Last Updated on Wednesday, 28 October 2026, 6:10 by Written By Denis Chabrol
As prices of basic consumer items continue to skyrocket, Opposition Leader Azruddin Mohamed has renewed his call for government to control the prices of basic food items, but the Georgetown Chamber of Commerce and Industry (GCCI) has scoffed at the idea.
“The Chamber firmly opposes the introduction of broad price controls, cautioning that such intervention
could distort market conditions, disrupt supply chains, reduce product availability and ultimately increase
costs for businesses and consumers alike,” the GCCI said in a statement.
Mr Mohamed renewed his call, first made on Labour Day May 1, 2026, for price controls at a press conference this week. He said that system should be introduced at certain supermarkets. “We need price control on items because we cannot allow Massy and these places to put so high mark-ups on items,” he said.
The Opposition Leader said it was time that supermarkets “ensure that they cut back on their profits” and government ministers cease competing with local suppliers. The GCCI’s statement did not name Mr Mohamed, but in an obvious reaction to the call for supermarkets to slash their profits, that business support organisation dismissed that reasoning.
The Chamber said retail prices are influenced by several factors beyond business profit margins, including international commodity prices, freight and transportation expenses, access to foreign currency, local production costs and distribution expenses. “It would therefore be misleading to attribute high prices principally to excessive
business profitability without examining the factors contributing to the final cost of goods,” the GCCI added.
Mr Mohamed, once a major gold exporter until he and his father were sanctioned by the United States government in June 2024 for alleged gold-related tax evasion, said government take steps to address the chronic foreign exchange shortage. “A major blow with this cost of living presently is the US dollar…If a businessman goes to anyone of the local banks and asks for a wire transfer of US$20,000, they have to line up and wait for two to three weeks before our banks can send off a wire transfer,” he said.
The chamber agreed that the foreign exchange shortage must be addressed but said that was not the only constraint that was contributing to spiking prices for basic items. “These include improving access to
foreign currency for importers, reviewing applicable import duties and tariffs where these contribute to
higher costs, reducing freight and distribution expenses, strengthening domestic agricultural production and
encouraging greater competition within the marketplace,” the GCCI said.
The Opposition Leader said Guyanese should have been better off because the country was earning about GY$8 billion per day from the sale of crude oil. Oil sales are divided among co-venturers- ExxonMobil, Chevron and China National Offshore Oil Corporation- and the Guyana government.
The GCCI warned against the introduction of price controls on essential food items as a means of addressing the cost of living in Guyana. “Restricting prices without addressing the costs associated with supplying goods risks creating further challenges within the marketplace,” the business support organisation said.
The chamber maintained that businesses have a responsibility to uphold fair and transparent pricing practices.
The GCCI says it does not condone price gouging, the exploitation of shortages or anticompetitive conduct, and
believes that concerns about unfair commercial practices should be addressed through the appropriate
regulatory mechanisms. “The Chamber maintains that efforts to improve affordability must focus on reducing the cost of supplying essential commodities rather than simply restricting the prices at which they are sold.”
Government has been holding farmers’ markets across Guyana with the aim of cutting out middle-men and so reduce the prices of certain items.
