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Every dollar in sight – the system that will track Guyana’s economy in real time
By Dr. Karen Abrams, AA
(Kaieteur News) – Last week, it was reported in Newsroom that President Dr. Irfaan Ali announced a new national payment system expected to come on stream within months. The story was short on specifics. But the direction is clear. What is being proposed has far deeper implications than convenience. It signals a structural shift in how money will move, be seen, and ultimately be governed in Guyana.
The Government of Guyana will soon have the ability to track the revenue of virtually every business operating in this country. That is the logical outcome of a unified digital payment system. The public conversation has focused on ease. Faster payments, digital wallets as well as the ability to tap a phone or card and move on. All of that is true. But it is only the surface.
Karen Abrams, MBA, AA, Doctoral Candidate
At its core, this system represents a transition from a cash-based, largely invisible economy to one that is visible, trackable, and taxable in real time.
For decades, cash has defined how much of Guyana functions. Small shops, roadside vendors, service providers, and even established businesses have operated with varying degrees of informality. Transactions happen, but many leave no formal record. Income is estimated, sometimes underreported, and in many cases never fully captured.
That reality is about to change.
Once payments move through a national digital system, every transaction creates a record. Who paid, who received, how much, and when. Over time, this produces something Guyana has never truly had before; a continuous, real-time map of economic activity.
From the government’s perspective, the benefits are substantial.
Revenue becomes more predictable. Instead of relying on periodic filings and self-reported data, the State can observe activity as it happens. Budgeting improves. Forecasting becomes more accurate. Fiscal planning becomes stronger.
Tax collection also shifts. When transactions are digital, taxes can be calculated and tracked at the point of sale. Value-added taxes and business revenues no longer depend solely on end-of-period declarations. They are embedded in the flow of money itself.
Leakage becomes harder to sustain. Cash systems allow underreporting and informal arrangements that bypass official channels. Digital systems create audit trails. Discrepancies become easier to identify. Accountability increases.
Perhaps most significantly, the informal economy begins to formalize. Businesses that want to accept digital payments, (the benefits will be so substantial that all businesses will want this service) will need to be registered, linked to accounts, and operating within a defined structure. This expands the tax base without raising rates. More businesses come into view. More activity contributes to national revenue.
These are meaningful gains for the State.
But the country must understand what this transformation represents. This change will mean more than just convenience to stakeholders. It is about visibility. It is about bringing economic activity into view and, by extension, into the reach of regulation and taxation.
There are implications that deserve attention. Increased visibility raises questions about privacy and data governance. Small vendors, many operating on thin margins, will need support to transition. Trust in the system will matter as much as the technology itself.
None of this is an argument against progress. Digital payment systems have strengthened economies across the world. They improve efficiency, expand inclusion, and enhance the State’s ability to manage public finances. But they also redefine the relationship between citizens, businesses, and the State.
What Guyana is building is a new economic architecture and therefore more than just a payment platform, and with it comes a defining shift; from a cash-shadow economy to a visible, trackable, taxable digital economy. The benefits to the government are clear. The benefits to the country can be real. But only if this transition is understood, openly discussed, and implemented with care.
Because once every dollar leaves a trail, the rules of the game change for everyone. The GCCI and PSC members especially, should be paying rapt attention.
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