GEORGETOWN, Guyana– The Guyana government says it is using the current period of oil production to invest in other sectors of the economy that it says are necessary to ensure long-term growth for the country.
In addition, Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, said the Irfan Ali administration is implementing measures to reduce dependency on the oil and gas sector.
A government statement quoting Singh addressing members at the Canada Guyana Chamber of Commerce’s (CGCC) inaugural Gala said that Guyana is on a fast-paced track to economic growth, citing the most recent 56 percent estimated increase in the gross domestic product (GDP), which makes the Caribbean Community (CARICOM) country one of the fastest growing economies in the world.
He said although Guyana is still in the early stages of oil production, the government is already looking ahead.
“Not two years, three years, four years, but looking far down the road and contemplating what the things that we need to do now to transform our country, to ensure that this growth is not dependent only on oil are; because as you know, oil can be US$140 a barrel, or it could be US$18 a barrel,” he stressed.
He said while Guyana, as an oil-producing country, hopes that oil prices remain strong, the government understands the volatility of oil production.
“We live in a world where fossil fuels also have a finite life. You know that you live in Canada. You know the agenda for Net Zero; you see the push for clean energy. You have already participated in that transition.
“And so, we are committed to ensuring a strong non-oil economy, investing in the necessary things to ensure that we are not an oil-dependent country, where without oil we have nothing else,” Singh said.
Singh said that the
He said the Gala presents an excellent opportunity for Guyanese and Canadian companies to forge ties and accelerate the deepening of investment and trade relations between the two countries.
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