Kristin Josiah, NCN Business | February 17, 2025
Over the past four years, the private sector in Guyana has demonstrated significant resilience, with increased access to credit playing a crucial role in fueling economic growth.
According to Finance Minister Dr. Ashni Singh, credit extended to the local private sector has surged by approximately 190 billion Guyana dollars since 2020, supporting investments across various sectors.
The country’s economy is projected to grow by an average of 30 percent annually during this decade, a historic expansion driven by a favorable investment climate.
This growth has been bolstered by the policies and initiatives of the Irfaan Ali administration, which have created opportunities for both local and international investors.
In 2020, local banks provided around 260 billion dollars in credit to the private sector.
By the end of 2024, this figure had risen to approximately 450 billion dollars.
Despite the increased demand for credit, the percentage of nonperforming loans has reached its lowest point in Guyana’s history, indicating a robust financial environment.
The private sector has actively responded to the expanding opportunities within the country, tapping into sectors ranging from manufacturing to services.
Dr. Singh also highlighted that local banks are expected to further develop their offerings to meet the evolving needs of the business community, ensuring continued support for the growing economy.
As Guyana’s private sector continues to thrive, its ability to capitalize on emerging business opportunities will play a key role in sustaining the country’s economic trajectory in the coming years.