Randy Gopaul
Let us dispense with the fanfare and call this legislation what it truly is: a slush fund disguised as development, a political slush pile wrapped in the rhetoric of entrepreneurship. Yesterday, Senior Minister Dr. Ashni Singh did not “pilot” a bill; he bulldozed it through a National Assembly distracted by protests on behalf of the more than 100 citizens who succumbed to a terrifying death because of the negligence of the government of Guyana. So citizens might not have had a chance to read the fine print. And the fine print is terrifying.
While the government trumpets zero-interest loans for SMEs, they conveniently gloss over the gaping holes in accountability. A Board of Directors with between five and nine members, appointed solely at the minister’s pleasure, with no independent oversight mechanism beyond an annual report that he can bury? This is not a development bank—it is Ashni’s personal bank. He gains maximum discretionary control with minimum parliamentary scrutiny. The Auditor General may examine the books, but only after the fact, and only if the Board deigns to keep records that are not creatively massaged.
Where is the transparency in disbursement? Where is the independent complaints mechanism for rejected applicants? Where is the statutory requirement for public disclosure of loan recipients, so we can see if these “clusters” are genuine community enterprises or simply connected party operatives? The bill offers vague platitudes about “risk management” but hands the minister the sole key to the vault. In a parliament already enveloped by chaos, this legislation was waved through without a single substantive amendment—because the government knew that any questioning would expose the absence of safeguards.
We are told that private sector credit has doubled since 2020. Excellent. Then why do we need a new, unaccountable state bank, rather than strengthening the existing Small Business Bureau and commercial lending partnerships? Because this bank is not about economics; it is about patronage. With $3 million loans free of interest and collateral, the potential for abuse is staggering. Who decides who qualifies? The minister. Who decides the “favourable rates” for the additional $7 million? The minister. Who decides which sectors are “strategic”? The minister. This is not empowerment—it is a feudal system where every entrepreneur must kiss the ring to get a dime.
The PPP/C speaks of “equitable wealth creation,” but this bill creates a single point of failure—and a single point of corruption. History teaches us that development banks without ironclad independence become feeding troughs for the ruling class. The Local Content framework has already shown us how “registered businesses” can be gamed; now we are creating a parallel system with even less oversight.
Guyanese people, do not be fooled by the soaring language of entrepreneurship. This bill is not about unleashing a wave—it is about controlling the tide. It gives one man the power to pick winners and losers, to reward loyalty and punish dissent, all with your tax dollars. The Assembly may have been in chaos, but the silence on this bill was deafening. And that silence will cost us dearly.
Shame on this government. Shame on this minister. And shame on every MP who voted to turn a national development tool into a minister’s petty cash drawer. This is not progress. This is plunder with a gavel.
