Illicit Cigarette Trade Threatens Guyana’s Economy 

A growing illicit cigarette trade is costing Guyana around $1 billion in lost government revenue, with nearly 28% of the market now dominated by illegal products. This issue was highlighted at an Illicit Trade Conference in Georgetown, organized by the Private Sector Commission (PSC), which addressed the broader risks of smuggling, including links to organized crime and money laundering. The PSC has launched an Illicit Trade Desk to tackle the issue, allowing businesses and the public to report smuggling activities. Collaboration between the private sector and law enforcement is seen as critical to curbing this harmful trade, which threatens legitimate businesses and the integrity of the economy, especially as Guyana’s oil and gas sector booms.

GRA Cracks Down on Emerging Gold Smuggling Tactics

The Guyana Revenue Authority (GRA) is ramping up efforts to combat sophisticated gold smuggling schemes as new tactics emerge. According to GRA Comptroller Rohan Beekhoo, smugglers are disguising gold as jewelry to evade detection, part of a broader wave of illicit activities including currency smuggling and narcotics. In response, the GRA is enhancing staff training and utilizing excise stamps on high-risk goods like alcohol and tobacco. Beekhoo emphasized the importance of private sector collaboration in providing intelligence to authorities. This crackdown follows recent U.S. sanctions on prominent local gold dealers accused of smuggling over 10,000 kilograms of gold between 2019-2023, defrauding the government of more than $50 million in duty taxes. The government is working to strengthen enforcement, with the Guyana Geology and Mines Commission also conducting countrywide compliance checks in the gold market.

Power Disruptions Prompt GPL to Warn Against Machinery Near Electrical Lines 

The Guyana Power and Light (GPL) company has raised concerns about recent power outages caused by heavy machinery coming into contact with transmission lines during road upgrades. Incidents in Demerara and Berbice disrupted electricity supplies and posed serious safety risks. GPL is urging contractors to maintain a minimum distance of 20 feet from electrical lines and is conducting safety sessions to prevent further incidents. As Guyana undergoes rapid infrastructure development, GPL is upgrading its network to keep pace with growing energy demands while prioritizing safety and communication to avoid future disruptions.

Business Opportunities Based On Today’s Developments

Small Enterprises (SMEs)

1. Custom Jewelry & Goldsmithing Services

   • Opportunity: With the rise in gold smuggling being disguised as jewelry, there’s an increased focus on legitimate gold trading and craftsmanship. Small enterprises could offer certified, custom-designed jewelry, partnering with the Guyana Gold Board to ensure compliance with regulations.

   • Thoughts: Position your business as an ethical and transparent jeweler, marketing the value of buying locally sourced and certified gold. There could be potential to build trust by showcasing ethical practices and offering certifications with each piece sold.

2. Safety Training and Consultancy for Contractors

   • Opportunity: Given the concerns raised by GPL about heavy machinery near electrical lines, small businesses can offer safety training and consulting services to contractors and construction firms to prevent accidents and ensure compliance with regulations.

   • Thoughts: Partner with GPL to provide certified courses on electrical safety and advertise your services to construction companies, especially those involved in major infrastructure projects. There could be an additional opportunity to offer on-site consulting for specific projects.

3. Illicit Trade Monitoring Solutions

   • Opportunity: With the rising tide of illicit trade, there’s an opportunity for small tech firms to develop simple, mobile-friendly platforms for businesses to report suspicious activities. Such solutions could be used by private sector companies to quickly alert authorities.

   • Thoughts: Collaborating with local enforcement or private sector organizations like the Private Sector Commission (PSC) could offer credibility. Additionally, creating tools that allow for anonymous reporting may help encourage broader use.

4. Carnival-Related Merchandising

   • Opportunity: Both the Social Events Guyana’s Mas Mani Band and Nomads Carnival Band provide opportunities for small enterprises to develop related merchandise like carnival costumes, branded accessories, and locally crafted souvenirs.

   • Thoughts: Consider creating customizable products and focusing on the cultural pride aspect, leveraging Guyanese heritage. Building partnerships with carnival bands to become their exclusive supplier could provide steady seasonal income.

Medium Enterprises (MEs)

1. Event and Festival Services

   • Opportunity: With the growing prominence of Cricket Carnival and Guyana Carnival, medium enterprises could offer event services like VIP ticketing, exclusive hospitality packages, and logistical support for large bands and events.

   • Thoughts: A medium-sized business could also develop a digital platform to centralize ticketing, event registration, and merchandise sales for these festivals. Leveraging partnerships with sponsors (e.g., the Ministry of Culture, Youth, and Sports) could further boost business credibility.

2. Logistics & Compliance Solutions for the Gold Industry

   • Opportunity: With heightened scrutiny of gold smuggling and the need for regulatory compliance, medium enterprises could offer logistics solutions that ensure gold traders follow all required legal guidelines. This could include transport, secure storage, and trade facilitation services for small-scale miners.

   • Thoughts: A business that offers transparency in the gold supply chain could partner with the Guyana Gold Board or gold dealers, ensuring legal trade routes and logistics. By incorporating tech-enabled solutions, such as blockchain for traceability, you can attract gold traders wanting to avoid any association with smuggling.

3. Renewable Energy Solutions for Power Management

   • Opportunity: With GPL's growing challenges in maintaining a stable power supply, medium enterprises can capitalize on the demand for renewable energy solutions. This could include installing solar panel systems, offering backup power solutions for businesses, and developing energy storage technologies.

   • Thoughts: Focus on partnerships with large development projects (e.g., housing schemes) and government infrastructure projects to secure long-term contracts for renewable energy systems. Highlight the cost-effectiveness of green energy solutions amidst the country's rapid growth.

4. Illicit Trade Data & Intelligence Consulting

   • Opportunity: Given the importance placed on tackling illicit trade, medium-sized consulting firms specializing in data and intelligence gathering can offer services to both the government and private sector companies. Services could include risk assessments, trade monitoring, and compliance auditing.

   • Thoughts: This would require collaboration with enforcement agencies like the Financial Intelligence Unit (FIU) and the GRA. Additionally, offering workshops and training for business owners to identify red flags in supply chains would be valuable.

Large Enterprises

1. Affordable Housing Development

   • Opportunity: The expansion of the LBI Housing Scheme and the government's commitment to affordable housing for young professionals presents a huge opportunity for large construction firms. They can offer not only housing but also integrated community development projects, including infrastructure, amenities, and retail spaces.

   • Thoughts: Partner with the government to bid on large contracts for housing and infrastructure. Additionally, consider providing financing options to buyers through a partnership with local banks. This could be a great way to build trust and reputation as a leader in the housing sector.

2. Security & Compliance Solutions for the Gold Sector

   • Opportunity: With the continued prevalence of gold smuggling, large enterprises can develop full-scale compliance systems, including secure transport, certification, and digital tracking solutions (potentially utilizing blockchain) to ensure traceability of gold from mine to buyer.

   • Thoughts: Collaborate with the Guyana Gold Board and major gold dealers to provide high-tech solutions that guarantee compliance with international anti-smuggling standards. Leveraging AI or other tech solutions to track and analyze gold trade routes could offer added value to the sector.

3. Power Infrastructure Development

   • Opportunity: Guyana’s rapidly growing power needs and frequent outages provide a strong business case for large enterprises to step in and invest in developing the national grid. This could involve creating large-scale power plants, upgrading transmission lines, or offering Public-Private Partnerships (PPPs) to the government.

   • Thoughts: This could align with broader development plans tied to the oil and gas sector. Investing in renewable energy solutions (wind farms, solar parks) for a growing economy could position a large enterprise as a major player in Guyana's future energy landscape.

4. International Trade and Export Facilitation

   • Opportunity: With the UAE-Guyana visa-free agreement, large enterprises in sectors like tourism, logistics, and trade can explore opportunities to strengthen ties between the two countries. This includes facilitating the export of Guyanese goods (like gold, seafood, or agricultural products) to the UAE and investing in joint ventures with Emirati companies.

   • Thoughts: Focus on leveraging Guyana’s unique position in the Caribbean and its growing oil wealth. Export opportunities could include luxury goods (crafted jewelry from certified gold), as well as raw materials. Additionally, offering trade finance or warehousing solutions in UAE-based free trade zones could open up new market access for Guyanese exporters.

5. Debt Recovery and Educational Finance

   • Opportunity: With the government’s plan to write off $5 billion in student loans as part of making tertiary education free, large financial enterprises could offer alternative education financing solutions. This could include offering educational grants, scholarship funds, or private student loan products to students not covered under the government’s initiatives.

   • Thoughts: Aligning your financial products with Guyana’s broader education goals, especially in high-demand sectors like oil and gas, could create long-term relationships with both the government and students. Position yourself as a partner in Guyana's future workforce development.

Conclusion:

Today's developments in Guyana present a wide range of opportunities across sectors like housing, gold, trade, and infrastructure. Small and medium enterprises can capitalize on niche areas like safety consulting, compliance, and custom jewelry, while large enterprises have the chance to lead in national infrastructure, energy, and international trade. Partnering with the government and key private sector players will be critical in many of these ventures to ensure long-term growth and impact.

Side Hustle Ideas Based On Today’s Developments

1. Gold Jewelry Authentication & Customization Services

• Opportunity: With the rise of gold smuggling disguised as jewelry and increased scrutiny in the gold sector, there is a growing demand for legitimate gold sources. A side hustle offering gold jewelry authentication (in collaboration with the Guyana Gold Board) and customization services could attract locals and tourists seeking certified, ethical products.

• Why High Value? You can charge a premium for certified, customized gold jewelry, tapping into the growing desire for luxury and ethical products in Guyana’s booming economy. This could start as a weekend or evening service, offering consultations and designs for custom pieces.

2. Event Management for Corporate and Cultural Festivals

• Opportunity: Guyana's cultural festivals, like Cricket Carnival and Guyana Carnival, are expanding, presenting opportunities for part-time event management. You could specialize in managing small VIP sections, exclusive events, or handling logistics for corporate sponsors at these festivals. This would align well with Guyana's growing corporate presence and tourism sector.

• Why High Value? By focusing on high-end, corporate, or international clients attending these festivals, you could charge premium fees for your expertise and network, without needing a full-time commitment.

3. Renewable Energy Consultancy for Homeowners and Small Businesses

• Opportunity: With growing power disruptions and the country's rapid development, many homeowners and small businesses are looking for ways to become more energy-independent. Offering part-time consultancy on solar panel installations or energy-efficient solutions would be a high-demand service.

• Why High Value? This is a tech-savvy, future-oriented hustle that aligns with the increasing infrastructure development in Guyana. You can tap into government incentives or financing programs for renewable energy to help people transition to greener solutions while earning commissions from vendors.

These side hustles cater to Guyana's expanding economy, leveraging trends in ethical gold, event management, and renewable energy, offering great flexibility and potential for those looking to supplement their primary income.