GCCI President calls for fair business practices and faster payments from oil sector

President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith has issued a strong call for more equitable business practices and faster payments within Guyana’s oil and gas industry.

During a recent interview with the News Room, Smith expressed concern about how some companies are interpreting local content legislation.

“We are still seeing some grey areas in the local content legislation, not the legislation per se, but how some businesses are interpreting the legislation and using it.

“We are still finding areas where large companies are trying to compete aggressively against small businesses by setting up small companies under their companies so they can compete against small businesses,” Smith explained.

She also pointed to unfair practices involving international firms that partner with local companies but retain control of purchasing decisions and revenue streams.

“The international parent company, some of them are pulling the revenue out of the local companies through sales of material or expertise that they are bringing, equipment that they are bringing, capacity area that they have that the local companies don’t have,” Smith stated.

She added that at the end of the business calendar, many of these local companies are left with little or no profit for distribution.

A particularly persistent challenge has been delayed payments from oil companies. In past years, local businesses faced wait times of up to 90 days to receive payments after delivering goods and services.

Earlier this year, Minister of Natural Resources, Vickram Bharrat stated that the government is pushing oil companies to settle payments with contractors within 30 days of receiving a correct invoice. This will mark a further reduction from the 45-day payment period.

“Some of our members are still talking about late payments,” Smith said.

“They’ve invested hundreds of thousands of US dollars, and when the month comes, the payments haven’t arrived.”

She said, the GCCI continues to engage stakeholders in the oil and gas industry to push for more timely payments and transparent, fair practices that allow local businesses to thrive in Guyana’s rapidly evolving economy.

As the first female president of the GCCI, Smith describes the moment not as a personal milestone, but as a breakthrough for leadership in Guyana’s business landscape.

Smith said she feels both empowered and humbled, and emphasised that her new role carries a deep sense of duty. She spoke about her commitment to fostering a culture of transparency, inclusivity, and innovation during her tenure.

Smith credits intentional hard work and a passion for business as the driving forces behind her rise, and now hopes to use her platform to inspire others and help shape a more inclusive and dynamic business environment in Guyana.

“One of the fastest ways to succeed in business is through business-to-business support.

“I want to ensure that the Chamber I am leading continues to be an innovative one. One of our biggest mandates is to ensure that local businesses are given opportunities, that they are supported and respected in doing business in Guyana,” Smith said.