GMSA Condemns WIN Party's Business Boycott Call in Banking Row
GMSA strongly opposes WIN party's call to boycott major Guyanese businesses, emphasizing the need to protect economic stability and maintain international banking compliance standards.
GMSA headquarters in Georgetown, Guyana, where the organization issued its statement against business boycotts
The Guyana Manufacturing and Services Association (GMSA) has issued a strong condemnation of the recent boycott call by the WIN party targeting several major businesses and financial institutions in Guyana.
Economic Stability at Risk
The boycott call came in response to the closure of bank accounts belonging to WIN party members, a situation that has escalated tensions between political and business sectors. GMSA emphasized that political competition should never compromise economic stability or lead to business sabotage.
"We have always championed efforts for the Guyanese business environment to be seen as a credible economy, and statements such as these serve only to introduce uncertainty," stated GMSA in their release.
Impact on Private Sector
The targeted businesses represent some of Guyana's largest manufacturers, collectively:
- Providing employment to thousands of Guyanese citizens
- Contributing significantly to national revenue
- Delivering essential goods and services
- Supporting numerous shareholders, including ordinary citizens
Banking Sector Obligations
GMSA highlighted that commercial banks must maintain strict compliance with international standards, including:
- Office of Foreign Assets Control (OFAC) sanctions
- Anti-money laundering regulations
- Fiduciary responsibilities to depositors
- Protection of national financial stability
Adrian Singh
Business reporter focused on economic freedom, foreign investment, and institutional transparency.