There is no need for concern among investors regarding Guyana’s ability to manage its oil resources, Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, assured the local, regional, and international business community on Wednesday.
Speaking on the second day of the 2nd Annual Regional Investments and Capital Markets Conference in Georgetown, Dr. Singh provided reassurance that Guyana offers a secure and predictable environment for investment.
The conference, themed: “Financing for Success: Where Passion, Prosperity and People Align” and organised by the Jamaica Stock Exchange, brought together key stakeholders in the regional financial and investment sectors, where Dr. Singh highlighted the long-term stability of the country’s economy.
“Guyana is a mature, stable, sensible and level-headed place to do business,” Dr. Singh declared.
“Decades of hard work have gone into getting us where we are today. The discovery of oil has undeniably helped. But more than just fuel our economy, it has enabled us to accelerate development, enhance efficiency, and do things better and faster.
“Long before the discovery of oil, we were focused on building a competitive, diversified, and resilient economy,” Dr. Singh told the gathering.
While many still perceive Guyana’s economic story to be solely about oil, Dr. Singh was quick to counter this notion. He emphasised that Guyana’s progress had been well underway prior to the oil boom.
“Yes, we agree that prudent resource management is key.
“… but we have weathered difficult economic conditions before. Guyana has made significant strides, and long before oil was discovered, we were already on the path to ensuring sustainable growth and responsible governance,” he reasoned.
According to Dr. Singh, Guyana’s economy has experienced phenomenal growth, expanding at an average of nearly 40 per cent per annum from 2021 to 2023.
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Looking ahead, he forecasted the country would continue to grow at an average rate of nearly 29 per cent per year through the remainder of the decade, from 2021 to 2029/2030.
“No other nation in the world has seen such extraordinary growth sustained over this period,” he said with pride.
In addition to the oil sector’s performance, Dr. Singh highlighted the strength of Guyana’s non-oil economy, which has grown at an impressive average rate of 11 per cent over the past three years and is expected to maintain a robust trajectory.
“You are investing in a country with extensive experience in building the necessary institutions for sound governance and responsible economic management,” he assured the attendees.
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