Despite criticism and differing views on Guyana’s economic development, President Dr Mohamed Irfaan Ali remains confident that Guyanese are making use of the opportunities being created by the country’s growing economy.
Speaking at his press conference yesterday, President Ali pointed to the rising number of businesses registered under the Local Content framework and the growing involvement of young Guyanese in various sectors as evidence that citizens are taking advantage of these opportunities and benefiting from the country’s economic growth.
The Head of State further disclosed that the government is preparing to announce new investment opportunities in the oil and gas sector in the coming weeks.
According to President Ali, “Regardless of the noise, when you look at the number of businesses registered under the Local Content [body] and you look at the number of new businesses registered, the number of young people [that are] taking up opportunities… the number of young people owning their own homes, the number of loans that are given to persons below 35 years old, and the number of young people owning their own cars, all of these things, when you look at it, [show] that our people are taking up the opportunities.”
The President further acknowledged that while Guyanese are taking advantage of the opportunities available within the expanding economy, the extent to which they are maximising those opportunities and improving their productivity remains an important area for continued attention.
He emphasised that strengthening productivity and ensuring that citizens fully capitalise on emerging opportunities are among the areas that require further development and improvement.
Moreover, President Ali stated that the upcoming initiative will explore institutional investment opportunities while creating avenues for Guyanese families and individuals to participate as investors in the sector.
He also added that the initiative will potentially broaden local ownership and participation in one of the country’s most significant economic industries.
“We’re also going to launch very soon some additional opportunities in the oil and gas sector that will look at institutional investments, and every Guyanese family or individual will be given an opportunity to invest,” he noted.
“[These] are some really exciting news, and we are hoping to have those announcements in the coming weeks that would allow for wider and broader participation in the energy sector and in the opportunities arising out of the investment in petroleum.”
Furthermore, President Ali emphasised that while Guyanese are increasingly capitalising on and benefiting from the country’s economic growth, it is equally important to ensure that the nation’s work ethic and culture of productivity are not diminished.
He also stressed that the strengthening of these values remains a collective responsibility; something “all of us” must work towards.
President Ali’s remarks underscored the government’s continued focus on expanding economic participation, creating greater investment opportunities and encouraging a stronger culture of productivity, as Guyana seeks to ensure that its rapid economic growth translates into lasting benefits for citizens across the country.
