By: Antonio Dey | HGP Nightly News |
Incoming Member of Parliament Saiku Andrews says that while Guyana continues to be hailed as the fastest-growing economy in the world, micro and small businesses are being left behind due to limited access to capital and unfair market competition.
Antonio Dey tells us more.
Despite Guyana’s strong economic growth, micro-enterprises continue to struggle to stay afloat.
Incoming Member of Parliament for A Partnership for National Unity (APNU), Saiku Andrews, says more must be done to ensure local entrepreneurs benefit equitably from the country’s expanding economy.
“Being the fastest-growing economy in the world is just a title if it does not hit the small man or entrepreneur — if it does not reach your business class to ensure you can grow and realise your profits, then it makes no sense,” Andrews remarked.
Andrews, who is himself an entrepreneur, said Guyanese businesses are being sidelined as foreign investors dominate key markets, particularly in the retail sector.
He urged the government to develop a policy framework similar to India’s, which safeguards domestic entrepreneurs.
“India has a programme where they protect the space of their entrepreneurs in retail. Guyana does not have that. So while we attract foreign investment, sometimes those investments come into spaces that should have been carved out for Guyanese,” he explained.
Andrews noted that the lack of zoning laws and limited access to financing place local business owners at a serious disadvantage.
“It puts the Guyanese entrepreneur at a disadvantage. There is no zoning law to protect him or her. You find that they are struggling and have problems accessing finances,” he said.
Meanwhile, President Dr. Irfaan Ali has on multiple occasions emphasized the importance of ensuring inclusive growth — stating that small and medium-sized enterprises must have access to financing if Guyana’s economic expansion is to be meaningful.
Two small business owners who spoke with Nightly News on Tuesday agreed that while the government has been making efforts to promote fair competition, capital access and market protection remain critical issues that require urgent review.
Both entrepreneurs, who requested anonymity for fear of victimization, called on the government to evaluate the situation and implement measures that protect Guyanese businesses from being overshadowed by foreign investors.
