I support Christopher Ram’s concerns (June 9, 2026) on the proposed Guyana Development Bank.
Affordable SME financing is a worthy goal, but why not use IPED and NBS—existing private-sector institutions—to channel taxpayer funds? That would still diversify the economy and create jobs, with one difference: ministers couldn’t call to demand unsecured loans for friends like they did in the 1980’s under the PNC.
Remember GAIBANK? It collapsed due to high non-performing loans to PNC cronies. So because the PNC did this in the 1980s, now the PPP gets to do the same? This sort of political interference is why Guyana struggles. All those young people that the PPP putting on camera as excited to borrow from the new Bank is just a public relations stunt.. Very few of them will qualify since these funds are for the PPP contractors and friends and family.
Worse, the Bill seems to exempt the Bank from the Financial Institutions Act and Bank of Guyana oversight. There is a reason why? The PPP does not want the independent Central Bank to find out how many party card bearers are collecting cash from this bank without a proper business project, with no skin in the game and worse yet, no collateral. GAIBANK showed what happens to an institution without commercial discipline and accountability. Public money needs safeguards—the PPP chose none. This is funds for the likes of CHOO and SU.
Also troubling: a single Minister appoints all directors, including the Chairman. No defined lending priorities, no transparent criteria.
As we say, “boat done gone a’fall.” Taxpayers face poor credit, political, operational, and governance risk but the PPP does not care. I’m shocked that Dr. Ashni Singh, a Chartered Accountant, would lend his name to this scheme.
Yours faithfully,
Khemraj Harryram
Discussion