–Finance Minister tells investors; points to consistent advancement of non-oil sectors, focus on long-term development

FINANCE Minister Dr. Ashni Singh has said that Guyana’s sustained “double-digit growth and fiscal prudence” under the People’s Progressive Party/Civic Government have made the country an “attractive destination for investment” because of its “serious, responsible, and credible” approach to economic management.

Over the past five years, Guyana has seen holistic economic expansion, driven largely by developments in its oil-and-gas sector, which spinoff to other sectors, resulting in the country being listed among the fastest-growing economies in the world.
Minister Singh, during his presentation on Day Three of the Guyana Energy Conference and Supply Chain Expo said the country’s real Gross Domestic Product (GDP) grew by 43.6 per cent in 2024 alone, with overall growth rates averaging between 39-40 percent per annum.
By the end of 2024, Guyana’s economy had expanded five-fold compared to 2019, with a nominal GDP soaring from US$5.2 billion to nearly US$25 billion.
“Our per capita GDP increased from just over US$6,500 in 2019 to more than US$30,500 in 2024,” Dr. Singh told the audience, pointing to the country’s rapid transformation into an economic powerhouse.

Turning his attention to oil production, he said this sector has played a significant role in this surge, with current production at approximately 650,000 barrels per day (bpd).
By 2030, this figure is projected to reach 1.3 million bpd, further cementing Guyana’s position as a major energy player.
“If you consider that we are now at 2025, and you contemplate for a moment that this is the trajectory that we’re speaking about between now and 2030, you get a sense of how much more we will be growing for the remainder of the decade,” the Finance Minister told the investors.
He added, however, that these projections are based on current discoveries and floating production, storage, and offloading (FPSO) deployments, and do not account for new exploration activities, which could push production even higher.

NON-OIL EXPANSION
While oil is a critical driver, Guyana’s government is building a robust non-oil economy. Between 2021 and 2024, non-oil economic growth averaged 10.3 per cent, with projections of sustained eight per cent growth for the remainder of the decade.
Minister Singh said that this is due to significant investments in agriculture, construction, forestry, and services, highlighting the construction boom in both public infrastructure and residential housing.
“Anybody who’s visited Guyana or been in Guyana knows that there is a tremendous construction boom taking place, both in terms of public infrastructure, but also in terms of industrial, commercial and residential construction,” Dr. Singh said.
He added that the same trend is being recorded in the gold and bauxite industries, which are also seeing expansion, with large-scale gold mining projects and a new metallurgical-grade bauxite plant set to ramp up production to four million tonnes in the coming years.
“In every single sector of the non-oil economy, we see expansion,” Dr. Singh said, dismissing claims that Guyana’s growth is solely dependent on oil.

Against this backdrop, the finance minister also highlighted the government’s commitment to effectively managing recurrent expenditure, and directing resources towards infrastructure, education, and healthcare.
Under the previous administration, capital expenditure was significantly lower, whereby in 2019, less than 25 per cent of public expenditure went to capital investments, with over 75 per cent allocated to government consumption.
“We took a conscious decision to change that,” Dr. Singh said, adding: “By 2024, 54.4 per cent of government expenditure was dedicated to capital investments, such as roads, schools, hospitals, and energy projects that will support long-term economic transformation.”

Despite increased spending on national development, Guyana maintains one of the lowest debt-to-GDP ratios in the hemisphere at 24.3 per cent.
Dr. Singh compared this to the country’s economic situation in the 1970s and 1980s, when Guyana was burdened with debt exceeding 600 per cent of GDP.

Today, not only is Guyana’s external debt stable at just over US$2.2 billion, but it also has a savings cushion in the Natural Resource Fund (NRF), which now holds over US$3.1 billion.
“We have enough money in the NRF to pay off our country’s entire external debt, and still have over half-a-billion US dollars left,” Dr. Singh noted, alluding to the government’s strong fiscal position.

This year, Guyana’s budget is set at $1.382 trillion, with a significant portion dedicated to infrastructural development, aimed at enhancing connectivity and economic expansion.
Key projects include the long-anticipated road link between Guyana and northern Brazil, potential improved linkages with Suriname, and a robust network of highways, bridges, and port facilities.
Additionally, the government is making major investments in energy infrastructure, with a focus on expanding capacity, improving reliability, and reducing costs.

The landmark Gas-to-Energy (GTE) project is a centerpiece of this plan, expected to slash electricity costs by 50 per cent, and bolster industrial growth and provide much relief to its Guyanese.
In agriculture, over $105 billion has been allocated in 2025 to enhance food security, including investments in climate-resilient infrastructure, and expanded drainage and irrigation systems.
Meanwhile, education and healthcare are receiving record investments, with $175 billion dedicated to expanding access to quality education, including Online scholarship programmes and technical training initiatives.

For example, the government is working in collaboration with ExxonMobil to establish the Guyana Technical Training College, which will become a global centre of excellence for deep-sea operations training.
Similarly, healthcare investments ensure the construction of world-class hospitals and telemedicine initiatives to expand healthcare access in remote regions.

Even as it rapidly develops its oil-and-gas sector, Minister Singh pointed out that Guyana remains a leader in environmental stewardship, with the country’s extensive forest cover—85 per-cent of its territory—positioning it as a global carbon sink.
Under the Low-Carbon Development Strategy (LCDS) 2030, Guyana has successfully monetised its forest conservation efforts, becoming the first country to secure jurisdictional-scale certification for carbon credits.

Through carbon credit sales, including a historic US$750 million deal with Hess Corporation, Guyana has already generated substantial revenues that are being reinvested in climate adaptation and green development initiatives.
“There is an incredibly exciting climate story and environmental story that is unfolding in Guyana, and a lot more is known about what’s happening in oil and gas.
“Many of you are here, perhaps because of oil and gas, but you must be shy about speaking about what’s happening in Guyana because this is new in truly unique stories,” Minister Singh told the room full of investors.