-as gov’t actively pursuing economic strategies, fostering export sector

PRESIDENT Dr. Irfaan Ali has outlined Guyana’s economic strategies, particularly in building strong institutions, currency fluctuations, and fostering an export sector.
Dr. Ali, while engaging stakeholders at the International Business Expo (IBC) on Tuesday evening, highlighted Guyana’s efforts to save foreign currency by producing locally what was previously imported, such as corn, soy, hatching eggs, and beans, which will save over $80 million by 2026.
“I want you to look at the fluctuation of the currency against the dollar in a time period of the last 10 years. And you will see the story of the currency and then position that with all these economies that you may want to come here, and you will understand also the distinct advantage that is floating exchange rate offers us,” he explained.
With a focus on strengthening and building out an export sector, President Ali noted that Guyana is billed to save billions in foreign currency.
“We are now building an export sector; we are now making that sector competitive but what we have to do is to look at ways in which we will save the export utilisation of foreign currency.”
He added: “By the end of next year, we’ll be producing all the corn and soya that we import right here in Guyana that’s a saving of about $US 30 million by the end of 2027 we’ll be producing all the hatching eggs that we import.”
When accumulated, these initiatives could see the country’s export utilisation of foreign currency.
By the end of 2026 we’re producing all the beans that we import. When you look at those three years alone, the foreign currency savings is in excess of US $80 million, and that is what we’re doing.
In response to challenges with accessing foreign currency in the local market, the Bank of Guyana in June had taken decisive action following discussions with commercial banks.
Guyana’s Vice-President, Dr. Bharrat Jagdeo, had explained that the escalating demand for foreign currency, driven by importation and other financial transactions, had caused prolonged waiting times, and a significant disparity between supply and demand within the banking sector.
In the latest exchange rate update provided by the Central Bank, the buying price for USD stands at $207.98, with a selling price of $210.45.
Additionally, the buying and selling prices for Canadian dollars are listed at $150.97 and $152.73, respectively. The EURO’s exchange rate is reported at a buying price of $226.45 and a selling price of $229.35.