By: Marvin Cato | HGP Nightly News|
GEORGETOWN, GUYANA — The Government of Guyana has officially launched an extensive legislative review of the Co-operative Societies Act, Chapter 88:01. Speaking at the 57th Caribbean Development Education (CARIBDE) program on Tuesday, Minister of Labour and Manpower Planning, Keioma Griffith, revealed that the goal is to sanitize the sector and align it with the country’s explosive economic growth.
The move comes as the government seeks to bolster public confidence in credit unions and cooperatives, which have long been pillars of financial stability for Guyanese households.
Closing the Accountability Gap
Minister Griffith admitted that while the sector has grown steadily, it has been plagued by governance and transparency issues.
- Low Public Confidence: In several instances, internal mismanagement has “undermined public confidence” and weakened the movement’s overall impact.
- Risk Assessments: Recent national assessments rated the money laundering and terrorism financing risk of Co-operative Societies as “Low” and Friendly Societies as “Medium.” The legislative review aims to keep these risks mitigated while tightening oversight.
- Legislative Benchmarking: Guyana is currently examining the legal frameworks of regional neighbors, specifically Jamaica, as well as other international models to identify best practices for credit union regulation.
Key Pillars of the Legislative Review
Supported by the International Labour Organization (ILO) and regional partners, the review will focus on:
- Strengthening Governance: Establishing clearer rules for board elections and decision-making.
- Improving Accountability: Implementing more rigorous auditing and reporting requirements.
- Encouraging Innovation: Enabling co-ops to leverage digital finance and cross-border collaboration to remain competitive.
- Promoting Entrepreneurship: Ensuring credit unions can facilitate responsible lending to small and medium enterprises (SMEs).
A Tool for Financial Inclusion
Minister Griffith emphasized that as Guyana advances, the benefits of national wealth must reach every segment of society.
“Co-operatives are people-centered enterprises… it is imperative that they function effectively within our rapidly evolving economic landscape to ensure that growth is inclusive.” — Minister Keioma Griffith
Call for Stakeholder Collaboration
The Minister urged all credit union leaders and stakeholders to take advantage of training opportunities like CARIBDE. He stressed that “cross-border collaboration” and “knowledge sharing” are the only ways Guyanese co-operatives will remain resilient in an increasingly dynamic global economy.
The review of Act 88:01 is expected to move to the consultation phase with local credit unions and friendly societies by the end of the second quarter of 2026.
