-by NaAsia Bristol
Guyana’s oil and gas sector continues to drive rapid economic growth, but President Irfaan Ali says the country must use this period of expansion to build an economy that is not dependent on petroleum.
Speaking to Al Jazeera, President Ali pointed to the significant growth Guyana has recorded since becoming an oil-producing nation, while stressing that investments must now be directed into other areas of the economy.
“It’s important during this phase of economic expansion and transformation that investment is geared towards growth-oriented opportunities, expansion of the economy, diversification of the economy, building out of the infrastructure to create opportunities for more housing, quality education services, health care services, and that is what we are doing,” he said.
Ali says Guyana’s non-oil economy is also expanding, with activity in areas including commerce, real estate, mining and services being supported by investments linked to the wider economic transformation.
He says the country is also investing in technology, innovation and digitization to make Guyana more globally competitive. The President says the long-term goal is to ensure the benefits of the oil boom create opportunities across multiple sectors, including agriculture, tourism and environmental services.
“I don’t want someone to look back and say, oh, Guyana 10 years after is only dependent on oil. Guyana 10 years after is not part of a system that promotes democracy, not part of a system that promotes peace,” he explained.
President Ali says Guyana’s natural resources, including oil and gas, must be used to support broader national development while the country builds resilience and creates new sources of economic growth.