Regulatory Red Tape Hampers Business Growth in Guyana

Challenges Faced by Businesses in Guyana

A recent ranking by the World Bank has placed Guyana at 100th out of 183 countries on its Ease of Doing Business Index, indicating the challenges faced by businesses in navigating compliance regulations. While the country fares relatively well among its Latin American and Caribbean peers, ranking 19th out of 32 nations, experts say that regulatory bodies must do more to simplify procedures and reduce bureaucracy.

Overview of Guyana’s Regulatory Landscape

Guyana’s regulatory landscape is comprised of several key agencies, including:

• The Guyana Revenue Authority
• The Competition Commission
• The Public Utilities Commission
• The Guyana Civil Aviation Authority
• The Guyana Energy Agency

These bodies play a crucial role in setting standards and enforcing regulations across various sectors.

International Standards and Coordination

Guyana is also a member of the International Organisation for Standardisation (ISO), an international body that sets guidelines for quality management systems. The Guyana National Bureau of Standards serves as the coordinating body for standards in the country, overseeing the development and implementation of national standards.

Obstacles to Growth and Investment

Despite these efforts, business leaders say that compliance regulations remain a significant obstacle to growth and investment in Guyana. The government has acknowledged the need to streamline processes and reduce red tape, and experts are calling on policymakers to take concrete steps to address these concerns.

Call to Action

Experts urge policymakers to take concrete steps to simplify procedures and reduce bureaucracy, making it easier for businesses to operate in Guyana. By streamlining processes and reducing regulatory hurdles, the government can create a more conducive environment for business growth and investment, ultimately driving economic development in the country.