Bank Deposits in Guyana Near $1 Trillion Amid Economic Boom

Guyana’s commercial bank deposits have surged by 88%, reaching nearly $1 trillion GYD by the end of 2024. Finance Minister Dr. Ashni Singh compared the 73% rise in private sector credit under the current government to the 18% growth seen between 2015-2019 under the previous administration. Key lending sectors include agriculture (128% growth), manufacturing (103.7%), and services (80.3%). The government’s pro-business policies have also helped reduce the prime lending rate from 13% in 2017 to 8.38% today, making credit more accessible for businesses and homeowners.

New Financial and Property Laws Set to Boost Guyana’s Business Growth – GCCI

The Georgetown Chamber of Commerce and Industry (GCCI) is praising the government’s recent legislative changes, which aim to enhance business and economic development. The Financial Institutions Amendment Act allows foreign banks to establish representative offices in Guyana, increasing access to capital. The Security Interests in Moveable Property Act enables businesses to use assets like vehicles, equipment, and intellectual property as collateral for loans—expected to significantly benefit SMEs. Additionally, amendments to the Acquisition of Lands for Public Purposes Act aim to streamline land acquisition for public projects while ensuring fair compensation to landowners.

Business Opportunities Based On Today’s Developments

Small Enterprises (SEs)

1. HR & Job Placement Services

   • With the National Job Bank expanding and the government pushing for more employment opportunities, small enterprises can offer resume writing, job interview coaching, and career consulting services.

   • A specialized recruitment agency focusing on blue-collar workers, hospitality staff, or specialized trades could benefit from the rising number of job seekers.

   • Note: Digital platforms integrating with the government’s job bank could offer premium job-matching services for a small fee.

2. Eco-Tourism Experiences & Local Tours

   • The Guyana-Dominican Republic tourism partnership will bring new visitors, creating demand for unique, small-scale tourism services.

   • Small businesses can develop guided nature tours, bird-watching experiences, or adventure activities catering to eco-tourists looking for immersive experiences.

   • Note: Tour operators should consider partnering with hotels like Pegasus to provide packages for visitors.

3. Logistics & Delivery Services for SMEs

   • With bank deposits increasing and more businesses accessing credit, many small businesses will expand operations and require better logistics solutions.

   • A cost-effective courier or last-mile delivery service focusing on urban and rural areas could fill a crucial gap.

   • Note: Partnerships with e-commerce businesses and suppliers could create steady revenue streams.

Medium Enterprises (MEs)

1. Hospitality & Entertainment Investments

   • President Ali’s push to reach 3 million visitors by 2030 creates demand for new restaurants, lounges, and entertainment hubs.

   • A high-end cocktail bar, rooftop lounge, or a cultural performance space could cater to the increasing number of tourists and business visitors.

   • Note: Locations near hotels, airports, or cruise ports would maximize foot traffic.

2. Renewable Energy & LNG Support Services

   • With the government positioning Guyana as a refueling hub for LNG-powered cruise ships, there is an opening for mid-sized energy support companies.

   • Businesses could focus on LNG transportation, supply chain support, or maintenance services for fueling infrastructure.

   • Note: Establishing partnerships with the Guyana Energy Conference & Supply Chain Expo network can help secure contracts.

3. BPO (Business Process Outsourcing) & Professional Services

   • As foreign banks and investors enter Guyana, they will need support services like back-office operations, accounting, compliance management, and IT services.

   • Medium enterprises could establish outsourced administrative services, customer support centers, or legal & compliance advisory firms.

   • Note: Targeting Spanish-speaking markets could be an advantage, given the Mexico-Guyana trade chamber initiative.

Large Enterprises (LEs)

1. Cruise Ship & Port Infrastructure Development

   • The government’s plan to attract cruise liners to Guyana presents an opportunity to develop docking, port-side retail, and service hubs.

   • Large firms could invest in building marinas, shopping areas, and tourism infrastructure to support the cruise boom.

   • Note: Barbados and the Dominican Republic may be potential partners in a regional cruise strategy.

2. High-End Real Estate & Commercial Property Development

   • The banking sector growth and foreign investment surge signal increasing demand for luxury office spaces, commercial buildings, and retail spaces.

   • Developing modern business hubs and premium retail spaces in key areas like Georgetown or near new tourism zones could generate long-term returns.

   • Note: Pegasus Hotel’s expansion indicates confidence in the market—new brands may soon follow.

3. Financial & Fintech Expansion

   • With the Financial Institutions Amendment Act allowing foreign banks to establish offices in Guyana, local companies in fintech, lending, and financial consulting can fill gaps in the market.

   • Large firms could develop digital banking solutions, SME financing platforms, or AI-driven credit assessment tools to support the growing economy.

   • Note: Strategic collaborations with Mexico-based financial firms may offer an entry into Latin American markets.

Final Thoughts

• Tourism, energy, and finance are the biggest winners from today’s news.

• Small businesses should focus on niche services within these sectors.

• Medium enterprises should take advantage of rising foreign investments and infrastructure growth.

• Large enterprises should target major government-backed initiatives such as LNG, cruise tourism, and banking expansion.

Each business idea aligns with current economic trends, government priorities, and foreign investment inflows, ensuring that entrepreneurs and investors can capitalize on the momentum.

Side Hustle Ideas Based On Today’s Developments

1. Short-Term Rental & Tourism Experience Hosting

• Why? With Guyana’s tourism sector expanding and the country twinning with the Dominican Republic, more tourists and business travelers will be visiting. However, affordable, unique, and locally immersive lodging options are limited outside of high-end hotels.

• How?

  • Convert an extra room, guest house, or vacant property into a short-term rental (Airbnb, Booking.com, or local platforms).

  • Offer nature-based experiences for visitors—such as city tours, local cooking classes, or cultural heritage walks—as add-ons to accommodation.

  • Partner with hotels or tour agencies to handle overflow bookings.

• Investment Needed: Basic upgrades to living spaces, strong Wi-Fi, and online marketing.

• Potential Earnings: $100–$200 USD per night for premium accommodations or $50–$100 USD per experience per guest.

2. High-End Food Prep & Meal Kit Service

• Why? The rise in high-income professionals, oil & gas workers, and business travelers is driving demand for convenient, high-quality meals that go beyond traditional fast food. Many professionals don’t have time to cook but want nutritious, restaurant-quality meals at home.

• How?

  • Launch a pre-packaged meal service targeting corporate workers who need healthy, ready-to-eat or easy-to-cook meal kits.

  • Focus on premium, locally-sourced ingredients, offering options like grilled seafood, organic greens, and meal-prep bundles.

  • Offer subscription-based weekly meal plans or on-demand orders.

• Investment Needed: Small kitchen upgrades, packaging, branding, and delivery logistics.

• Potential Earnings: $5,000–$15,000 GYD per meal kit; catering bulk orders for oil & gas workers can significantly increase revenue.

3. Micro Logistics & Express Delivery for E-commerce

• Why? As banking deposits and credit access increase, more Guyanese are launching small businesses online (social media, WhatsApp, Shopify). However, delivery remains a major challenge, especially for same-day or inter-region shipping. A fast, reliable delivery service tailored for small business owners could solve this.

• How?

  • Start a motorcycle or small van-based delivery service catering to small e-commerce businesses, local restaurants, and independent vendors.

  • Offer scheduled pickup and drop-off services with transparent pricing and real-time tracking via WhatsApp or a simple mobile app.

  • Partner with small businesses that struggle with logistics and charge per package or monthly subscriptions.

• Investment Needed: Reliable motorcycle or small van, fuel costs, branding, and a basic digital tracking system (Google Forms, WhatsApp Business API).

• Potential Earnings: $500–$2,000 GYD per delivery, scaling to GYD $200,000+ per month with bulk business contracts.

Final Thoughts

• All three ideas leverage Guyana’s economic boom, the growing middle class, and rising tourism & business travel trends.

• Minimal upfront investment but strong potential for steady, scalable income.

• Focus on premium service & quality to stand out in an increasingly competitive landscape.

• Digital presence (social media marketing, WhatsApp ordering, online booking) is essential for success.

These side hustles provide real economic opportunities while allowing people to maintain their full-time jobs and generate high-value additional income.