–          President Ali says, points to vast opportunities in tourism, agriculture

DESPITE Guyana’s aspirations to become a significant energy producer, President Irfaan Ali has stated that the nation’s economy is not exclusively reliant on its oil and gas sector.
The Head of State, during a media engagement earlier this week, stated that though Guyana is looking to bring key energy industry players together, there are vaster opportunities.

“Our country is not wedded to oil and gas. We have many other opportunities outside oil and gas. The energy equation, of course, is important, because we are looking to be a major player in energy within the region itself. New opportunities are coming with gas,” the head of state said.
He pointed out that the country is focused on creating new opportunities and partnerships.

In the next few days, the country will host its 4th edition of its energy conference and supply chain expo.
“You’ll have an opportunity to meet with local businesses, creating new partnerships and expanding your own horizons here in Guyana. So we’re looking forward to bringing the region together, bringing the world together here in Guyana, as we seek to continue expansion of the energy sector and the billing out of the diversified economy here in Guyana.”

Guyana’s economy is expected to continue its unprecedented growth this year, with a projected economic expansion of 10.6 percent.
That was revealed during the presentation of the country’s national budget last month.
An economic outlook of the country’s growth, credited the massive expansion to the country’s peak oil production from the Liza Destiny floating production storage and offloading (FPSO) in 2024, and the commencement of the ‘One Guyana FPSO’ in late 2025 and continued expansive growth in the non-oil economy.

This expansion will solidify the nation’s position as the third fastest growing economy in the world.
The non-oil economy is expected to grow by 13.8 percent, as significant investments are made to diversify the economy.
The agriculture, forestry, and fishing sectors are anticipated to expand by 11.4 percent in 2025, with production increases across all subsectors.

In the sugar industry, growth of 115.4 percent is expected, with production targeting 101,000 metric tonnes.
This growth will be supported by efforts in mechanisation and conversion, as well as value-added production. Additionally, rice production is forecasted to expand by 12.4 percent, reaching 804,000 tonnes through expanded acreage and improved crop varieties developed through research and development.

The other crop sub-sectors are projected to grow by 11.7 percent, driven by expanded acreage and the country’s focus on strengthening local food security. Livestock production is also expected to grow by 7.5 percent across all categories.

The fishing industry will continue its upward trajectory, with a 5.8 percent growth driven by increased investments in aquaculture. The forestry sector is projected to grow by 1.3 percent, with a production target of 419,000 cubic metres.

In the extractive industries, mining and quarrying are expected to grow by 10 percent. Oil and gas production from the three existing FPSOs, along with the ‘One Guyana FPSO’, is expected to reach 786,000 barrels per day by the fourth quarter of 2025, contributing to a 9.5 percent projected growth for the sector.

Gold mining is expected to grow by 17.2 percent, with production anticipated to reach 501,000 ounces due to increased output from both large-scale and small- to medium-scale miners. Bauxite mining is projected to grow significantly by 70.1 percent, driven by increased production, particularly at the Linden mine, where output is expected to rise by 167.3 percent to 4.4 million metric tonnes.

Other mining and quarrying sectors are forecasted to grow by 39.7 percent, reflecting significant investments in public and private infrastructure projects.
The manufacturing sector is expected to grow by 30 percent, fuelled by expansions in sugar, rice, and other manufacturing subsectors. The construction sector is projected to grow by 24.8 percent, while the services sector anticipates growth of 8 percent, with notable expansions in wholesale and retail trade, administrative and support services, information and communication, and transport and storage. These sectors are expected to increase by 8.7 percent, 9.8 percent, 5.8 percent, and 9.3 percent, respectively.

During a previous broadcast, Dr. Ali emphasised that continuous efforts are being made to ensure the non-oil economy continues to thrive, avoiding stagnation through targeted investments aimed at fostering growth and significant improvements.

The government, he pointed out, has skillfully navigated potential economic pitfalls, such as the Dutch Disease—a phenomenon where a rapid increase in revenue from natural resources, like oil or gas, negatively impacts other sectors of the economy, particularly manufacturing and agriculture.

Further elaborating on the success of the non-oil economy, Dr. Ali shared that Guyana’s agricultural sector has grown by 17 percent, the services sector by 28 percent, and the construction sector by an impressive 138 percent. Additionally, mining and other sectors have flourished, experiencing a staggering 153 percent growth over the past four years.