Business View Caribbean - January 2016 79
bodies; and we’re looking to put in place a procure-
ment commission to oversee the tendering and pro-
curement system. So, those are some of the actions
that we intend to take, and have started taking.”
The official Mission Statement of the Ministry of Fi-
nance is: “To foster strong economic development
by managing and maintaining sound public finances,
providing a positive framework for public and private
initiatives, and mobilizing inflows and resources.” Jor-
dan elaborates its mandate as follows: “Collecting and
safeguarding the government’s revenue; undertaking
expenditures to promote the well-being of the Guya-
nese people; providing proper systems of accounting,
auditing, and reporting of revenues and expenditures;
and undertaking short and medium-term planning
for the country.” The Ministry is comprised of several
agencies and units:
o The Central Bank of Guyana - Its primary purpose is
to formulate and implement monetary policy so as to
achieve and maintain price stability. The other major
purpose is to foster a sound, progressive, and effective
financial system. In the discharge of its functions, the
Bank strives to: promote a sustained and non-inflation-
ary growth of the economy; maintain the integrity and
value of the Guyana dollar; and secure the credibility
of the financial system, including payments arrange-
ments, through supervision and oversight.
o The Financial Intelligence Unit (FIU) - Responsible for
requesting, receiving, analyzing, and dissemination of
suspicious transaction reports and other information
relating to money laundering, terrorist financing, or
proceeds of crime.
o The Guyana Securities Council - The principal func-
tions of the Council are to: advise the Minister of Fi-
nance on all matters relating to securities; maintain
surveillance over the securities market and ensure
orderly, fair and equitable dealings in securities; and
protect the integrity of the securities market against
abuse arising from the practice of insider trading.
o The Bureau of Statistics – Conduct Censes; collects,
compiles, analyzes, and publishes socio-economic
and other statistical data.
o The National Procurement and Tender Administra-
tion (NPTA) - The mission of NPTA is to facilitate the
establishment and implementation of regulatory en-
vironment conducive to transparency, economy, effi-
ciency, openness, fairness, and accountability in pub-
lic sector procurement.
o The Guyana Revenue Authority - Its mission is to pro-
mote compliance with Guyana’s Tax, Trade and Border
Laws and Regulations through education, quality ser-
vice, and responsible enforcement, thereby contribut-
ing to the economic and social well being of the people
of Guyana.
o The National Insurance Scheme (NIS) - The mission
of NIS is to: establish and maintain a system of Social
Security through which enough income is secured to
take the place of earnings when such are interrupt-
ed by sickness or accident; to provide for retirement
through age, or sudden death of a breadwinner; to
meet exceptional expenses as those concerned with
birth and death; and to ensure that monies collected
which have to be used for future payments are invest-
ed in such a manner that the economy of the country
would reap maximum benefit.
o The National Industrial and Commercial Investments
Limited (NICIL) - A Private Limited Company. The pri-
mary objectives of the company are that of subscrib-
ing for, taking, or otherwise acquiring, holding, and
managing the Government’s shares, stocks, deben-
tures, or other securities of any company, co-operative
