Business groups reject boycott call by Azruddin Mohamed

Two major business organisations on Thursday condemned a call by the We Invest in Nationhood (WIN) party to boycott private companies, warning that the move risks damaging investor confidence and destabilising the economy.

The Georgetown Chamber of Commerce and Industry (GCCI) and the Private Sector Commission (PSC) issued separate statements rejecting the boycott, which targets banks and firms that recently cut ties with WIN party members. The companies’ actions follow U.S. sanctions imposed last year on WIN’s leader, businessman and presidential hopeful Azruddin Mohamed.

“The GCCI strongly rejects and condemns calls… for the boycotting of several local businesses,” the Chamber said, describing the campaign as “dubious and self-serving.” It said financial institutions were acting lawfully in limiting exposure to sanctioned individuals and warned that politicising the economy could erode public trust.

Mohamed was sanctioned in June 2024 by the US Treasury Department’s Office of Foreign Assets Control (OFAC), which prohibits transactions with designated individuals and entities. U.S. and other businesses may face enforcement action if they fail to comply.

The PSC called the boycott “reckless, inflammatory, and both politically and economically irresponsible,” adding that “the private sector in Guyana is not an arm of the state.” It said members make decisions based on legal obligations, risk assessments, and the interests of stakeholders.

“We categorically reject any attempt to bully or coerce the private sector into political conflicts,” the PSC said. “Threatening these businesses for making responsible, lawful decisions is not only misguided but also reckless.”

The PSC warned that efforts to pressure businesses could threaten the livelihoods of thousands of workers and damage Guyana’s economic ties with international partners, particularly the United States.

Both organisations called for calm and urged political actors to act responsibly. “Businesses are not political battlegrounds,” the GCCI said. “They are vital pillars of our national economy and social stability.”