GMSA Condemns WIN Party's Economic Boycott Call Against Businesses
GMSA strongly condemns WIN party's call for business boycotts, emphasizing the importance of protecting economic stability and warning against politicizing Guyana's business environment.
GMSA headquarters in Georgetown, Guyana, where the association issued its statement against business boycotts
Manufacturing Association Stands Against Business Boycott
The Guyana Manufacturing and Services Association (GMSA) has issued a strong condemnation of the We Invest in Nationhood (WIN) party's recent boycott calls targeting several major businesses and financial institutions in Guyana.
The boycott call came after banks closed accounts of several WIN party members, leading to escalating tensions between the political organization and the private sector.
Economic Stability at Risk
In a statement released yesterday, GMSA emphasized that political competition should never compromise economic stability. The association strongly criticized attempts to weaponize the private sector, describing such actions as detrimental to national progress.
"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," GMSA stated.
Impact on Employment and Economic Growth
The targeted businesses represent some of Guyana's largest manufacturers, collectively providing:
- Thousands of employment opportunities
- Significant contributions to national revenue
- Essential goods and services for daily life
Many of these companies are publicly traded entities with responsibilities to their shareholders, including numerous ordinary Guyanese citizens whose savings and investments are tied to these institutions' success.
Banking Sector Obligations
GMSA highlighted that commercial banks must maintain 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.