Financial players in the Caribbean region were on Thursday encouraged to be part of transformational development as capital is needed for continued growth.
Making the appeal as he delivered a virtual keynote address at the Jamaica Stock Exchange (JSE) Regional Capital Market Conference 2023, Guyana’s President Irfaan Ali said though the opportunities are present, this transformation can only come to fruition if access to finance is easily mobilized.
“The Caribbean financial sector needs to play a more instrumental role in mobilizing capital to fill the region’s financial gap,” he posited.
Pointing out that the Caribbean’s financial need as far back as 2020 was more than US$10 billion, the Guyanese leader underscored the key role of partnership in fostering growth and development for his country and other Caribbean nations.
“We know that this cannot be done from the savings within the region, and therefore the challenge will have to involve partnership with others,” he explained.
To strike a balance, however, Ali said the mobilization of finance must be met by what he described as “strong regulation and oversight” for it to be a successful venture.
“Financial markets are not without risk. The deeper the region becomes integrated into the global financial markets, the higher the risk of global problems…securities and capital markets need strong regulation and oversight in order to protect investors,” he asserted.
President Ali encouraged investors to come on board with Guyana’s development as several improvements are being made to the technological, agricultural, infrastructural, and educational industries.
“Transformation is not only due to the discovery of oil alone, but also the use to which the oil revenues will be put and the trigger which the industry is already playing in boosting the economy. Guyana will become an economic powerhouse,” he affirmed.
Last July, President Ali supported the launch of the Guyanese-owned New Haven Merchant Bank.
The bank, which provides several services such as asset management, and investment banking, among others, has begun to play a crucial role in bringing the much-needed finance and capital to develop small businesses and advance infrastructural development in keeping with the government’s developmental agenda.
CMC/
