During a recent engagement with a visiting team from the International Monetary Fund (IMF), the Private Sector Commission of Guyana drummed up the country’s economic growth and told the visiting team that unemployment in Guyana “is largely voluntary”.
Guyana’s unemployment rate hovers around 12%, and with the growth of the economy and the oil and gas sector, many more Guyanese have found themselves landing jobs in the sector and the spinoff industries.
According to a statement from the PSC, there is a necessity in the country for targeted training programs to equip the labour force with relevant skills.
During the exchange with the IMF team, the PSC reiterated its position that “unemployment in Guyana is largely voluntary, given the abundance of economic activities that create opportunities and jobs for everyone”.
The Commission reported that labour costs in the private sector have increased by more than 60% over the past four years, and the PSC believes that reflects the country’s rapid economic expansion and rising demand for skilled workers.
Chairman of the Private Sector Commission, Komal Singh, told the IMF that every economic sector in Guyana is experiencing growth, which has been driving an increasing demand for skilled labour.
He pointed to existing mechanisms for job seekers, such as the Ministry of Labour’s Job Bank and the Diaspora Unit at the Ministry of Foreign Affairs.
Additionally, he underscored the government’s efforts in improving the governance environment through legislative advancements, such as arbitration laws, and streamlining business operations via single-window platforms in trade and construction.
However, the PSC team underscored the need for regulatory reforms in the banking sector to better support the expansion and financial resilience of Small and Medium Enterprises.
While acknowledging that banks have made improvements to facilitate the ease of doing business, the PSC said there is still room for further enhancements.
The IMF in its preliminary report following the Guyana visit stated that Guyana’s economic transformation is advancing at a strong pace, and that growth has been linked to the country’s rapidly expanding Oil and Gas Sector, and advancements made in the non-oil sector.
The mission was conducted between February 2024 and March 7, 2025, and was based on consultations with government officials, including the Vice President, Bharrat Jagdeo and Finance Minister, Dr Ashni Singh, the Governor of the Bank of Guyana, Dr Gobin Ganga, trade unionists, and representatives from the Private Sector and the Commercial Banks, along with other groups.
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