Guyana’s rapid emergence as an oil-producing powerhouse has unlocked a wave of opportunities across the business landscape, and women-led enterprises are increasingly positioning themselves to tap into this booming sector.
The Local Content Secretariat (LCS), tasked with ensuring that the benefits of Guyana’s oil wealth are widely shared, has seen a significant rise in the participation of women-owned businesses. In 2024 alone, women-led companies submitted a majority of 54 applications for LCS registration, a notable increase that signals growing confidence and ambition among women entrepreneurs.
According to Dr. Martin Pertab, Director of the LCS, these applications span multiple industries. “We have seen women-owned businesses from various sectors, including catering, accommodations, pest control, local marketing, cargo management, ICT, and food supply, among others,” he explained. What’s more striking, Pertab noted, is that several applications are from businesses in industries not traditionally associated with oil and gas, as outlined in the First Schedule of the Local Content Act.
“There are applications from sectors outside the 40 specified sectors and subsectors,” he said, reflecting a growing eagerness among women to diversify their participation and move into uncharted areas of the economy. Increased involvement of women in the oil and gas sector highlights a significant shift in Guyana’s economic fabric as the oil industry has traditionally been male-dominated in Guyana and globally.
The surge in applications from women-led businesses represents more than a statistical increase; it reflects a broader movement toward inclusivity and the growing role of women in high-growth industries. “It underscores the expanding role of women in the economic landscape,” Pertab emphasized illustrating that women are actively shaping Guyana’s oil-fueled economic transformation.
This is no coincidence. The LCS has introduced specific measures to ensure the sustained growth of women’s involvement and make gender diversity a key pillar of the industry’s future. Central to these efforts is a mandatory reporting requirement for all contractors, subcontractors, and licensees, which are required to implement and enforce policies that promote the inclusion of women-owned and small businesses within their supply chains.
To ensure that these policies are not mere formalities, the Secretariat has developed sophisticated tools for tracking and measuring the engagement of such businesses. “We’ve introduced specific measurement tools designed to monitor and assess the extent to which women-owned businesses are being utilized,” Pertab explained. This ensures that contractors aren’t just claiming to support gender diversity, but that they are actively doing so in measurable ways.
Companies must now report on their spending with women-owned enterprises on both an annual and semi-annual basis. These reports are not superficial; they require detailed breakdowns of how much money is directed toward women-led businesses and in which sectors these businesses operate. “Reporting companies are required to include detailed information on the amount spent on women-owned businesses in both their annual and half-yearly reports,” Pertab noted.
This data is then meticulously cross-referenced with the Secretariat’s internal database, where ownership structures are verified during the registration process. “We identify whether a business is women-owned during the registration process,” Pertab eexplained. Once the reports are submitted, the Secretariat performs a thorough analysis to verify that the businesses receiving contracts and opportunities are women-led.
“The Secretariat then cross-references this data with our internal database to determine which of the utilized businesses are women-owned, identify the sectors they are involved in, and calculate the total amount they received during the reporting period,” he added.
This robust tracking system ensures that the Secretariat’s work delivers real benefits to women-led businesses as part of a broader strategy to boost economic opportunities for women. In this way, the Secretariat ensures that contractors, subcontractors, and licensees are accountable for their commitments to gender diversity. The goal is to increase contracts awarded to women-owned businesses and create a more inclusive business ecosystem for these enterprises to thrive.
The stakes are high for Guyana, a country undergoing rapid transformation thanks to its newfound oil wealth. There is a risk that mismanagement of the massive oil wealth benefits could lead to uneven distribution of benefits and the marginalization of some social groups. The Local Content Act, and the policies implemented by the Secretariat, are designed to prevent this by ensuring that the oil sector’s growth fosters inclusive development.
Dr. Pertab believes that promoting the participation of women-owned businesses is vital to this strategy. “This initiative is part of a broader effort to promote equitable opportunities and foster a more inclusive economic environment,” he explained. By tracking spending on women-led businesses and ensuring that these enterprises are given real opportunities to participate in the sector’s supply chain, the Secretariat is laying the foundation for a more diverse and dynamic economy.
The Secretariat’s policies are helping to level the playing field, but systemic barriers remain. Women entrepreneurs still face significant hurdles, from securing financing to navigating a historically male-dominated industry. Ensuring that women-owned businesses not only secure contracts but also have the resources and support they need to thrive in the oil sector will require ongoing effort.
Nevertheless, the fact that women are stepping into industries outside traditional sectors covered by the Local Content Act is a positive sign. Dr. Pertab envisions a future where the LCS empowers women-owned businesses to become an integral part of Guyana’s oil sector, contributing to the nation’s economic growth and benefiting fully from its success.
