Finance Minister Dr. Ashni Singh recently emphasized the importance of transforming the culture around borrowing in Guyana, urging greater acceptance of credit as a tool for growth. Speaking at an event last week, he acknowledged the significant rise in private sector credit, which has surged by 58% from December 2020 to June 2024. However, he also addressed the perception that only large businesses benefit from credit, clarifying that small and medium-sized enterprises (SMEs) and households have also seen increased access to loans. Dr. Singh highlighted the need for continued innovation in the financial sector, including overcoming cultural barriers to borrowing, and encouraged initiatives that offer alternative forms of collateral beyond real estate, especially for SMEs.
