Guyana improves in global rule of law for business
Guyana has recorded an improvement in its adherence to the rule of law, facilitating increased commercial activity and investments, according to the 2021 Global Rule of Law and Business Dashboard.
This Dashboard is crafted by the US Chamber of Commerce and its Coalition for the Rule of Law in Global Markets. And according to the 2021 Dashboard, published on October 4, Guyana had a score of 48.73 per cent in relation to the rule of law for business. This is a 4.41 per cent increase from the previous score recorded in 2019.
It is important to note that in the Caribbean, only Barbados, Trinidad and Tobago and Jamaica have a higher score than Guyana.
Guyana’s improvement in the rule of law for business was highlighted by US Ambassador to Guyana Sarah- Ann Lynch during a virtual forum organised by the American Chamber of Commerce & Industry Guyana (AMCHAM).
Ambassador Lynch explained that the five pillars that underpin the rule of law- that is, transparency, predictability, stability, accountability and due process- are the building blocks for economic activity.
In fact, she posited, “These are the key factors that drive foreign investments and operators.”
The US Chamber of Commerce itself has highlighted that there is a clear linkage between a stable and predictable rule of law environment and high levels of commercial activity. This is so because a strong, stable rule of law creates a favourable business environment.
At that virtual forum too, the Executive Director for the Coalition for the Rule of Law in Global Markets at the US Chamber of Commerce Kendra Gaither stated that this rating helps countries plan longer-term developments.
“We’ve seen that countries that adhere to the principles of good governance attract and develop top calibre companies that are better equipped to make long term developments, create jobs, pay taxes, enact high labour and environmental standards and put down roots in the environment where they operate in,” Gaither stated.
The Dashboard is a research-based tool covering 113 markets, regional profiles, and trend summaries and case studies. According to the 2021 publication, it highlights why the Coalition for the Rule of Law in Global Markets and its members are focused on the rule of law as a building block for economic recovery.