Faced with at least two commercial banks taking steps to close the accounts of its candidates, the We Invest in Nationhood party has issued a call for the two banks to be boycotted along with their affiliated businesses.

The call by WIN has been condemned by both the Private Sector Commission and the Georgetown Chamber of Commerce and Industry.

Since Nomination Day, at least two commercial banks, Demerara Bank and GBTI, have closed the accounts of a number of persons who have appeared on the candidates’ list of the WIN party. The move by the banks appears related to the WIN Presidential Candidate, Azruddin Mohamed, being under US Government sanctions over allegations of tax evasion and gold under-declaration.

But WIN believes that the closures of the accounts of its candidates is politically motivated and it blames the People’s Progressive Party Civic Government over the move.

“This is not an accident. It is a clear, calculated, and cowardly attack against a legitimate political movement contesting elections in its own homeland. It is a politically orchestrated effort to destabilize and demoralize WIN and its supporters”, WIN said in its boycott call statement.

While the banks have not released any public statement on the closure of the accounts of the candidates, GBTI was quoted in the Stabroek News as indicating that it continually monitors the risk profile of its customers, and when changes are beyond the bank’s risk appetite, the bank exits such relationships.

“This practice is built upon the regulatory framework in which we operate, as well as international best practices. The bank does not comment on such measures publicly”, the GBTI statement said.

In response to the boycott call by the WIN party, the Private Sector Commission said the party’s call is reckless, inflammatory, and both politically and economically irresponsible.

“Let us be absolutely clear: the private sector in Guyana is not an arm of the state. Our members make decisions based on their internal risk assessments, legal obligations, and the best interests of their shareholders, employees, and clients. These companies operate fully within the framework of Guyana’s laws and international regulations. We categorically reject any attempt to bully or coerce the private sector into political conflicts. The attempt by a political party, whose leader is currently sanctioned by the United States’ Office of Foreign Assets Control (OFAC), to pressure private businesses through public threats and organised boycotts is a direct attack on the democratic principles it claims to uphold, the PSC said.

The Private Sector Commission said it will not support, condone, or remain silent in the face of any effort to destabilise the country’s political or economic environment or to intimidate its members.

The Georgetown Chamber of Commerce and Industry in condemning the boycott call by the WIN party said to advocate for the boycotting of the banks and businesses associated with them is dubious and self-serving, and it believes such calls must be strongly rejected by the public.

“Guyana’s economy and business landscape are at a crucial juncture, and it is important that this trajectory is not impeded or obstructed by penalties as a result of rogue elements instigating reckless,
divisive and dangerous actions that are destructive to private sector and national development. Weaponising the economy for political ends threatens livelihoods, undermines investor confidence, and erodes the democratic values we staunchly defend. Businesses are not political battlegrounds – they are vital pillars of our national economy and social stability”, the GCCI said.

The Chamber of Commerce said businesses are not political battlegrounds and the calls by WIN must be rejected.

The WIN party has stated that it will not back down and will not be bullied or silenced. There are reports that at least one other commercial bank has also been looking to close the accounts of party’s candidates.

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