’s role in promoting sustainable wealth creation and prosperity’, said the junior stock market initiative would provide access to capital small and medium enterprises.

“The Chamber is excited about it, we need to expose our members to these opportunities. Jamaica Stock Exchange as a model that works,” Huston said.

The statement said he also highlighted the work that the GCCI has undertaken in trade facilitation, including inbound and outbound trade missions, and increasing members’ capacity in the area of trade and investment.

“The Chamber continues to really expose, engage and edify our members through these strategic programmes,” it said.

GCCI executive member Richard Rambarran, speaking in his capacity as Country Manager of NCB Capital Markets Incorporated (Guyana and Suriname), delved into the role of broker-dealers in capital markets.

He also acknowledged the challenges in Guyana regarding access to financing and financial institutions.

“We need to ask different questions. How can we begin to change the architecture so that we can have institutions in place that can begin to channel the types of monies that are required into the types of projects that are happening here in Guyana?” Rambarran said.

The remarks came on the heels of comments by Senior Minister of Government with responsibility for Finance, Dr Ashni Singh, who sought to assure the conference that Guyana has the necessary experience to build institutions that are necessary for good governance, and sound and responsible economic management.

“We have done a lot of heavy lifting for a very long time and we didn’t get here by accident. Guyana today is likely, possibly one of the most attractive places to do business in the world,” Dr Singh said.

CMC