By Kurt Campbell
Kurt@newsroom.gy
In his feature address at the opening of GuyExpo 2024 on Thursday, President Dr. Irfaan Ali outlined a bold vision for Guyana’s economic future. He says he makes no apologies for his government’s commitment to building long-term, sustainable wealth for the country.
The event, held at the Sophia Exhibition Centre, not only celebrated Guyana’s entrepreneurial spirit but also highlighted the nation’s path to prosperity — one that Dr. Ali says balances rapid growth with a commitment to resilience and sustainability.
In his speech, President Ali borrowed a poignant analogy from the Minister of Finance, describing Guyana as “running a marathon at sprint speed.” He explained that while the pace of the country’s development might seem rapid, it is carefully designed to ensure lasting success.
“A marathon is about endurance.
“It’s about resilience. It’s about sustainability. It’s about energy—long, sustained energy. It is not about outpacing yourself but ensuring that in completing the marathon, the energy is consistent and steady.”
The President’s remarks were a clear declaration of Guyana’s focus on building a robust economy—one that is not only growing quickly but also laying the foundations for long-term prosperity.
Guyana, with its newly discovered oil wealth and natural resources, has become the focus of intense global scrutiny.
And Dr. Ali noted that while other countries have encountered similar windfalls, many have failed to convert their newfound wealth into sustained economic development. So, he made it clear that Guyana intends to chart its own course.
“We are confident that the path we are defining for our country will lead to a prosperous, sustainable, and resilient future,” he asserted.
“And I make no apology for ensuring that our public infrastructure projects are accelerated, that our infrastructure is embraced, and that each and every project is delivered on time.”
The President emphasized that wealth creation in Guyana is not just about extracting resources but transforming them into value that benefits all sectors of society.
“We are not content to simply take from the earth and tally up the gains,” he said.
“Our vision is about creating wealth in a way that multiplies opportunities, transforms industries, and improves the lives of our citizens,” he added.
Guyana’s agricultural sector, for instance, is a prime example of this transformative approach. In just the past two years, the country has seen a sharp increase in agricultural production, including rice, cassava, and corn.
The country’s rice production is expected to rise from 653,000 tons last year to 720,000 tons this year, while cassava output has surged from 20 million tons to a projected 50 million tons. Shrimp production has jumped from 6,000 kg to 98,000 kg per month, and honey production is set to increase sixfold, from 3,000 gallons to 18,000 gallons.
These figures, said Ali, are not just numbers—they are the building blocks for a diversified economy that goes beyond oil and gas.
“Our commitment is firmly rooted in building a diversified economy that stands strong across every sector,” he declared. “Not just in oil, but in agriculture, in tourism, in technology—in every corner of productivity.”
But President Ali was quick to note that wealth creation isn’t just about the economy—it’s about people.
“We have a duty to the people of this nation,” he said.
“The revenues we earn from our natural resources must benefit the people. That is why we have special schemes designed for vulnerable sections of the population. We have policies that put money directly into the hands of families, young people, the elderly, and the vulnerable.”
He further emphasized that creating lasting wealth involves more than just distributing resources in the short term.
“Distributing resources is not the same as creating wealth,” he said.
“Cash grants can help our people now, yes, but we are not stopping there. To build lasting wealth, we have to invest in financial literacy and teach communities how to combine their individual capital and use it to generate new income.”
The President also outlined the government’s plans to foster innovation and entrepreneurship, with a strong focus on small and medium-sized enterprises (SMEs).
New industrial estates and infrastructure projects will provide the physical space and resources necessary for businesses to thrive. But alongside these investments in physical capital, there will be a concerted effort to develop human capital.
Education, healthcare, and social services are seen as critical to preparing the Guyanese people for the future, with financial literacy playing a central role in this transformation.
“Wealth creation is about investing in people, equipping them with the knowledge, skills, and opportunities to thrive,” President Ali said. “It’s about fostering a spirit of enterprise—a drive to innovate, take risks, and create new opportunities.”
At the core of Guyana’s strategy, he explained, is a partnership with both local and foreign investors.
“We welcome both local and foreign investment as catalysts for economic transformation,” Ali said. “Investors take on significant risk to help build our industries and infrastructure. These investments lay the groundwork for a more dynamic economy, one that creates jobs, enhances our skills base, and modernizes key sectors.”
The President’s remarks highlighted the nation’s commitment to a vision of shared prosperity, not just for Guyana but for the entire region. He reiterated the importance of integrating regional partners into the nation’s growth, saying, “The prosperity of Guyana will be incomplete if it does not contribute to the prosperity of our region.”
“This is why I make no apology,” he added, “for ensuring that we are building the future we want, with our own hands, our own resources, and our collective will.”
