Govt. to create modern legislative framework for commercial sector

Jul 16, 2022 News

Kaieteur News – Following discussions with members of the Georgetown Chambers of Commerce and Industry (GCCI), Attorney General and Minister of Legal Affairs, Anil Nandlall disclosed that Government is committed to creating a modern legislative framework for the commercial sector.

Attorney General, Anil Nandlall, and the GCCI members on Tuesday

The meeting was held on Tuesday at the Attorney General’s Chambers and included GCCI President, Timothy Tucker; Executive Director, Richard Rambarran; Senior Vice President, Gerry Gouveia Jr.; Junior Vice President, Kester Hutson, and Councillors, Rayad Boyce and Keon Howard.

According to Attorney Generals Chambers, the GCCI raised several legal issues for discussion relevant to the commercial sector during the meeting.

As such, it was revealed that the government is dedicated to the creation of a modern and flexible legal infrastructure that will regulate and cater for the needs of a modern and expanding commercial Guyana.

The expected revamp, the AG explained, will be done through the updating and drafting of new legislation.

Nandlall observed several Acts and Bills which he noted are under review to be updated.

The Acts and Bills that were highlighted and discussed include the soon-to-be-passed Arbitration Bill – to lay the foundation for a modern arbitration regime for Guyana and the Caribbean; soon-to-be concluded Hire Purchase legislation, the E-transaction Bill.

Included also for review is the Deeds and Commercial Registry, in the context of its increasing importance in the growing economic landscape of Guyana, the expansion of its offices to Essequibo Coast and Berbice, and the ongoing digitization and e-transaction efforts in the Registries.

Additionally, government will also be looking at the proposed amendments to the Companies Act, the Single Window legislation and the Local Content law and regulations.

Moreover, it was stated that the AG and GCCI members also discussed several other issues of pertinent importance, including, regulating payment arrangements in the oil and gas sector; making access finances in the banking sector easier, and a review of dated insurance laws, particularly for operations in the oil and gas sector.

The bugbear of the payment timeline to local businesses from oil and gas companies has been labeled as a stifling factor to the businesses. Government has since signalled an intention to introduce regulations to the local content legislation to cater for this.

As it relates to the access to capital concern, for small local business, Nandlall told this publication, “we are trying to put mechanism in place that will allow for easier financing to be access through commercial banks and other lending agencies. For example, making it easier for long-term substantial contractual arrangements to be used to collateralize borrowing.”

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