On Friday, May 29, 2026, Guyana’s apex business body the Private Sector Commission (PSC) concluded its Annual General Meeting with two key developments: the formal election of its 2026–2027 executive committee, and a unified call from government and newly re-elected leadership for local businesses to raise their competitive standards ahead of the country’s next phase of economic growth.
Gerald Gouveia Jr. was re-elected to the post of PSC Chairman, leading the new executive team that includes Vice Chairwoman Kathy Smith, Treasurer Imran Sacoor, Honorary Secretary Josephine Tapp, and Corporate Coordinator Manniram Prashad. Following his confirmation, Gouveia laid out a clear vision for the local private sector, emphasizing that future investment must align with international benchmarks while retaining local ownership, participation, and benefit across Guyana’s business community.
Addressing the opening of the AGM, Guyana’s Finance Minister Dr. Ashni Singh echoed this call, zeroing in on a persistent gap in local business operations: subpar customer service. Dr. Singh noted that too often, businesses prioritize the polished physical appearance of new facilities over the quality of consumer experience. Common shortcomings identified included rude communication from frontline staff, impatience with customer inquiries, inattention to patron requests, and distraction from personal social media use during work hours. To build a truly modern, globally competitive Guyana, he argued, customer service must match global standards of excellence, with considerable room for improvement across the sector.
Beyond service quality, Dr. Singh pushed for structural evolution among Guyana’s predominantly family-owned businesses, urging them to consolidate into larger conglomerates to capture economies of scale. He pointed to successful regional giants including Ansa McAl, Massy Group, and Grace Kennedy, all of which grew from small family-owned operations into major Caribbean corporate powers. The minister encouraged PSC members to pursue strategic partnerships, adopt innovative capital mobilization strategies, leverage digital technology, and scale their operations to unlock their full potential, access larger markets, and compete for major national projects.
Gouveia reinforced this message, noting that local firms are often dismissed as too small to bid on large-scale opportunities across infrastructure, housing, tourism, agri-processing, and the country’s growing oil and gas sector. Pooling shared resources, technical expertise, and industry connections, he argued, is the only path to sustained global competitiveness. This collective approach would also ensure that the economic benefits generated by Guyana’s current growth wave are distributed broadly across the local business community, allowing more domestic entrepreneurs and sectors to meaningfully participate in national development and compete for large-scale government opportunities that are increasingly available.
Dr. Singh also challenged local businesses to look beyond Guyana’s borders for expansion, pointing to Surinamese firms that have successfully entered Guyana’s insurance and food supply sectors as an example of cross-border growth. He reminded attendees that decades ago, when regional transportation relied primarily on sea travel, much smaller Guyanese insurance companies successfully established branches across multiple Caribbean islands, proving that regional expansion is an achievable goal for domestic firms that build sufficient capacity.
Following the election, the newly seated PSC executive committee reaffirmed its core mandate: fostering a competitive national business environment, driving sustainable economic growth, and serving as a strong collective voice for Guyana’s private sector as the country enters a new period of economic expansion.