Budget 2026: GMSA says manufacturing and services poised for continued growth

Jan 28, 2026 Letters

Georgetown, Guyana, January 27, 2026: The Guyana Manufacturing and Services Association (GMSA) welcomes the presentation of Budget 2026, delivered under the theme “Budget 2026: Putting People First,” and acknowledges the Government of Guyana’s continued focus on policies aimed at strengthening economic resilience, diversification, and inclusive growth.

Guyana’s economy expanded by 19.3% in 2025, with the non-oil economy growing by 14.3%. The GMSA notes in particular the strong performance of the manufacturing sector, which grew by 20%, and the services sector, which expanded by 8%, both of which contributed meaningfully to the expansion of the non-oil economy.

The Association recognises the uncertainty in the global economic environment, influenced by geopolitical developments and external market volatility. Within this context, the GMSA notes that Budget 2026 includes measures intended to strengthen economic resilience and support longer-term diversification.

The GMSA further welcomes the inclusion of several policy measures submitted to the Ministry of Finance. These include: the removal of VAT on locally manufactured furniture, including doors, moldings, and beds; the revision of the export allowance to include value-added timber products; the removal of VAT on locally manufactured jewelry; the establishment of Special Development and Economic Zones to support export-oriented manufacturing; and the proposed establishment of a Junior Stock Exchange.

The Association also welcomes the planned establishment of a Development Bank, capitalised at US$100 million, with provisions for collateral-free financing of up to GYD $3 million for small and medium-sized enterprises, as well as the removal of corporate tax on agriculture and agro-processing.

The GMSA thanks the Government of Guyana for the presentation of the G$1.558 trillion Budget 2026, and the Association anticipate ongoing collaboration with policymakers to support a stable, competitive, and diversified economy, and to advance sustainable growth across Guyana’s manufacturing and services sectors. The government’s budget allocation, especially in housing, agriculture, agro-processing and technology, will positively impact our businesses directly as companies are assured of their expansion investments for the next five years and beyond.

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