President Ali declares

ALL eyes are on Guyana as it continues to record massive rates of economic growth, and attract the interest of investors and world leaders from all corners of the world.
In a British Broadcasting Corporation (BBC) interview with Gideon Long, President Dr. Irfaan Ali provided an in-depth analysis of Guyana’s massive transformation, and how his government is using the oil revenue to diversify and develop all sectors, instead of exclusively focusing on oil and gas.
Long also shed light on the International Monetary Fund (IMF)’s statistics which revealed that Guyana’s economy grew by 62 per cent in 2022, and is anticipated to expand by another 37 per cent this year.

After referencing the nation’s soaring Gross Domestic Product (GDP), he then focused on its ever-evolving oil-and-gas sector, which has placed the country on the map with the biggest market players.

During the interview, Long asked President Ali if he could feel the oil benefits in Guyana’s streets.
In response to this, President Ali confirmed that development is visible, and listed the substantial number of beneficiaries who are seeing a better quality of life, owing to the prosperities that have reached Guyana’s shores.

He said: “The country, at this moment, is in transformation gear. A lot of energy, a lot of infrastructure work, a lot of investment in education, health and housing…”
President Ali further said that the construction sector is the prime beneficiary, because of the tremendous progress being made in the oil-and-gas sectors, hence the massive hotels, apartment complexes and so forth being established.

Speaking from his administration’s perspective, he said that not all of their eggs will be put into the oil-and-gas basket, as his government is investing heavily in the traditional sectors.
“…from the government’s perspective, we’re also investing in some very key areas that will fuel the future of Guyana… The future of Guyana is not set in oil and gas; it is set in a very diversified economy,” the President remarked, noting that transformation does not lie only in the oil-and-gas sector.

With over 11 billion barrels of oil in the reserve, and a production of 400,000 barrels of oil per day, however, the prospects for Guyana are great.
President Ali said: “…by 2027, we are projected to have 1.2 billion barrel per day.”
Despite this projection, as Guyana forges ahead to become a global leader, Dr. Ali said there is no rush to join the Organisation of the Petroleum Exporting Countries (OPEC), because it is not part his government’s policy.

Instead, much focus is being placed on the areas of climate change, and energy and food security, according to him.
Addressing how Guyana is already making waves in the area of climate security with its bountiful rainforest cover, Dr. Ali also stated: “In addition to the carbon credit market, we’re looking at biodiversity; we’re investing heavily in ecotourism.”

On that note, he said that these investments need to be coupled with proper infrastructure, state-of-the-art healthcare and education facilities/services, in order to not only develop the economy, but also improve living conditions for the people.

The interviewer then questioned Dr. Ali on the contract that was signed by the former A Partnership for National Unity + Alliance for Change (APNU+AFC) administration, and the comments that say Guyana was dealt the shorter hand.

While the President believes in the sanctity of contracts, he agreed that the document benefitted the oil-and-gas giant, ExxonMobil, more.
However, he said that his government has constantly implemented measures and policies that seek to ensure that the people get more out of the deal.

BRIGHTER FUTURE
Regarding anti-corruption efforts, Dr. Ali said that his government has set in place legislation to ensure that there is always accountability and transparency.
He made reference to several tools that aid in this approach such as the National Resource Fund (NRF) Act that does not vest the executive with superpowers, and ensure that the citizens are always made top priority.

Dr. Ali also shed light on a number of plans that are being executed in Guyana, such as the Gas-to-Energy project.
Being transparent about how Guyana’s small population size could affect the rate of development, the President said that he recognised the challenge and even referenced the ongoing labour shortage in the nation.

To combat this, he said that a multitude of institutes and initiatives are being set out such as the Guyana Online Academy of Learning (GOAL) scholarships and the technical institute being built to ensure that Guyanese are equipped with the necessary skills to work in the oil and gas sector.
Guyana has accomplished new heights amidst oil production, and according to Long: “… [Oil production] is expected to quadruple by the end of the decade [and] that will bring billions of dollars.”

Noting that the majority of Guyana is covered by rainforest, he said: “… The potential for growth per capita is massive. It’s already gone up sharply back in 2015 when Exxon made its first discovery.”

Fast forward to 2023, the IMF has predicted that Guyana’s per capita GDP will see unbelievable growth.