Guyana’s oldest business organisation records increased membership, increased surplus cash

Last Updated on Sunday, 31 March 2024, 21:13 by Denis Chabrol

Mr Kester Hutson

The Georgetown Chamber of Commerce and Industry (GGCI), Guyana’s oldest business organisation, has recorded 150 new members in the 2023-2024 financial year, and has recorded 85.6 percent in surplus cash, according to chamber President, Kester Hutson.

Mr Hutson told Demerara Waves Online News that that business support organisation has more than 1,000 members.

Boasting a diverse membership, he told the recently-held GCCI Annual General Meeting (AGM) that, “this growth underscores the value and benefits that the Chamber provides, including networking opportunities, resources, and support to help businesses thrive in a competitive environment.”

In his report to the GCCI’s 134th Annual General Meeting, Mr Hutson said in 2023, the Chamber’s total revenue increased by 3% to GY$93,347,081, driven by strong growth in membership subscriptions and magazine advertisements. He said overall expenses reduced by 1% to G$85,389,606, with increases in trade missions, magazine expenses, administrative costs, and financial charges offset by lower event expenses. Mr Hutson also reported that GCCI’s surplus surged by 85.6% to G$7,957,475, showcasing strong financial management.

“Despite a decline in event revenue due to the non- execution of the Business Development Forum (BDF), diversified income sources supported overall growth,” he said. Looking ahead, he said GCCI remains focused on enhancing its revenue streams, optimizing expenses, and delivering value to its members.

Dating back to Guyana’s first commercially viable oil discovery in 2015 and subsequent first oil in 2019, the GCCI President indicated that a number of its recent members work downstream in the oil and gas sector. “An increase portion of membership play a significant role in the downstream. Companies are seeing wisdom in strategic collaboration to participate in the sector since it demands resources in high demand,” he told Demerara Waves Online News.

Noting that the Small and Medium Enterprises were collaborating more, the GCCI President attributed the increased membership to the ability to network, build business relationships, development of the private sector and being part of the largest business support organization nationally and regionally.

The GCCI was founded in 1889.