-during appearance on ‘The Swift Hour’, says investments in several key areas will help transform the country

PRESIDENT Dr. Irfaan Ali has outlined his government’s vision for sustainable development and a diversified economy, emphasising the importance of inclusive growth and regional prosperity.

In a recent interview on The Swift Hour with Concordia Chief Executive Officer (CEO) and Co-Founder Matthew Swift, which was shared on the President’s official Facebook page, the Guyanese Head of State highlighted key initiatives aimed at transforming Guyana’s economy, including investments in education, healthcare, agriculture, and energy.

He stressed that the country’s economic success must not only benefit its citizens but also extend to the wider Caribbean Community (CARICOM), ensuring long-term resilience and shared prosperity across the region.

President Ali reiterated his government’s firm commitment to strengthening democracy and the rule of law as the bedrock of Guyana’s economic transformation.

During the interview, he emphasised that Guyana’s historic economic growth, fuelled by its expanding oil and gas industry, must be guided by democratic values and by upholding the rule of law to ensure long-term sustainability, resilience, and prosperity for its citizens.

He spoke about Guyana’s evolving role in a global context, and its development trajectory.

Various reports have highlighted that Guyana, driven by its booming oil and gas sector, is currently one of the fastest-growing economies in the world. Significant growth has also been recorded in non-oil sectors.

With vast investments flowing into infrastructure, energy, and social programmes, the President was asked how his administration is managing the need for immediate growth while ensuring the sustainability of sectors that require a longer time to bear fruit and the country’s adherence to democratic politics.

In his response, President Ali emphasised that no matter how rapidly the economy grows, the foundation must remain firmly rooted in democracy and the rule of law.

“Everything must be built on the rule of law and democracy. If you are not going to build a country on democracy and the rule of law, then you are destined to fail,” he stated.

He elaborated on the importance of these values, noting that democracy and adherence to the law are critical for ensuring a country’s sustainability, resilience, and competitiveness.

“Democracy and the rule of law are critical components in building a country that is sustainable, resilient, [and] competitive,” the Guyanese Leader emphasised.

He alluded to the importance of creating an environment where investors feel confident in the stability and potential of a country. This, in turn, he noted, will allow the citizens to experience freedom, access quality services, and live with dignity.

Dr. Ali emphasised that the prosperity that follows should be achieved in a manner that respects human dignity and enhances the overall well-being of citizens.

Further, President Ali highlighted that Guyana is working towards achieving sustainable growth by ensuring that the country’s economic progress is reflected in the quality of services provided to its citizens.

Guyana aims for its prosperity to benefit not only its people but also the wider Caribbean Community (CARICOM) region and beyond, he reiterated.

To achieve this, he explained that the government is focused on building a diversified economy that is resilient and inclusive. According to him, this includes investing in human capital through quality education, healthcare, and social services, while also targeting vulnerable groups and creating entrepreneurial opportunities for youth and small and medium-sized businesses.

Dr. Ali explained: “We are located in a very competitive geographic zone for manufacturing, industrial development and agro-processing. Key to that is the cost of energy which should come down by half in a couple of months, before mid next year. So, that is an important part of what we are going to do. Bring down the cost of energy and that will stipulate manufacturing and industrial development.”

The government is advancing the landmark gas-to-energy project, which is expected to reduce electricity costs by 50 per cent. “And then of course, investment in agriculture. Farm-to-market access roads, opening of new lands, using technology, better scientific management of agriculture, supporting farmers. We will be self-sufficient in several areas we were not self-sufficient in,” President Ali added.

He outlined Guyana’s strategic approach to boosting its economy and reducing dependence on imports which will save the country hundreds of millions of U.S. dollars.

He said that Guyana is focused on key initiatives such as targeting the U.S. prawns’ market, tapping into ecological and climate services, and making significant investments in world-class education, Artificial Intelligence (AI), and digitisation.

“We believe that there is tremendous protentional on the carbon credit market once we continue to show that leadership and management in the way we are protecting our forest. That value must be transferred to the country…,” President Ali said.

According to its website, The Swift Hour, is a digital series addressing the most pressing issues facing the world in 30 minutes or less.

“Concordia, the premier global convening platform, elevates voices across industries, sectors, and geographies, and in this new series, Matthew Swift will speak with leaders in politics, business, culture, science, and sports to discuss and analyze world events as they unfold.
“Taking the life experiences and critical moments they have faced; Swift will ask these extraordinary individuals to identify how solutions to global challenges can be achieved in this swift half hour!” the website said.