Guyana modernising banking sector to boost global competitiveness

Guyana’s banking system is being modernised as part of efforts to enhance global competitiveness, Attorney General and Minister of Legal Affairs Anil Nandlall said.

Speaking on a recent episode of the Starting Point podcast, Nandlall said the government has been engaging key stakeholders, including the banking and private sectors, ahead of legislative changes.

“We have a policy as a government that we don’t proceed to legislate without consulting, in particular the important stakeholders relevant to that legislation. So if we are going to enact something about the banking sector or in which the banking system is going to be a major stakeholder, we engage the banking sector, the private sector, the Georgetown Chamber of Commerce, other important stakeholders,” he emphasised.

Nandlall noted that recent engagements revealed a disconnect, highlighting the need for further consultations. “So that if there is misunderstanding or a lack of clarity on any of the provisions on the statutes, we have to discuss them. And that was what was really lacking,” he said.

He explained that several legislative adjustments have already been made and continue to be made to modernise the banking framework, much of which was inherited from what he described as an “outdated regime”.

Nandlall added that he does not believe a comprehensive review followed previous amendments, stressing the importance of evaluating existing regulations to remove obstacles that “are no longer relevant.”

He reaffirmed the government’s commitment to “continuously re-engage the banking sector” as part of its modernisation efforts.