Guyana - United States Department of State

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2022 Investment Climate Statements: Guyana
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EXECUTIVE SUMMARY
Executive Summary
Guyana is located on South America’s North Atlantic coast, bordering Venezuela, Suriname, and
Brazil, and is the only English-speaking country on the continent. Guyana became an oil
producing nation in 2019 and, with a population of 782,766, is poised to dramatically increase its
per capita wealth. While it is currently the third poorest country in the western hemisphere,
Guyana’s economy grew by 19.9 percent in 2021. Guyana’s economy is projected to grow by 47.9
percent in 2022 according to the Ministry of Finance, making it one of the fastest growing
economies in the world.
Guyana’s is poised for strong economic growth over the next decade as its offshore oil and gas
production quickly ramps up to over 1 million barrels per day (bpd), an unprecedented
development pace for a country that just discovered commercially viable hydrocarbon resources
in 2015. ExxonMobil, the majority shareholder in the consortium (which also includes Hess and
the China National Offshore Oil Company) developing Guyana’s offshore oil and gas deposits,
increased its estimate for commercially viable oil deposits in Guyana to over 10 billion barrels in
October 2021. Industry experts expect Guyana’s total recoverable oil deposits to increase as
exploration activities expand to other offshore blocks, which remain unexplored. To manage the
windfall from oil and gas production, the Government of Guyana (GoG) amended its sovereign
wealth fund legislation in December 2021, thereby opening its coffers for the government to
https://www.state.gov/reports/2022-investment-climate-statements/guyana/ 1/27
spend most of the fund’s initial balance on needed infrastructure and energy developments and
invest in the country’s healthcare and education systems.
Guyana is quickly transforming into a regional destination for international investment. Foreign
direct investment (FDI) into Guyana increased from $1.8 billion in 2020 to $4.3 billion in 2021,
mainly due to investments in its oil and gas sector. In an effort to diversify the economy away
from oil and gas, the GoG is offering incentives for investment in the agriculture, business
support services, health, information technology manufacturing and energy sectors, especially in
outlying regions, through the Guyana Office for Investment (GOINVEST). At the same time,
processes including the government tender process are slow and often opaque, with some
tenders expiring and being re-issued after a year passes without decision and no pro-active
communication to U.S. bidders.
The GoG lifted most of its COVID-19 domestic restrictions on February 14, 2022, thanks to a
significant drop in COVID cases. Proof of vaccination and a negative COVID-19 PCR, or approved
antigen, test taken with 72 of travel are still required to enter Guyana. The Ministry of Health
(MoH) reports that more than 60 percent of Guyana’s adult population is fully vaccinated, as are
44 percent of children ages 12 – 17. While the GoG remains wary of future variants, the
government has indicated a strong resistance to resuming containment and mitigation efforts
like mask mandates, nationwide curfews, and strict quarantine requirements.
Climate change presents a clear and present danger to Guyana, especially in its low-lying coastal
regions where 90 percent of the population lives. According to the United Nation’s
Intergovernmental Panel on Climate Change (IPCC) 2021 report, Guyana’s capital, Georgetown, is
forecasted to be under water by 2030 due to rising sea levels. To assist the country’s transition to
a more climate resilient economy, the GoG is revising its Low Carbon Development Strategy
(LCDS), which seeks to create financial incentives for maintaining the country’s intact forests
covering 87 percent of the landmass, watersheds, and unique biodiversity. The strategy is
expected to be tabled in parliament in mid-2022 for approval and adoption.
The GoG’s 2022 priorities include significant infrastructure investments, energy developments,
improving healthcare services, diversifying and expanding agriculture sector, boosting sea and
flood defenses, supporting emerging and value-added industries, and improving the business
climate. Key challenges to Guyana’s development include high crime rates, some of the highest
cost of electricity in the region, lengthy delays for permits, and access to land. Despite
commitments from the GoG to ease regulatory hurdles and improve the business climate,
Guyana’s Ease of Doing Business ranking continues to hover at 134 out of 190 countries in the
World Bank’s 2020 report.
Table 1: Key Metrics and Rankings

Measure Year Index/Rank Website Address
TI Corruption 2021 87 of 175 http://www.transparency.org/research/cpi/overview
Perceptions
Index
Global 2021 N/A https://www.globalinnovationindex.org/analysis-
Innovation Index indicator
U.S. FDI in 2015 178 million https://apps.bea.gov/international/factsheet/
partner country
($M USD,
historical stock
positions)
World Bank GNI 2020 7,130 https://data.worldbank.org/indicator/NY.GNP.PCAP.CD
per capita
1. Openness To, and Restrictions Upon, Foreign Investment
POLICIES TOWARDS FOREIGN DIRECT INVESTMENT
The GoG recognizes foreign direct investment (FDI) as critical for growing and diversifying the
Guyanese economy. Guyanese law does not discriminate against foreign investors. The GoG has
prioritized investments in the following sectors: agriculture, agro-processing, light manufacturing,
renewable energy, tourism and information and communications technology (ICT). The Guyana
Office for Investment (GO-INVEST) is the GoG’s primary vehicle for promoting FDI opportunities
and assisting foreign corporations with their business registrations and applying for tax
concessions. Companies and investors are encouraged to do their due diligence and have robust
business plans completed before approaching GOINVEST. The GoG passed the Local Content Act
(LCA) on December 31, 2021, which establishes baseline requirements for foreign and local firms
operating in the country’s oil and gas sector to hire Guyanese and source local materials. The
legislation lists local quotas for 40 business services and material inputs, which must come from
Guyanese businesses. The targets range from near total local sourcing (90 to 100 percent) for
services like ground transportation of personnel, local accounting and legal services, and pest
control services to lower levels (between 5 to 25 percent) for more technical items like dredging
services, engineering and machining, borehole testing, environmental services and studies, and
aviation support services. The GoG plans to expand this initial list of services and materials as
local capacity increases, in which case foreign firms may have to enter into partnerships with
local firms to comply with the LCA. Some local firms involved in joint ventures or subcontract
relationships with foreign companies have expressed concerns about unclear requirements or
the suggestion of new or revised tenders by the Local Content Secretariat, which could delay
their operations and create conditions for undue influence and rent seeking behavior.
LIMITS ON FOREIGN CONTROL AND RIGHT TO PRIVATE OWNERSHIP AND

ESTABLISHMENT
Guyana’s constitution protects the rights of foreigners to own property in Guyana. Foreign and
domestic firms possess the right to establish and own business enterprises and engage in all
forms of commerce, except for some oil and gas services which are now legally protected under
the LCA. Private entities are governed by the 1991 Companies Act (amended in 1995) under
which they have the right to establish business enterprises and are free to acquire or dispose of
interest in accordance with the law. Some key sectors like oil and gas, aviation, forestry, banking,
mining, and tourism are heavily regulated and require special licensing and may have limits on
foreign ownership. The process to obtain licenses can be time consuming and may in some
instances require ministerial approval.
The LCA significantly increased the ownership criteria for a company operating in, or servicing
the oil sector, to be considered Guyanese as: Guyanese nationals having at least 51 percent
voting rights, holding at least 75 percent of executive and senior management positions within
the company, and at least 90 percent non-managerial staff positions. As of April 2022, these
limits on foreign control and ownership only apply to the initial schedule of local companies
outlined in the 2021 LCA.
The GoG also prohibits foreign ownership of small-and-medium-scale mining (ASM) concessions.
Foreign investors interested in participating in the industry at those levels may establish joint
ventures with Guyanese nationals, under which the two parties agree to jointly develop a mining
property. However, this type of relationship can carry a high level of risk because arrangements
are governed only by private contracts and the sector’s regulatory agency, the Guyana Geology
and Mines Commission (GGMC), offers little recourse for ASM disputes. The U.S. Embassy
strongly encourages investors to thoroughly conduct their due diligence when exploring business
opportunities.
The GoG maintains an investment screening mechanism through GOINVEST. Under this
mechanism, investment agreements are prepared by GOINVEST, followed by a review by the
Guyana Revenue Authority (GRA), and approval by the Minister of Finance ultimately approves
the investment agreement, pending approval by the GRA. Industry specific investments can be
subject to approval by the relevant ministries, like the recently established Local Content
Secretariat within the Ministry of Natural Resources, which now approves all oil and gas related
business operations.
OTHER INVESTMENT POLICY REVIEWS
Government policy focuses on attracting inward FDI. The GoG applies national treatment to all
economic activities, except for certain oil and gas and mining operations. The World Trade
Organization (WTO) published its most recent trade policy review of Guyana on March 2, 2022, in
which it encouraged the GoG to invest in infrastructure and human capital development and
reduce its dependence on fossil fuels. The most recent report reiterated prior recommendations
for the GoG to increase transparency in government procurement and modernize of the
government’s treatment of intellectual property rights.
World Trade Organization is available at the following link:

https://www.wto.org/english/tratop_e/tpr_e/tp522_crc_e.htm
BUSINESS FACILITATION
President Irfaan Ali’s administration has emphasized its desire to diversify Guyana’s economy
and expand business ties with the United States, Europe, the Middle East, and others. The GoG
created a Diaspora Affairs Unit within the Ministry of Foreign Affairs and International
Cooperation to encourage business ties with the Guyanese diaspora, especially the U.S. based
diaspora. All companies operating in Guyana must physically register with the Registrar of
Companies, there is no online platform. Registration fees are lower for companies incorporated
in Guyana than those incorporated abroad. Locally incorporated companies are subjected to a
flat fee of approximately $300 and a company incorporated abroad is subject to a fee of
approximately $400. Depending on the type of business, registration may take three weeks or
more. Newly registered businesses are encouraged to immediately apply for a tax identification
number (TIN) from the GRA. If a company employs Guyanese workers, the company must
demonstrate compliance with the National Insurance Scheme (social security). Businesses in the
sectors requiring specific licenses, such as oil and gas, mining, telecommunications, forestry, and
banking must obtain operation licenses from the relevant authorities before commencing
operations. Guyana has six municipal authorities which also assess municipal taxes: Anna Regina,
Corriverton, Georgetown, Linden, New Amsterdam, and Rosehall.
GOINVEST advises the GoG on the formulation and implementation of national investment
policies and provides facilitation services to foreign investors, particularly in completing
administrative formalities, such as commercial registration and applications for land purchases
or leases. Under the Status of Aliens Act, foreign and domestic investors have the same rights to
purchase and lease land. However, the process to access licensing can be complex and many
foreign companies have opted to partner with local companies which may assist with acquiring a
license. The Investment Act specifies that there should be no discrimination between foreign and
domestic private investors, or among foreign investors from different countries. The authorities
maintain that foreign investors have equal access to opportunities arising from privatization of
state-owned companies.
Resources
Guyana Deeds and Commercial Registry: https://dcra.gov.gy/

GO-INVEST: https://goinvest.gov.gy/
Guyana Revenue Authority: https://www.gra.gov.gy/
OUTWARD INVESTMENT
While the GoG is focused on attracting inward investment into Guyana, there are no restrictions
for domestic investors to invest abroad. GOINVEST supports Guyanese investors and exporters
looking to operate overseas. In 2021, Guyana repealed and replaced its existing sovereign
wealth fund legislation, the Natural Resource Fund Act. The passage of the revised NRF, along
with the appointment of a board of directors, paves the way for the GoG to invest a portion of its
oil revenues and royalties in global markets.
2. Bilateral Investment and Taxation Treaties

Guyana does not have a bilateral investment treaty with the United States. Guyana has bilateral
investment treaties with the United Kingdom, Germany, Cuba, China, Switzerland, South Korea,
and Indonesia. Double taxation treaties are in force with Canada (1987), the United Kingdom
(1992), and CARICOM (1995). The United States and the GoG signed the Foreign Account Tax
Compliance Act (FATCA) in October 2016, and implementation began in June 2017.
3. Legal Regime
TRANSPARENCY OF THE REGULATORY SYSTEM
Legal, regulatory, and accounting systems are consistent with international norms. Guyana is a
commonwealth nation and embraces the International Financial Reporting Standard (IFRS),
under which all publicly traded companies are legally required to publish their annual reports.
Guyana is a democratic country, whose constitution mandates the separation of the executive,
legislative, and judicial branches of government. In practice, however, many GoG processes are
opaque and consistently cause confusion for investors and exporters. Regulations are developed
through stakeholder consultations followed by parliamentary debate and eventual passage in
Guyana’s National Assembly (parliament). While the GoG does not require companies to disclose
environmental, social and governance (ESG) standards, it actively encourages ESG through
investment policies and the LCDS. Guyana’s laws are publicly available on the Ministry of Legal
Affairs website. Publicly listed companies’ finances and debt obligations are relatively
transparent, but Guyana’s accounting and auditing firms are severely limited in their capacity to
conduct thorough audits that comply with international best practices. Oversight mechanisms
for public finances include the national assembly and the Auditor General Office.
As captured in the World Bank’s Doing Business Report, the GoG’s bureaucratic procedures are
cumbersome, often involve multiple ministries that often have overlapping regulatory
responsibilities. Investors report having received conflicting messages from various officials, and
difficulty determining where the authority for decision-making lies. In the absence of adequate
legislation, most decision-making remains centralized. An extraordinary number of issues
continue to be resolved in the presidential cabinet, a process that is perceived by many –
especially new investors or bidders – as opaque and slow.
Resources
Ministry of Legal Affairs: https://mola.gov.gy/laws-of-guyana
INTERNATIONAL REGULATORY CONSIDERATIONS
Guyana has been a World Trade Organization (WTO) member since 1995 and adheres to Trade-
Related Investment Measures (TRIMs) guidelines. Guyana is also a member of the Caribbean
Community (CARICOM) and is working to harmonize its regulatory systems with the rest of the
CARICOM member states. Guyana is a member of the United Nations Framework Convention on
Climate Change (UNFCCC) and the reducing emissions from deforestation and forest degradation
(REDD+) initiative.
Guyana has laws on intellectual property rights and patents. However, a lack of enforcement
offers few protections in practice and allows for the relatively uninhibited distribution and sale of
illegally obtained content.
LEGAL SYSTEM AND JUDICIAL INDEPENDENCE
Guyana’s legal system combines civil and common laws. Guyana’s judicial system operates
independently from the executive branch. The Caribbean Court of Justice, located in Trinidad and
Tobago, is Guyana’s highest court. Registered companies are governed by the Companies Act
and contracts are enforced by Guyanese courts or through a mediator. Guyana has a commercial
court in its High Court, which has both original and appellate jurisdiction.
LAWS AND REGULATIONS ON FOREIGN DIRECT INVESTMENT
Legislation exists in Guyana to support foreign direct investment, but the enforcement of these
regulations continues to be inadequate. The objective of the Investment Act of 2004 and
Industries and Aid and Encouragement Act of 1951 is to stimulate socio-economic development
by attracting and facilitating foreign investment. Other relevant laws include: the Income Tax Act,
the Customs Act, the Procurement Act of 2003, the Companies Act of 1991, the Securities Act of
1998, and the Small Business Act. Regulatory actions are still required for much of this legislation
to be effectively implemented. The Companies Act provides special provisions for companies
incorporated outside of Guyana called “external companies.” Most recently the 2021 Local
Content Act mandates certain levels of Guyanese participation (in the form of workforce,
company ownership, and sourcing of materials) in the oil and gas sector. Companies should
direct their inquiries about regulations on FDI to GOINVEST.
Guyana has no known examples of executive interference in the court system that have
adversely affected foreign investors. The judicial system is generally perceived to be slow and
ineffective in enforcing legal contracts. The 2020 World Bank’s Doing Business Report states that
it takes 581 days to enforce a contract in Guyana. Guyana’s local content legislation was passed
on December 30, 2022. The legislation ringfences 40 business lines for Guyanese businesses
within the oil and gas industry.
COMPETITION AND ANTITRUST LAWS
The Competition Commission of Guyana was established under the 2006 Competition and Fair-
Trading Act. The Competition and Fair-Trading act seek to promote, maintain, and encourage
competition; to prohibit the prevention, restriction, or distortion of competition, the abuse of
dominant trade positions; and to promote the welfare and interests of consumers. The
Competition Commission and Consumer Affairs Commission (CCAC) is responsible for
investigating complaints by agencies and consumers, eliminating anti-competitive agreements,
and may institute or participate in proceedings before a Court of Law. For mergers and
acquisitions within of the banking sector, the Bank of Guyana has ultimate oversight and
approval.
EXPROPRIATION AND COMPENSATION
The government can expropriate property in the public interest under the 2001 Acquisition of
Land for Public Purposes Act, although there are no recent cases of expropriation. Adequate
legislation exists to promote and protect foreign investment. However, enforcement is often
ineffective. Many reports view Guyana’s judicial system as being slow and ineffective in enforcing
legal contracts. All companies are encouraged to conduct due diligence and seek appropriate
legal counsel for any potential questions prior to doing business in Guyana.
DISPUTE SETTLEMENT
Guyana is a party to the International Centre for Settlement of Investment Disputes (ICSID
Convention). Additionally, Guyana has ratified the Convention on the Recognition and
Enforcement of Foreign Arbitral Awards (1958 New York Convention), which entered into force in
December 2014.
INVESTOR-STATE DISPUTE SETTLEMENT
Guyana does not have a bilateral investment treaty with the United States. Negotiations began in
1993 but broke down in 1995. Since then, the two countries have not conducted subsequent
negotiations.
Double taxation treaties are in force with Canada (1987), the United Kingdom (1992), and
CARICOM (1995). Other double taxation agreements remain under negotiation with India,
Kuwait, and the Seychelles. The CARICOM-Dominican Republic Free Trade Agreement provides
for the negotiation of a double taxation agreement, but no significant developments have
occurred since March 2009.
There is one ongoing investment dispute involving a U.S. telecommunications company, which
previously held a legal monopoly in Guyana.
INTERNATIONAL COMMERCIAL ARBITRATION AND FOREIGN COURTS
International arbitration decisions are enforceable under the 1931 Arbitration Act of British
Guiana, as amended in 1998. The Act is based on the Geneva Convention for the Execution of
Foreign Arbitral Awards of 1927. The GoG enforces foreign awards by way of judicial decisions or
action, and such awards must be in line with the policies and laws of Guyana.
According to the 2020 World Bank’s Doing Business Report, resolving disputes in Guyana takes
581 days, and on average costs 27 percent of the value of the claim. According to many
businesses, suspected corrupt practices and long delays make the courts an unattractive option
for settling investment or contractual disputes, particularly for foreign investors unfamiliar with
Guyana.
The GoG has set up a Commercial Court to expedite commercial disputes, but this court only has
one judge presiding, and companies have reported that it is overwhelmed by a backlog of cases.
The Caribbean Court of Justice, based in Trinidad and Tobago, is Guyana’s court of final instance.
In practice, most business disputes are settled by mediation which avoids a lengthy court battle
and keeps costs low to both parties. Guyanese state-owned enterprises are not widely involved
in investor disputes. To date, there are no complaints on the court process relating to judgments
involving state owned enterprises.
BANKRUPTCY REGULATIONS
The 1998 Guyana Insolvency Act provides for the facilitation of insolvency proceedings. The 2004
Financial Institutions Act gives the Central Bank power to take temporary control of financial
institutions in trouble. This Act provides legal authority for the Central Bank to take a more
proactive role in helping insolvent local banks.
According to data collected by the World Bank Doing Business Report, resolving insolvency in
Guyana takes three years on average and costs 28.5% of the debtor’s estate, with the most likely
outcome being that the company will be sold piecemeal. The average recovery rate is 18 cents
on the dollar.
4. Industrial Policies
INVESTMENT INCENTIVES
Guyana offers an array of incentives to foreign and domestic investors alike in the form of
exemption from various taxes, accelerated depreciation rates, full and unrestricted repatriation
of capital, profits, and dividends. The first point of contact in applying for tax concessions is
GOINVEST. The GoG utilizes investment incentives to advance its broader policy goals, such as
boosting research and development, or spurring growth in a particular region. Guyana offers
fiscal incentives for clean energy investments including value added tax (VAT) and import duty
exemptions for renewable energy equipment, one off corporate tax holidays of two years, and a
capital expenditure write off within two years. The GoG offers co-investing options for outlying
regions.
Information on investment incentives in Guyana can be found on the following websites:
 Guyana Office for Investment: http://goinvest.gov.gy/investment/investment-guide/
 The National Procurement & Tender Administration (NPTA): http://www.npta.gov.gy/

 National Industrial & Commercial Investment Limited: http://www.privatisation.gov.gy
/
 Ministry of Finance: https://finance.gov.gy/procurements
FOREIGN TRADE ZONES/FREE PORTS/TRADE FACILITATION
Guyana does not have free trade zones, however, the GoG is contemplating establishing free
trade zones in Lethem, a Guyanese town on the Brazilian border that relies heavily on cross
border commerce.
Guyana was the 53rd WTO member and first South American country to ratify the new Trade
Facilitation Agreement (TFA). The WTO Secretariat received Guyana’s instrument of acceptance
on November 30, 2015.
PERFORMANCE AND DATA LOCALIZATION REQUIREMENTS
There are no data localization requirements in Guyana requiring foreign investors to establish or
maintain a certain amount of data storage within the country. There is no visa requirement for
U.S. citizens to visit Guyana. There are no government-imposed conditions to invest. However, if
seeking tax concessions, an entity will be bound to an investment agreement.
A requirement to hire locally at least 80 percent of employees is applied equally to domestic and
foreign investment projects. The GoG formalized this requirement in the oil and gas sector
through with the passage of the LCA in 2021. While there are no concrete plans to expand the
LCA model to other industries at this time, the GoG has expressed interest in protecting other
industries from foreign competition.
Although no explicit government policy exits regarding performance requirements, some are
written into contracts with foreign investors and could include the requirement of a performance
bond. Some contracts require a certain minimum level of investment. Investors are not required
to source locally, nor must they export a certain percentage of output. Foreign exchange is not
rationed in proportion to exports, nor are there any requirements for national ownership or
technology transfer. Foreign IT providers are not required to turn over source code and/or
provide access to encryption.
There are no measures to prevent or restrict companies from transmitting customer or business
data. The government agencies involved for local data storage include the National Data
Management Authority and the Office of the Prime Minister.
5. Protection of Property Rights
REAL PROPERTY
Property rights are enforced but it is often time consuming to determine the rightful owner of a
particular plot of land. Ownership of property can be unclear even among government entities
and potential investors are encouraged to have a local lawyer review any potential property
purchase before executing the deal.
Guyana has a dual registry system of property rights with distinct requirements, processes, and
enforcement mechanisms. The two types of registry systems are deeds (regulated by the Deeds
and Commercial Registry) and title (regulated by the Land Registry) registries that operate in
separate jurisdictions, which in theory helps avoid the problem of double entry and dual
registration. However, the percentage of land in Guyana that lacks a clear land title is unknown
and the lack of a digital registry with which to easily verify title further complicates the transfer of
property rights. Companies often complain about Guyana’s property rights being overly
bureaucratic and complex, with opaque regulations that overlap and compete. Some report that
this affects the proper allocation, enforcement, and effectiveness of property rights, as well as
the efficiency of property-based markets, such as real estate and financial markets (especially
primary ones, such as mortgage markets). As previously stated, the judicial system is generally
perceived to be slow and ineffective in enforcing legal contracts. The GoG is the country’s largest
landowner. Property can be reverted to squatters who have squatted for over 10 years, but in
most instances the GoG repossesses the land. Frustration arises when investors who have been
leased land do not proceed with planned investments, so an ability to secure financing and move
forward with projects is key.
INTELLECTUAL PROPERTY RIGHTS
Upon independence in 1966, Guyana adopted British law on intellectual property rights (IPR).
Guyana’s relevant laws governing IPR are the 1956 Copyright Act and the 1973 Trademark Act
and Patents and Design Act. Local contacts report that numerous attempts to pass
comprehensive reforms to this legislation have been unsuccessful. However, piecemeal
modernization amendments contained in the 2005 Geographic Indication Act, the 2006
Competition and Fair-Trading Act, the 2000 Business Names Registration Act, and the 1999
Deeds Registry Authority Act have offered additional protection to local products and
companies. In the past year, there was no new IP laws enacted.
No modern legislation exists to protect the foreign-registered rights of investors. However,

investors are encouraged to seek a lawyer to register and/or make an application for intellectual
property. In the case of trademarks, registration is done through writing to the registrar, which
once accepted after advertisement in the official gazette, the registrar inserts the particulars and
issues a registration bearing the seal of the patent office. Guyana joined the World Intellectual
Property Organization (WIPO) and acceded to the Berne and Paris Conventions in 1994. Guyana
has not ratified a bilateral intellectual property rights agreement with the United States. The
previous government drafted intellectual property rights legislation which has yet to be taken up
in Parliament.
Many businesses report that the registration time for a patent or trademark may take in excess
of six months. However, there is a lack of effective enforcement to protect intellectual
property rights. Patent and trademark infringement are common, as is evident among local
television broadcasts of pirated and rebroadcasted TV satellite signals. Guyana has seen seizures
of counterfeited food items by the Guyana Foods and Drugs Analyst Department (GFDD).
However, the GFDD is severely short staffed and unable to police all commerce effectively. Local
news media sources report that piracy of foreign academic textbooks is common. Guyana’s laws
have not been amended to fully conform to the requirements of the Trade Related Intellectual
Property Rights (TRIPS) Agreement. For additional information about treaty obligations and
points of contact at local IP offices, please see WIPO’s country profiles
at http://www.wipo.int/directory/en/.
Guyana is not mentioned in the United States Trade Representative’s 2021 Special 301 Report,
nor is it named in its 2020 Review of Notorious Markets for Counterfeiting and Piracy.
6. Financial Sector
CAPITAL MARKETS AND PORTFOLIO INVESTMENT
The GoG is indifferent to foreign portfolio investment. Guyana has its own stock market, which is
supervised by the Guyana Association of Securities Companies and Intermediaries (GASCI).
GASCI is a self- regulated organization. Dividends earned from the local stock exchange are tax
free. Guyana’s stock market outpaced GDP growth in 2021 with a 46.1 percent increase in its
market capitalization. Despite growing interest in the local stock market, however, Guyana has
not seen a new company listed for over a decade. Foreign investors can access credit on the local
market if they satisfy local banking requirements. Credit is allocated based on risk profile and
creditworthiness. Credit is available on market terms. The private sector has access to credit
instruments though limited on the local market. The Central Bank respects IMF Article VIII with
regard to payments and transfers for international transactions.
MONEY AND BANKING SYSTEM
Guyana relies heavily on cash payments for most financial transactions, but credit cards and
mobile payment options are increasingly common. The GoG’s monetary policy remains
accommodative, aimed at achieving price stability and controlling liquidity within the economy.
The financial sector is regulated by the Bank of Guyana (BoG), the country’s central bank. The
financial sector is regulated by the Bank of Guyana (BOG), the country’s central bank. The BOG is
empowered under the 1995 Financial Institutions Act and the Bank of Guyana Act to regulate the
financial sector. Under these regulations a bank operating in Guyana must maintain high levels
of liquidity and a strong deposit and asset base. Approval from the BOG is required before
operating in Guyana.
The BoG regularly performs stress tests to determine the vulnerability of licensed depository
financial institutions (LDFIs). Guyanese LDFI’s ratio of reserves against non-performing loans
increased by 1.9 percentage points to 37.2 percent as of mid-year 2021. Guyana’s banking
system remains adequate with capital adequacy ratios (CAR) well above the prudential
benchmark of 8 percent. Guyana’s banking stability index improved from 0.15 to 0.38 at the end
of June 2021, reflecting improved performances in asset quality, profitability, and liquidity
indicators. Non–bank financial institutions’ total assets, which includes depository and non-
depository licenses and unlicensed financial institutions, grew by 8 percent.
Guyana has six commercial banks. Foreign banks can provide domestic services or enter the
market with a license from the BoG. There are no restrictions on a foreigner’s ability to establish
a bank account. The GoG recognizes a need to improve access to finance for both the private
sector and private citizens, with the current financial institutions seen as slow, overly cautious,
and full of bureaucratic red tape.
Foreign Exchange
The Guyanese Dollar (GYD) is fully convertible and transferable, and generally stable in its value
against the U.S. dollar. The Guyana dollar weighted mid-rate, relevant for official transactions,
remained constant at GYD 208.50 as at half year 2021. Guyana employs a de jure float exchange
rate. Total Foreign exchange transactions grew by 22.6 percent from rising activities at banks and
non-bank cambios as of June 2021 when compared with June 2020.
No limits exist on inflows or repatriation of funds. However, regulations require that all persons
entering and exiting Guyana declare all currency more than $10,000 to customs authorities at
the port of entry. It is common practice for foreign investors to use subsidiaries outside of
Guyana to handle earnings generated by exports.
Remittance Policies
There is no limit on the acquisition of foreign currency, although the government limits the
amount that several state-owned firms may keep for their own purchases. Regulations on
foreign currency denominated bank accounts in Guyana allow funds to be wired in and out of
the country electronically without having to go through cumbersome exchange procedures.
Foreign companies operating in Guyana have not reported experiencing government-induced
difficulties in repatriating earnings in recent years.
SOVEREIGN WEALTH FUND
Guyana established a sovereign wealth fund, the Natural Resource Fund (NRF), in 2019, with the
passage of the 2019 Natural Resources Act. While the NRF broadly conformed to the Santiago
principles, President Irfaan Ali’s administration vowed to repeal and replace the 2019 NRF with a
version that decentralized control over the fund and established a simpler withdrawal schedule.
In December 2021, the Ali administration used its veto proof majority in parliament to unilaterally
repeal and replace the existing law with the NRF 2021. While the revised law includes some
improvements, like the creation of a board of directors and more intuitive withdraw schedule, it
still affords the President broad reaching powers to appoint all the NRF’s key leadership
positions, provides few limits on the investment or usage of the fund, and while a former
member of the opposition was proposed for the board, the current opposition’s nominees were
not accepted by the government. This prompted more concerns about transparent management
of the fund moving forward. As of January 2022, the NRF holds $607.5 million, which under the
revised law the GoG will be able to withdraw in its entirety in the coming year to meet 2022
budget allocations.
7. State-Owned Enterprises
Guyana has ten state-owned enterprises (SOEs) including: National Industrial and Commercial
Investments Ltd. (NICIL), Guyana Sugar Corporation (GUYSUCO), MARDS Rice Complex
Ltd., National Insurance Scheme (NIS), Guyana Power and Light (GPL), Guyana Rice Development
Board (GRDB), Guyana National Newspapers Ltd. (GNNL), Guyana National Shipping Corporation
(GNSC) and Guyana National Printers Ltd. (GNPL).
The private sector competes with SOEs for market share, credit, and business opportunities. It is
common for SOEs in Guyana to experience political interventions, driven by boards of directors
filled with political appointees. Procurement on behalf of SOEs may be passed through the
National Procurement and Tender Administration or handled directly by the SOE.
The Public Corporation Act requires public corporations to publish an annual report no later than
six months after the end of the calendar year. These reports must be audited by an independent
auditor.
PRIVATIZATION PROGRAM
In the 1990s, Guyana underwent significant privatization with the divestment of many sectors. In
1993, the Privatization Policy Framework Paper known as the “Privatisation White Paper” was
tabled in Parliament and led to the creation of the Privatization Unit (PU). Its function was to co-
ordinate the implementation of the GoG’s privatization program and was tasked with:
 Combining the functions of the Public Corporations Secretariat (PCS) and the National
Industrial & Commercial Investments Limited (NICIL);
 Preparing for the program strategy and annual program targets for privatization or
liquidation Cabinet’s approval;
 Implementing the privatization of SOEs and assets selected for inclusion in the program;
 Participating in negotiations for the privatization of SOEs;
 Reviewing offers and making recommendations to Cabinet on the terms and conditions for
the sale of SOEs;
 Preparing financial and administrative audits of SOEs not selected for privatization;
 Developing a strategy to build public understanding and support for privatization;
 Ensuring that transparency of the privatization program is strictly respected and followed;
 Monitoring operations of privatized entities in accordance with the terms and conditions of
each respective contract;
 Preparing for Cabinet, broad guidelines on operating policies for privatization, develop
action plans for implementation, conduct a public relations campaign and help to build
national consensus in support of government’s program.
Foreign investors have equal access to privatization opportunities. However, there are many
reports that the process is opaque and favors politically connected local businesses. Currently,
the GoG is interested in privatizing at least a portion of GUYSUCO.
U.S. firms are generally given equal access to these projects through a public bidding process.
However, many bidders continue to complain about the criteria and question their unsuccessful
attempt at securing a contract. In cases where international financial institution (IFI) funding has
been involved in the project, such allegations have been credibly addressed. In cases where the
project relied solely on GoG funds, redress has been more problematic to achieve.
8. Responsible Business Conduct

Compared to responsible business conduct (RBC) norms in North America and Europe, Guyana-
based businesses lag in adopting RBC policies and activities. However, there is increasing
awareness of expectations for responsible business conduct. Guyana does not have a policy to
encourage RBC. Most companies conform to their business responsibilities outlined by the
Organization for Economic Co-operation and Development (OECD), including human rights and
labor rights, information disclosure, environment, bribery, consumer interests, science and
technology, competition, and taxation. Guyana’s laws align with the guidelines for RBC by the
OECD. Despite these improvements, Guyana has human rights concerns, especially involving
child labor in outlying regions and in the mining sector. The GoG enforces human rights laws but
many report a lack of capacity to adequately enforce human and labor rights law
Local companies have improved RBC as firms react to increased levels of competition, partly to
compete or subcontract with companies in the oil and gas sector that emphasize it. Guyanese
consumers are increasingly aware of RBC principles as the population becomes more sensitized.
The GoG has expressed hope that large multinational companies will lead the way on RBC
practices, setting an example for smaller local firms to follow, particularly in the extractive
industries sector. Guyana joined the Extractive Industries Transparency Initiative (EITI) as a
candidate country in October 2017. Guyana is not a signatory of the Montreux Document.
RESOURCES
Department of State
 Country Reports on Human Rights Practices;

 Trafficking in Persons Report;
 Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to
Foreign Government End-Users for Products or Services with Surveillance Capabilities;
 U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises;
and;
 Xinjiang Supply Chain Business Advisory
Department of the Treasury
 OFAC Recent Actions
Department of Labor
 Findings on the Worst Forms of Child Labor Report;

 List of Goods Produced by Child Labor or Forced Labor;
 Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World and;
 Comply Chain.
CLIMATE ISSUES
Guyana’s Low Carbon Development Strategy 2030 (LCDS) is an executive branch led policy
framework/roadmap for the country to maintain 99.5 percent of its largely intact forests,
incentivize biodiversity conservation, invest in climate resilient infrastructure, and keep carbon
emissions at 2019 levels while quintupling economic growth over the next 20 years. The impetus
to establish the LCDS came from the GoG’s 2009 agreement with Norway to reduce emissions
from deforestation and forest degradation (REDD+), which earned Guyana $250 million over ten
years for reducing its annual deforestation rate from 0.12 to 0.05 percent. The latest version of
the LCDS consists of four core objectives: accessing market-based mechanisms for Guyana’s
forest carbon sequestration services, stimulate future growth through clean energy and
sustainable economic activities, protect against climate change, and align with global climate
goals. The LCDS contemplates active participation by the private sector but does not offer
specific policies to incentivize their compliance. However, the GoG offers tax incentives and green
loans for companies transitioning to clean energy sources. A market for tradeable permits, tax
credits and pollution standards have yet to be developed and Guyana’s procurement policy does
not include environmental and green growth considerations.
9. Corruption
The law provides criminal penalties for corrupt practices by public officials. The relevant laws
enacted include the Integrity Commission Act, State Assets Recovery Act, and the Audit Act.
Notably, the Integrity Commission Board expired in February 2021, with no appointments made
as of March 2022. Several media outlets reported on government corruption in recent years, and
it remains a significant public concern. Guyana has regulations to counter conflict of interests in
the award of contracts. Media and civil society organizations continued to criticize the
government for being slow to prosecute corruption cases. The government passed legislation in
1997 that requires public officials to disclose their assets to an Integrity Commission prior to
assuming office. There are no significant compliance programs to detect bribery of government
officials. Guyana’s Integrity Commission was re-constituted in February 2018 after a 12-year
hiatus, but only collects reports of asset declarations and lacks any ability to investigate
suspected irregularities, complaints, or issues. The Integrity Commission can only flag asst
declarations for investigation by other authorities.
Widespread concerns remain about inefficiencies and corruption regarding the awarding of
contracts, particularly with respect to concerns of collusion and non-transparency. In his 2020
annual report, the Auditor General noted continuous disregard for the procedures, rules, and the
laws that govern public procurement system. There were reports of overpayments of contracts
and procurement breaches. Nevertheless, the country has made some improvements.
According to Transparency International’s 2021 Corruption Perceptions Index (CPI), Guyana
ranked 87 out of 180 countries for perceptions of corruption, falling 4 spots in comparison to
2020.
Companies interested in doing business in Guyana may contact a “watchdog” organization

(international, regional, local nongovernmental organization operating in the country/economy
that monitors corruption, such as Transparency International) for more information:
RESOURCES TO REPORT CORRUPTION
Transparency Institute of Guyana Inc.

157 Waterloo Street
Second Floor Private Sector Commission Building
North Cummingsburg
Georgetown
+592 231 9586
infotransparencygy@gmail.com
10. Political and Security Environment

Guyana has a high crime rate, and violence associated with drug and gold smuggling is on the
rise. The country peacefully transitioned to a new government on August 2, 2020, after a 20
month-long extra-constitutional and electoral crisis, which saw few instances of politically incited
violence. The GoG has committed to electoral reform in the wake of the 2020 electoral crisis to
avoid future electoral impasses.
The security environment in the country continues to be a concern for many businesses.

Businesses considering investing in Guyana are strongly encouraged to develop adequate
security systems.
11. Labor Policies and Practices

Guyana’s labor market is tightening due to high investments in the oil and gas sector. In 2017, the
total population aged 15 and above residing in Guyana was 550,831. In the first quarter of 2021,
the labor force participation rate was 51.1 percent. Unemployment stood at 15.1 percent in the
first quarter of 2021. A concerning trend is an increase in youth unemployment, jumping from
30.2 percent in the first quarter 2020 to 31.4 percent in first quarter 2021. Guyana has witnessed
an influx of Venezuelan migrants which predominantly work in mining areas and in the
restaurant industry. The Ali implementation of LCA adds pressure on an already tight labor
market by offering legal protections and incentives for Guyanese companies to service the oil
and gas sector, further fueling the flight of labor and investment to the industry. Guyana has a
national insurance scheme, but social safety net programs do not exist for the general
population. Strikes are common in the sugar industry and may vary with the public sector during
collective bargaining sessions. Guyana has a significant informal economy, accounting for a range
of 30 and 50 percent of the job market, this is in part attributable to many Guyanese pursuing
self-employment in unregulated jobs. In April 2022, GoG leadership suggested there was a labor
shortage and they planned to draft a new migration policy.
Local legislation governing labor in Guyana includes the National Insurance

Act, Guyana Labour Act, Occupation Health and Safety Act, and the Termination of Severance
and Pay Act. Guyana’s Human Development Index for 2020 increased to 0.67 from 0.682.
Guyana’s literacy rate is estimated at 90%. There is an ongoing push for information
and communications technology curriculum in Guyana’s schools to develop a talent pool for
the industry.
Guyana has one of the highest emigration rates, 89 percent, in the world for nationals with a
university degree. A significant number of businesses report challenges with staff recruitment
and retention. These issues are linked to a small pool of semi-skilled and skilled workers.
Companies entering Guyana should consider training and capacity building opportunities for
their employees.
The 1997 Trade Union Recognition Act requires businesses operating in Guyana to recognize and
collectively bargain with the trade union selected by a majority of its workers. The government,
on occasion, has unilaterally imposed wage increases. Guyana adheres to the
International Labor Organization (ILO) Convention, protecting worker rights. The public sector
has a minimum monthly wage of approximately $350 while the private sector minimum wage is
slightly lower at $300.
12. U.S. International Development Finance Corporation (DFC),

and Other Investment Insurance or Development Finance
Programs
United States International Development Finance Corporation (DFC) replaced the Overseas
Private Investment Corporation (OPIC) in January 2020 as the development finance institution of
the United States federal government. The DFC is responsible for providing and facilitating the
financing of private development projects in lower- and middle-income countries.
A U.S. government delegation led by the DFC visited Guyana to discuss investment opportunities
in Guyana in October 2020. The United States Embassy in Georgetown can assist qualified
businesses to contact the DFC and other U.S. financing institutions. There are currently no active
DFC projects in Guyana despite businesses applying for financing.
The Export-Import Bank of the United States (EXIM) offers insurance and financing to support
U.S. firms exporting to Guyana. EXIM will consider financing projects in which the total term of
the financing is one to twelve months or one to seven years.
13. Foreign Direct Investment Statistics
Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy

Host Country USG or USG or International Source of Data: BEA;
Statistical international IMF; Eurostat; UNCTAD, Other
source* statistical
source
Economic Data Year Amount Year Amount
Host Country 2020 $5.47 2020 Billion www.worldbank.org/en/country
Gross Domestic
Product (GDP)
($M USD)
Foreign Direct Host Country USG or USG or international Source of data: BEA;
Investment Statistical international IMF; Eurostat; UNCTAD, Other
source* statistical
source
U.S. FDI in partner 2020 $179.5 178 Amt BEA data available at
country ($M USD, https://apps.bea.gov/international/factsheet/
stock positions)
Host country’s FDI 2020 $8.3 N/A Amt BEA data available at
in the United https://www.bea.gov/international/direct-
States ($M USD, investment-and-multinational-enterprises-
stock positions) comprehensive-data
Total inbound 20xx $Amt 20xx xx% UNCTAD data available at
stock of FDI as %
host GDP https://unctad.org/topic/investment/world-
investment-report
14. Contact for More Information

Brian Hall
Political and Economic Counselor
Benjamin Hulefeld
Economic and Commercial Officer
Richard Leo
Economic and Commercial Specialist
Embassy of the United States of America

100 Duke and Young Streets, Kingston
Georgetown, Guyana
Telephone: + (592) 225-4900-9 Ext. 4220 and Ext. 4213
Fax: + (592) 225-8597
Email: commercegeorgetown@state.gov
https://gy.usembassy.gov
TAGS
Bureau of Economic and Business Affairs Bureau of Western Hemisphere Affairs Guyana
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Home > ... > Guyana

2022 Investment Climate Statements: Guyana

Table 1: Key Metrics and Rankings

1. Openness To, and Restrictions Upon, Foreign Investment

POLICIES TOWARDS FOREIGN DIRECT INVESTMENT

LIMITS ON FOREIGN CONTROL AND RIGHT TO PRIVATE OWNERSHIP AND

OTHER INVESTMENT POLICY REVIEWS

World Trade Organization is available at the following link:

Guyana Deeds and Commercial Registry: https://dcra.gov.gy/

2. Bilateral Investment and Taxation Treaties

TRANSPARENCY OF THE REGULATORY SYSTEM

Ministry of Legal Affairs: https://mola.gov.gy/laws-of-guyana

INTERNATIONAL REGULATORY CONSIDERATIONS

LEGAL SYSTEM AND JUDICIAL INDEPENDENCE

LAWS AND REGULATIONS ON FOREIGN DIRECT INVESTMENT

COMPETITION AND ANTITRUST LAWS

EXPROPRIATION AND COMPENSATION

INVESTOR-STATE DISPUTE SETTLEMENT

INTERNATIONAL COMMERCIAL ARBITRATION AND FOREIGN COURTS

Information on investment incentives in Guyana can be found on the following websites:

 Guyana Office for Investment: http://goinvest.gov.gy/investment/investment-guide/

 The National Procurement & Tender Administration (NPTA): http://www.npta.gov.gy/

FOREIGN TRADE ZONES/FREE PORTS/TRADE FACILITATION

PERFORMANCE AND DATA LOCALIZATION REQUIREMENTS

5. Protection of Property Rights

INTELLECTUAL PROPERTY RIGHTS

No modern legislation exists to protect the foreign-registered rights of investors. However,

CAPITAL MARKETS AND PORTFOLIO INVESTMENT

MONEY AND BANKING SYSTEM

SOVEREIGN WEALTH FUND

8. Responsible Business Conduct

 Country Reports on Human Rights Practices;

Department of the Treasury

 OFAC Recent Actions

 Findings on the Worst Forms of Child Labor Report;

Companies interested in doing business in Guyana may contact a “watchdog” organization

RESOURCES TO REPORT CORRUPTION

Transparency Institute of Guyana Inc.

10. Political and Security Environment

The security environment in the country continues to be a concern for many businesses.

11. Labor Policies and Practices

Local legislation governing labor in Guyana includes the National Insurance

12. U.S. International Development Finance Corporation (DFC),

13. Foreign Direct Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy

14. Contact for More Information

Embassy of the United States of America

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SEPTEMBER 12, 2022

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