— President Ali says rapid expansion translates into jobs, opportunities and inclusive prosperity nationwide

GUYANA’S rapid economic expansion, President, Dr Irfaan Ali says, is not just reflected in Gross Domestic Product (GDP) figures, but in the growing jobs, opportunities and inclusive prosperity being delivered to citizens across the country.
On the eve of Guyana’s 56th Republic Anniversary, President Ali said his government is laying the foundation for long-term prosperity, highlighting that economic expansion is not about one sector lifting the others but about a balanced and coordinated growth model across industries, even as the oil and gas sector continues to attract global attention.
He described Guyana as “a rising sun in the hemisphere,” noting that the country stands as a compelling example of the power of vision, economic prudence and good governance.
“We are committed to ensuring that growing prosperity means better lives for our citizens. We’re enriching the lives of our people through targeted investments in education, forging the minds of tomorrow; in health care, healing the bodies of today; and in infrastructure, building the roads, bridges, buildings and ports that will catalyse production for generations. Through these investments in social services, we are doing more than just providing; we are actively reducing inequality and ensuring greater inclusivity,” the President said.
He added that his administration is “weaving a nation where no one is left behind,” with policies aimed at empowering all Guyanese regardless of their geographic locations or backgrounds.
Highlighting recent performance, President Ali noted that the non-oil economy grew by 14.3 per cent, with agriculture expanding by 11.5 per cent; bauxite increasing by 53.4 per cent; gold production rising by 11.6 per cent; manufacturing growing by 20 per cent and construction recording a remarkable 31 per cent growth.
Global institutions have also recorded and commended Guyana’s rapid development. According to the January 2026 Global Economic Prospects Report released by the World Bank Group, Guyana’s unprecedented economic growth is expected to continue surging this year and in 2027.
Guyana’s economy is projected to grow by 19.6 per cent in 2026 and 21.9 per cent in 2027. In the Caribbean, sub-regional growth is set to increase to 5.2 per cent in 2026 and 6.6 per cent in 2027, driven largely by Guyana’s ongoing oil boom.
The report noted that, excluding Guyana, the sub-region is projected to grow by about 2.9 per cent and 3.7 per cent, supported mainly by tourism and related services.
Meanwhile, the International Monetary Fund (IMF) has highlighted Guyana’s macroeconomic stability and praised the government’s commitment to fiscal discipline and inclusive growth. In its Staff Concluding Statement for the 2025 Article IV Mission, the IMF pointed to Guyana’s impressive economic performance, driven by rapidly expanding oil production, robust non-oil output and substantial public infrastructure investment.
SOUND FINANCIAL SECTOR
President Ali also touched on the financial sector, which he said is at its “soundest ever,” with services growing by 16.9 per cent and technical services by 35.7 per cent.
Dr. Ali stated: “This, my people, is a picture of an economy that is not just hot, but healthy. This phenomenal record is not a historic accident. It is the blueprint of our tomorrow, expected to continue through 2026 and beyond. Our economic fundamentals are solid, but we are not stopping there.”
Recently, the President reaffirmed his administration’s commitment to a far-reaching transformation of Guyana’s financial sector, signalling a decisive shift from outdated banking practices towards a modern, technology-driven system.
He emphasised that the reforms will be structural rather than superficial, targeting the foundations of the banking system to support long-term economic modernisation.
Central to this transformation is the planned launch of a national electronic payment platform, alongside the introduction of electronic wallets (e-wallets) to enable seamless, cashless transactions for everyday activities.
This, he explained, will allow Guyanese to make payments electronically, including through mobile devices, while operating on common platforms supported by robust security features. The development of this system, he noted, requires significant investment in infrastructure and an enabling environment capable of sustaining modern financial services.
To support these changes, the government intends to strengthen the regulation and oversight of the commercial banking sector by enhancing the regulatory and monitoring capabilities of the central bank. In collaboration with financial institutions, new mechanisms will be created to advance the development of the banking sector while reducing systemic risks.
The shift towards electronic payments is also aimed at reducing Guyana’s reliance on cash-based transactions. The President had highlighted the inefficiencies associated with citizens having to physically visit banks, often spending lengthy periods waiting to withdraw or deposit funds. The loss of productive time, he argued, represents a tangible economic cost that can be mitigated through modern electronic platforms.
BUILDING A SUSTAINABLE FUTURE
The President, while zooming in on how Guyana’s economic expansion has reached households nationwide, noted that the government is building future sectors with today’s investments and creating an environment that fosters innovation, creativity and human ingenuity.
“That is what will drive the future. That is what will drive our economy. That is where the new jobs, the high-skilled jobs and the higher-paying jobs will be created and we are positioning our republic to be at the forefront of this phase of international change and transformation,” Dr Ali said.
Additionally, the President disclosed that between 2020 and 2024, more than 104,000 new jobs were created, emphasising that “never in our history has there been such a surge in employment, placing disposable income directly into the hands of our people.
“Through our housing programme, we are not just giving shelter; we are giving equity through cash grants and tax reliefs. We’re empowering citizens. When we say we are creating wealth, we mean wealth for the pensioner, the farmer, the small-business owner, the public servant, the labourer, domestic workers and a new homeowner.”