Is Guyana Facing a Silent Currency Crisis?

Dear Editor,

Fear. That’s what I felt trying to wire a measly $320 USD on Thursday, May 24th, 2024. Not fear for myself, but for the future of businesses like mine in Guyana, especially those without advocates.

We’re constantly reassured about the health of our foreign currency reserves. ExxonMobil and its partners pumped over half a billion USD into our economy as of last year. Yet, here I was, being redirected from the Foreign Trade desk at my trusted bank to the online banking portal. What’s worse is that I know my urgent transfer will be stuck in a queue with no guaranteed completion date. 

The bank staff, while polite, offered no solace.  “Up to 30 days,” they said. 30 days! For a transaction that used to take hours?  This isn’t just an inconvenience; it’s a stranglehold on businesses, especially small enterprises who rely on swift, reliable transactions. 

We’ve heard the reassurances from the Bank of Guyana, seen the Business Support Organizations (BSOs) meet with the Finance Minister and the Bank of Guyana. But where are the results?  Are we facing a silent currency crisis, hidden behind press releases, hand shakes and optimistic projections?

The public deserves transparency. We deserve to know if US dollars are truly accessible when we need them.  We need action, not assurances. The livelihoods of countless Guyanese businesses hang in the balance.

Yours truly,

Theon Alleyne

Managing Consultant 

The views expressed above are that of the author and do not necessarily reflect the views of any BSO with which the author is associated.