GEORGETOWN, Guyana, CMC – The Private Sector Commission (PSC) has voiced concern following reports the market share of illicit cigarettes in Guyana has soared to an estimated 28%.
During an Illicit Trade Conference held on Wednesday, it was revealed that rampant illegal trade not only jeopardises legitimate businesses but also results in an alarming loss of around GUY$ 1 billion in government revenue.
The conference, organised by the PSC, shed light on the broader implications of the illegal trade of goods, which is intricately linked to organised crime, human trafficking, arms smuggling, drug trafficking, and money laundering.
Chairman of the PSC Komal Singh, articulated the gravity of the situation.
“Currently, Guyana is losing billions of dollars in revenue. The market share that some of these smugglers are capturing at the moment exceeds 25 per cent to 50 per cent in some areas. If we don’t find means and measures to put a stop to the smuggling in the shortest time, they can expect those numbers to rise,” Singh warned attendees.
Singh further emphasised that the conference signifies the start of crucial efforts to instigate positive change.
“Smuggling cannot continue, and collectively we need to put our heads together to ensure that we find all possible measures to curb smuggling in our industry,” he added.
In response to the rising tide of illicit trade, the PSC has launched an Illicit Trade Desk at its Secretariat.
This initiative provides businesses and the public with a platform to report illicit activities, aiming to complement the efforts of law enforcement agencies.
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