GCCI membership doubles in two years of oil production – President
: GCCI President Nicholas Deygoo-Boyer.
Kaieteur News – Although the Georgetown Chamber of Commerce and Industry (GCCI) this past year, despite performing poorly financially, its membership increased to almost double its previous two-year representation, making the Business Support Institute (BSO), the largest in Guyana.
This was the report presented to GCCI’s membership on Saturday, by GCCI President Nicholas Deygoo-Boyer, who presented the report for the financial year of the BSO 2020 to 2021 for the entity’s 131st Annual General Meeting (AGM).
According to Deygoo-Boyer, GCCI has been able to gather 201 new members over the past two years – a feat in itself.
Notably, the goal of the Guyana economy over the past two years has been to start oil production in December 2019 with the country exporting more than 35 million barrels of oil to date.
During that time, according to the GCCI President, “our Chamber has now been able to almost double its membership, standing at approximately 420 members, by far the largest BSO in Guyana.”
He noted that “of these, many continue to be extremely active in the Chamber, participating in committees, programs, webinars and, benefiting from the work of their Chamber.
He said last year was “as we all know, an unprecedented start to a new year. Directly, we have witnessed the fragility of our lives, and witnessed the uncertain nature of our business community. ”
The GCCI president also noted that with the advent of the COVID-19 pandemic coupled with a period of “political uncertainty, there were significant threats to the health of our community, the prosperity of our businesses, and the strength of our economy… However, your Chamber continues to press forward. ”
In reporting on the financial affairs of the BSO, Deygoo-Boyer noted that despite increased membership “this year, our financial performance deteriorated from previous years, which was compounded by the inability to hold our personal physical events, an extended period of slowing growth. business, and a generally damp global and domestic environment during 2020. ”
As such, the GCCI recorded a $ 3.9M operating deficit down from $ 7.3M, a normal operating surplus.
However, he noted that “this inaction is largely due to the fact that income from our two major GCCI fundraising events – the Annual Awards and Gala Dinner as well as the Business Guyana Magazine – was not recognized until January 2021 due to the two events being postponed. ”
As such, he explained that “these figures will be reflected in the subsequent financial evaluation of the Chamber and will undoubtedly provide a strong rebound to the organisation’s financial performance in the coming financial year.”
It reported, very importantly, that total cash and cash equivalents for GCCI were $ 66.2M at year end, up from $ 44.2M in 2019.
In addition, the Balance Sheet position improved from $ 90.4M in 2019 to G $ 113.9M in 2020. Despite the COVID-19 pandemic and the accompanying impact on business, the revenue stream for the future looks promising for the Chamber as we continue our active life. efforts to increase key revenue drivers in diversification.
The GCCI president used the occasion to observe that “as Guyana seeks to build a sustainable, resilient economy in the face of challenges, so too does the GCCI’s goal of continuing its evolution into a diverse organization that thrives despite the headwinds.”
It was also pointed out that, in August 2020, after several months of delay, the People’s Progressive Party / Civic (PPP / C) government took office in Guyana, with His Excellency, Dr. Mohamed Irfaan Ali is sworn in as Acting President of Guyana and in the coming months, the GCCI established a collaborative working relationship with the new political administration.
This, he said, “aims to foster greater economic growth and general social development.”
The Chamber said, “remains committed to helping businesses navigate a new roadmap and will continue to advocate firmly on all business related issues on behalf of our members.”