By Richard Rambarran & Shaleeza Shaw
Richard Rambarran – Richard Rambarran is the Executive Director of the Georgetown Chamber of Commerce & Industry and a lecturer in the Department of Economics at the University of Guyana. He holds a Masters’ degree in Economics and several certificates from the IMF on macroeconomic stability, financial programming etc.
Shaleeza Shaw – Shaleeza Shaw is the Head of Credit/Corporate Secretary of Guyana Bank for Trade and Industry Limited. She holds a Masters’ degree in Business Administration among qualifications in Banking, Law and Business Management.
The recently concluded Inaugural Conference organized by the School of Entrepreneurship and Business Innovation (SEBI) of the University of Guyana under the theme “Economic Transformation through Entrepreneurship and Innovation,” must be applauded for its boldness in discussing issues of particular relevance to Guyana. This essay seeks to advance on an area of discussion at the conference, that is, “Developing a Financial Sector to Support New Business Development.”
1. The Importance of Finance and Entrepreneurship to Economic Growth
It must be noted that pivotal in articulating a ‘conducive’ or ‘enabling’ business environment is ensuring that there is synergy existing between the financial sector and the real sector. In any development paradigm, it is necessary that the financial sector and, specifically the banking sector provides adequate support in facilitating business growth and development through, among others, the provision of credit, suitable digital and financial infrastructure for business growth, appropriate banking technologies for business and relevant support services. This nexus between financial development and economic growth is well documented in the literature of development and validated and evidenced by the rate of growth of the rapidly emerging economies.
Guyana’s economy is no different. With an emerging oil and gas industry, greater foreign injections and a cultural transformation in the ethos of doing business in Guyana, the financial sector and its development, is one which is certain to catalyse economic transformation. While there exists great expectations from the oil and gas industry, it is necessary to…
