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Coverage of Guyana’s financial sector deemed poor …Nation has fewer bank branches per capita than its regional neighbours – Report

Aug 05, 2018 News

Guyana’s private financial system is considered reliable and stable.
The six commercial banks, three foreign and three national, which make up the system, are the largest and most important financial institutions therein.
Guyana’s commercial banks are well-capitalized, holding reserves equal to over 160% of required reserves at the end of November 2016. Together, they accounted for assets equivalent to 98.8% of Gross Domestic Product (GDP) in 2010.
However, coverage of the financial sector is still poor.
This was highlighted in the Framework of the Guyana Green State Development Strategy (GSDS) and Financing Mechanisms.
The report was prepared by the United Nations in partnership with the Ministry of the Presidency.
It was noted that Guyana has fewer bank branches per capita than its neighbours, Trinidad and Tobago and Suriname (8.4 per 100,000 people in Guyana versus 13.0 in Trinidad and Tobago and 11.1 in Suriname).
According to the report, there are also fewer ATMs per capita (16.7 per 100,000 people in Guyana versus 41.0 in Trinidad and Tobago and 47.8 in Suriname).
The report states that Port Kaituma and Lethem are the only hinterland communities with bank branches. In fact, many hinterland residents must make costly overnight trips to access financial services.
Further to this, the Green State Development Framework noted that Non-Bank Financial Institutions are the next largest financial group with assets equivalent to 42% of GDP in 2010.
They include mortgage providers, trusts, credit unions and pension funds. The nine insurance companies are the next largest group by assets, equivalent to 16.6% of GDP.
The document explained that the commercial banking sector accepts deposits, provides loans, makes payments in both domestic and foreign currency, and supports import and export financing.
The Green State Development Strategy is expected to guide Guyana’s economic and socio-cultural development over the next 15 years.
It will lay the new Coalition Government’s principle foundations for inclusive green economic and social growth, provide a roadmap for achieving sustainable development goals and related targets, and outline a long-term vision for a prosperous and equitable future.
The objective ofthe strategy is to reorient and diversify Guyana’s economy, reducing reliance on traditional sectors and opening up new sustainable income and investment opportunities in higher value adding and higher growth sectors. Importantly, the present document is the proposed “Framework” for Guyana´s Green State Development Strategy providing guidance on the prioritized areas to be developed in the strategy. It does not give in-depth detail specificity for the GSDS, but rather lays out the elements to be examined and consulted upon during the course of the GSDS’ development (April to December 2017).

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