Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh highlighted that over 1,200 Guyanese businesses have been registered and over US$2 billion in goods and services were procured from Guyanese companies and nationals since the enactment of the Local Content Act (LCA) and operationalization of the Local Content Secretariat.
In his 2026 Budget presentation on January 26, Dr. Singh said that more than US$2 billion in procurement is distributed across several categories of goods and services. This includes:
- US$175 million in construction
- US$250 million in engineering and machining
- US$387 million in manpower and crewing
- US$101 million in accommodation
These figures indicate the range of activities in which registered Guyanese firms are currently engaged under the local content framework.
Referring to the LCA, Dr. Singh said, “We will advance our work toward the revision of the First Schedule to expand the scope of goods and services covered.”
Measures Implemented in 2025
The 2026 presentation also highlights specific actions taken in 2025 in relation to local content. One example noted is that the Local Content Secretariat facilitated a partnership for offshore catering services to the FPSOs, which resulted in the procurement of goods and services valued at US$10.1 million. The Secretariat is also reported to have “facilitated the construction of a fabrication workshop at the Vreed-en-Hoop Shorebase, allowing local companies to manufacture critical components for the oil and gas industry.”
In addition, the Budget notes the development of a Local Content App which was described as a tool for contractors and sub-contractors to publish procurement opportunities in the sector,” with the stated intention of providing a platform where opportunities can be posted and accessed more systematically.
Changes to Local Content Certification Timelines
The Budget outlines adjustments to the processing timelines for local content certification, citing an increase in application volumes. The Minister stated that “effective this month and in response to the level of demand, Government is implementing a faster and more structured timeline for approving applications for local content certification.”
Under the framework described in the Budget presentation:
- Sole proprietorships and landlords are to have new applications processed within five working days, and renewals within three working days.
- Wholly owned Guyanese companies and business partnerships are to have new applications processed within 15 working days, and renewals within 10 working days.
- Other firms are to have new applications processed within 21 working days, and renewals within 15 working days.
These timelines are presented in the Budget as the standard processing targets for the various categories of applicants.
The LCA was passed on December 29, 2021.
