By: Marvin Cato | HGP Nightly News |
Minister of Tourism, Industry and Commerce, Hon. Oneidge Walrond, has expressed strong optimism about the continued growth of Guyana’s tourism sector, with a particular focus on small and medium-sized business development as a key driver of economic diversification and job creation.
In her year-end report, the Minister highlighted the ministry’s achievements over the past five years and outlined plans to further strengthen the sector by integrating business development with Guyana’s expanding tourism products.
According to Minister Walrond, Guyana’s diversified economy remains one of its greatest strengths, and the government is committed to building on that foundation to ensure sustainable growth.
“Guyana’s economy is extremely diversified, and that is something that we are very proud of and will continue to build on. Diversified growth ensures job creation,” the Minister stated.
She emphasized that the ministry has deliberately focused on merging entrepreneurship with existing tourism offerings, noting that the groundwork has already been laid for a more robust and inclusive tourism industry.
Over the past five years, more than 11,000 businesses have benefited from training initiatives aimed at strengthening micro, small and medium enterprises (MSMEs). Minister Walrond described this as a significant investment in Guyanese entrepreneurship during what she termed a “truly transformational period” for the country.
She revealed that four agencies operating under the ministry have collectively disbursed more than $1 billion in grants to over 4,000 businesses during that period. These interventions, she said, are designed to help small businesses scale up, become more competitive, and take advantage of emerging opportunities within the tourism and wider commercial sectors.
The Minister also highlighted the role of the Small Business Bureau, which offers a loan guarantee programme that supports entrepreneurs seeking financing from commercial banks. Under the programme, the Bureau can guarantee loans of up to $30 million, easing access to credit for business owners.
Additionally, the ministry provides backing for between 40 and 70 percent of collateral required for loans, particularly for tourism-related enterprises, making financing more accessible to small operators.
Minister Walrond noted that access to financing has already improved and is expected to become even easier in the coming years. She encouraged small business owners to fully utilise the programmes and support mechanisms available through the ministry as Guyana continues to expand its tourism and commercial landscape.
