Guyana is positioning itself on a diverse foundation of economic growth that aims to endure global disruptions, as articulated by President Dr. Irfaan Ali. In a recent episode of the Energy Perspective Podcast, he emphasized the importance of economic diversification, particularly in light of the country’s rapidly expanding oil and gas sector.

“We must handle our oil and gas resources responsibly,” President Dr. Ali stated. “That’s why pursuing economic diversification and enhancing other segments of our economy is essential. This approach will help us weather potential global price fluctuations and economic shocks.”

Highlighting the need for regional collaboration, President Dr. Ali pointed out that Guyana and its neighbors must consistently assess opportunities that could stimulate local growth while contributing to regional development. He posed a critical question regarding how infrastructure investments could foster new growth areas linked to regional advancements.

For instance, he referenced the Linden to Mabura Hill road and its connection to northern Brazil, emphasizing the potential opportunities for enhancing the gas value chain. “What new growth areas will emerge as we develop our gas resources, including the expansive projects we are pursuing?” he queried.

The goal is to tap into the raw production capabilities in Lethem, Region Nine, and northern Brazil, transforming these resources into value-added goods not just for Guyana, but for the entire region.

With expectations of reduced energy costs, President Dr. Ali foresees increased trade and manufacturing activity. “We need to consider not only large industries but also micro and medium-sized enterprises that can flourish from the opportunities presented by lower energy prices,” he remarked. He also highlighted the importance of an educational program aimed at equipping the workforce with the necessary skills to stimulate growth in these smaller enterprises.

President Dr. Ali underscored that Guyana is already making significant investments in agriculture and other non-oil sectors. “We’re investing heavily in food production to generate raw materials for value creation, which in turn will lead to job creation and economic wealth,” he stated.

This strategy aligns with global trends, as President Dr. Ali noted that for Guyana to build a sustainable, diverse economy, it needs to adapt to changing global policies and market conditions. “To achieve broad-based economic growth and prosperity, we must diversify our economic pillars,” he concluded.

Looking ahead, Guyana’s economy is projected to continue its remarkable growth trajectory, with an anticipated expansion of 10.6 percent in 2025. The agricultural, forestry, and fishing sectors are expected to grow by 11.4 percent, with notable increases in production across various subsectors. Specifically, the sugar industry is projected to witness a staggering 115.4 percent growth, targeting a production of 101,000 tonnes, supported by mechanization and value-added production initiatives. Additionally, rice production is forecasted to rise by 12.4 percent, reaching 804,000 tonnes due to expanded acreage and improved crop varieties. Other crop sub-sectors are also expected to grow by 11.7 percent, bolstered by efforts to enhance local food security, while livestock production is projected to increase by 7.5 percent across all categories.