Georgetown Chamber spearheading plans to establish second stock exchange

Last Updated on Tuesday, 30 January 2024, 19:07 by Denis Chabrol

The Georgetown Chamber of Commerce and Industry (GCCI) would be working closely with the Jamaica Stock Exchange (JSE) to establish another stock exchange in Guyana geared primarily for micro, small and medium enterprises (MSMEs) to raise financing, Chamber President Kester Hutson said.

“Our advocacy will extend to having a privately-led JSE established locally for our MSMEs,” he told Demerara Waves Online News.

He said the GCCI would “leaning” on it JSE partners to provide guidance on how the new stock exchange could enter Guyana’s capital market. “We’re still to work out the mechanics. No specific time set since we’re in the exploratory phase,” he said.

The GCCI President said the city business organisation hoped to have a first draft of a plan by the second quarter of 2024.

According to the Chamber President, the GCCI was encouraging its members to seek alternative sources, such as the JSE, outside of Guyana.

He recalled that the Chamber invested a lot of resources in 2023 and collaborated with the JSE and affiliates to host a symposium on capital markets which was well-received by its members and the private sector at large.

“Guyana must do better in its financial offerings to MSME’s . Our members are ready to take advantage of these opportunities when offered,” he said. Already, the GCCI has called for an overhaul of the “substandard” Guyana Stock Exchange, in the wake of fresh concerns at the weekend about the way trading has been taking place there.

Banks DIH Limited Chairman, Clifford Reis told shareholders last Saturday that, despite significant progress by his company, trading has been negligible. He said so far the GSE and the Guyana Securities Council appeared to have ignored his company’s recommendation for an odd-lot market to be put in place to prevent the sale of 1,000 shares affecting the overall value of publicly-traded companies.

The GCCI on Monday called on the Guyana Association of Securities Companies and Intermediaries Inc., and Guyana Securities Council (GSC) to prioritise the modernization of GSE infrastructure, with a focus on the incorporation of technologically advanced best practices.