8000 homes per year represent over G$100B in opportunities for local businesses – GMSA

With the Government’s ambitious agenda of constructing 8,000 homes per year over the next five years, President of the Guyana Manufacturing Services Association (GMSA) Rafeek Khan says the initiative presents more than G$100 billion in annual opportunities for local businesses, particularly those in the manufacturing sector. “Housing is going to boost manufacturing,” he remarked during the opening of GuyExpo 2025 on Thursday. “Not only social transformation…but economic transformation in the lives of every single business in Guyana.” The Guyana Government plans to build 8,000 homes per year for the next five years as part of a 40,000-unit target by 2030.
“Eight thousand homes will represent at least G$2 billion in cabinets, those who want to manufacture cabinets; 8,000 homes per annum will represent G$5 billion in the lumber sector alone…8,000 homes will represent at least $2 billion in manufacturing doors…These are basic essentials, I’m not even talking about furniture or other basic necessities in a home,” Khan stated as he urged local companies to be ready for the next wave of industrial transformation in Guyana.
According to the Ministry of Finance’s Midyear Report 2025, the construction sector is estimated to have expanded by 29.9 per cent in the first half of the year. With large-scale infrastructural projects progressing, full-year growth for the sector is now projected at 26.2 per cent. Meanwhile, the manufacturing sector is estimated to have expanded by 26.8 per cent in the first half of the year, driven by growth across all subcategories – other manufacturing, rice and sugar. It is estimated that the other manufacturing sub sector grew by 30.8 per cent in the first half of the year, largely attributed to improved output of non-metallic products, plastics and pharmaceuticals. At the same time, rice manufacturing and sugar manufacturing expanded by 12.4 per cent and 136.7 per cent, respectively. The manufacturing sector is now projected to grow by 14.9 per cent this year.

Opportunity and growth
At the opening of GuyExpo on Thursday, President Dr Irfaan Ali explained that the growth in these sectors is not by chance, but because of good leadership in the Peoples Progressive Party Civic (PPP/C). To demonstrate this point, he highlighted that in 1991, the total manufacturing output was US$13.1 million.
“Then by 2006, this is without oil and gas. Without oil and gas, we grew that manufacturing output to US$161.58 million…And then from 2006 to 2014, again without oil and gas, we grew that manufacturing output from US$161.58 million to US$249.57 million. And leadership is important,” the President noted.
“And then came 2015 and the years after, to 2020. Now, with oil and gas, in 2018, the manufacturing sector output declined to US$223.51 million from the 2014 position without oil and gas at US$249.57 million. Leadership matters. Governments matter. Vision matters. Confidence matters. And hard work is essential,” he posited. He further highlighted that between 2015 and 2020, the average decline in food manufacturing was 1.96 per cent.
“The decline was sharper for other sub sectors like clothing, footwear, leather and wood products…That wasn’t long ago. That was 2015 to 2020. And then came 2020. And since 2020, Guyana’s manufacturing sector has experienced exponential growth at an average of 13.1 per cent annually. Leadership matters. Hard work matters,” President Ali asserted. “The Government we elect matters,” he affirmed, further disclosing that between 2021 and 2024, foreign direct investment totalled US$209.97 million. “Three times that of 2015 and 2020. Three times the growth. Why? Confidence,” President Ali emphasised. To further support his point, the Head of State also presented statistics on non-performing loans for the manufacturing sector, noting that “when you look at non-performing loans for this sector, which between 2015 and 2020, increased exponentially. Between 2020 and 2024, non-performing loans declined by 51 per cent under this People’s Progressive Party Civic Government.” GMSA had hosted its 1st GuyExpo feature Thursday with the launch of a local housing consortium being one of two presentations. The consortium, AHS Group, brings together three local companies: MEP Engineering Services Inc., Correia & Correia Ltd, and Durable Wood Products, in a partnership aimed at transforming Guyana’s residential construction landscape. According to the GMSA, through this partnership, AHS Group aims to strengthen local supply chains, expand job creation, and promote sustainable development aligned with the Government of Guyana’s vision for modernised and inclusive housing solutions, in its 40,000-unit target by 2030.