OVER the last five years, Guyana has undergone a transformation few could have predicted. Once a frontier market, the country is now one of the world’s fastest‑growing economies.
The World Bank reports that real GDP growth has averaged 42.3 per cent annually since 2020 and that Guyana is “expected to remain one of the fastest growing economies … with double‑digit growth rates in 2023 and 2024.”

This turnaround coincides with the discovery and production of offshore oil, but it is also the result of deliberate policies of the government under President Mohamed Irfaan Ali. To understand what this progress means for young people in business, the Guyana Chronicle invited three entrepreneurial leaders, Dr. Rosh Khan, Matthew Gaul and Rowena Elliott, to reflect on the last half‑decade.

‘None of this happened by accident’: Rosh Khan on engineered transformation
As president of ACE Consulting Group, Dr Rosh Khan has worked on several private sector projects across housing, health care and education. Asked to identify the most transformative development of the past five years, Khan doesn’t hesitate.

“None of this development happened by accident. It was engineered through policy and vision,” he says. “The PPP/C government married oil revenues to national development priorities. In five years, Guyana moved from being among the poorest countries in South America to the fastest‑growing economy. But more important than GDP statistics is what happened on the ground: revenues were channeled into highways, bridges, housing, schools and hospitals. The government isn’t just managing growth. It is engineering transformation.”
Khan points to concrete examples. The administration’s housing programme has allocated 50,000 house lots between 2020 and 2025. “For a young couple or a small business owner, owning

land wasn’t even imaginable five years ago. Now it’s a reality. More so, the next pivot from land ownership to home ownership will further increase the wealth base for Guyanese,” Khan says.
Education has been another priority. From January 2025 tuition at the University of Guyana is abolished and this initiative will benefit more than 11,000 current students while complementing the Guyana Online Academy of Learning (GOAL) scholarship programme, which has already benefitted 39,000 citizens. “Free tertiary education is a bold move that empowers Guyanese across the board. It allows families to invest in homes or businesses instead of tuition,” Khan notes.

On the business side, Khan highlights the Local Content Act (2021), which requires oil companies to use Guyanese suppliers and workers. The law, implemented in 2021, which prioritises local goods and services, has stimulated significant growth in the supply chain. “Guyana is no longer an afterthought. We are the headline, and the Local Content Act ensures small businesses have a real seat at the table,” Khan says. He emphasises that at ACE Consulting he has seen diaspora and global partners forming genuine joint ventures with local firms in housing, energy, healthcare and agriculture.

While enthusiastic, Khan acknowledges the growing pains. “Infrastructure is straining under demand, inflation is raised as a concern, and our workforce needs more skills. But these aren’t roadblocks; they are signs of a young economy sprinting forward. The government’s response, such as training programmes, major roads, housing drives and energy projects, shows resilience and vision.”

Looking ahead, he believes diversification is key. “Oil and gas has been a catalyst, but the true test is whether we build a balanced economy. Agriculture modernisation, renewable energy, world‑class education, tourism and technology have to be the pillars. If we get this right, Guyana will be remembered not just as an oil success story but as a blueprint for lifting an entire population into prosperity.”

Matthew Gaul: Education as equaliser, tourism as frontier
Matthew Gaul, a young policy analyst and entrepreneur, sees education as the critical equaliser that determines whether Guyana can convert oil wealth into lasting prosperity. “Free tuition at the University of Guyana, expanded technical and vocational training, and scholarship programmes through GOAL represent a bold shift toward empowering citizens,” he tells the Chronicle. Gaul notes that removing tuition fees opens doors for thousands of students who previously saw higher education as out of reach; families can redirect resources to housing, healthcare or small business investments. “Vocational programmes create tangible options for those who may not pursue degrees, whether in electrical engineering, hospitality, agriculture or welding. For the taxi driver’s daughter or the single mother’s son, skills training becomes a direct link to employment and entrepreneurship,” he says.

Gaul echoes Khan’s praise for the Local Content Act. He explains that the legislation has created direct pathways for local small and medium enterprises to enter supply chains that were previously inaccessible. “Small logistics companies and catering firms have scaled up rapidly through partnerships with global players, acquiring new skills and technology in the process,” he notes.

However, Gaul warns that inflation and cost‑of‑living pressures are real. “Rapid growth created shortages and price spikes. Addressing cost of living requires short‑term relief – wage increases, tax reductions and social protection measures – and long‑term structural reforms in housing, food security and cheaper energy,” he argues. Asked about the next frontier, Gaul identifies the entertainment and tourism sector. “Oil will remain the engine room, but the real story will be how effectively we channel petroleum revenues into other sectors. Guyana can become the Caribbean’s mainland festival and sports capital; carnival‑style events, cricket festivals, international concerts, eco‑cultural retreats and esports tournaments can diversify the economy, create mass jobs and build a lasting brand beyond petroleum.”

Rowena Elliott: Low‑carbon strategy and digital modernisation
Rowena Elliott, vice‑president of the Women’s Chamber of Commerce and Industry Guyana, brings a sustainability lens to the discussion. She points to the Low Carbon Development Strategy (LCDS 2030) as one of the most transformative policies. “It positions the country as a global leader in sustainable growth by linking forest conservation and climate services with national development,” she says. Under the LCDS, revenues from the sale of carbon credits are reinvested into communities. Government figures show that 242 villages are implementing 811 projects worth G$4.7 billion funded by carbon credit, with 15 per cent of revenues earmarked directly for Amerindian villages. Elliott notes that this funding is being used for sawmills, agro‑processing facilities, ICT hubs and other projects that boost productivity and connectivity in remote areas.

Elliott emphasises inclusivity: “The LCDS’s true strength lies in its inclusive design. Women, Indigenous peoples and vulnerable groups are active participants in shaping a greener, more resilient economy.” She also highlights the Electronic Communications and Transactions Act (2023), which recognises e‑signatures and digital contracts. “By modernising how business is done, we lower barriers for small enterprises and strengthen investor confidence in a digital economy,” she says.

Yet Elliott cautions that growth has created challenges. “Demand for skilled labour has outpaced supply, and the rising cost of living, particularly housing, puts pressure on families. Expanding technical and vocational training aligned with emerging industries, scaling up public‑private partnerships to accelerate housing development, and updating wage policies and social support systems are essential,” she asserts. In the logistics sector where she works, bottlenecks sometimes arise when public agencies cannot match the pace of private‑sector operations. “Addressing these challenges requires continued investment in education, efficient public institutions and inclusive planning,” she concludes. Elliott believes the next five years will be defined by how effectively Guyana diversifies its economy while advancing inclusiveness. “Oil revenues can fuel development, but it is our people and policies that will sustain it,” she says.

Based on our conversations with these young entrepreneurs, they are not passive beneficiaries of Guyana’s boom; they are active participants and critical observers. Dr Rosh Khan underscores that success is the result of policy and vision; Matthew Gaul stresses education and diversification through entertainment and tourism; Rowena Elliott reminds us that sustainability and inclusivity must guide the journey. All three agree that the administration’s deliberate policies—free education, ambitious housing programmes, the Local Content Act and the LCDS—have laid a foundation for broad‑based growth. If the perspectives of these young leaders are any indication, the country’s future is in capable hands.