Diaspora engagement in Washington, DC: Oil, non-oil wealth to be converted into prosperity for households & individuals – Finance Minister

– assures Diaspora that Govt balancing immediate with long-term needs

Finance Minister Dr. Ashni Singh, during his visit to Washington DC, continues to meet with members of the diaspora. On one such visit, the Minister assured that the government is intent on ensuring that both oil and non-oil wealth is translated into prosperity at the individual, household and community levels.
During the meeting, Dr Singh was accompanied by President of ExxonMobil Guyana Alistair Routledge and Guyana’s Ambassador to the US, H.E. Samuel Hinds.
According to a statement from the Finance Ministry, Dr Singh addressed members of the diaspora during which he explained that Guyana is undergoing an unparalleled period of economic growth, from both oil and non-oil resources and assured that they can rest assured this growth will positively benefit everyone, right down to the micro level.
“(Minister Singh) further noted that the extraordinary growth is allowing the Government to face a very real opportunity to improve the lives of every single Guyanese national and family. In this regard, it is the deliberate intention of the President Irfaan Ali-led Government to translate national prosperity into community, household and individual prosperity.”
“He also assured the Guyanese diaspora and friends of Guyana that the Government is under no illusion about the complexities of managing rapid economic growth, and is earnestly approaching this task in a very serious and responsible way, while still striking the appropriate balance between addressing immediate needs and long-term sustainability,” the Ministry further stated in a release.

Meanwhile, the finance minister also assured the attendees that this economic growth is no accident, but rather is driven by the government’s deliberate policies. It was pointed out that these policies are designed to promote a strong and increasingly competitive non-oil economy.
During a brief address to the audience, explained that what is being witnessed in Guyana today is an unprecedented period of extraordinary real economic growth that is without parallel in history,” the Ministry explained.
“While much of this economic expansion is happening as a result of the discovery and introduction of oil and gas, there is also extremely strong growth in the non-oil sector, some of which is driven by positive spillovers from the oil and gas sector, but most of that which is driven by deliberate Government policies.”
Guyana’s economic growth has consistently been strong, with the country recording a whopping 49.7 per cent increase in its gross domestic product (GDP) in the first six months of 2024. Not only was there an overall GDP growth, but also an increase in Guyana’s non-oil economy.
“In the first half of this year, our overall real GDP grew by an estimated 49.7 per cent in 2024… What is impressive is that the non-oil economy continues to grow, and the non-economy grew an estimated 12.6 per cent,” President Dr. Irfaan Ali announced last month.

As a result of this half-year performance, President Ali added that the country’s full-year forecast for real GDP growth in 2024 has been revised to 42.3 per cent – a 10 per cent increase from initial projections, while the non-oil economy is also now projected to expand by 11.8 per cent.
It was previously reported that Guyana would record a real GDP growth of 34.3 per cent this year, representing the fifth consecutive year in which the Guyanese economy would be growing at more than 20 per cent, and will result in Guyana growing at an annual average of 38.8 per cent over those five years.
Meanwhile, Ali further explained that almost all the economic sectors contributed to this growth despite challenges. This includes the construction sector which grew by an estimated 43.7 per cent.
Specific to the oil and gas sector, budget 2024 had stated that production of crude oil is slated to reach over 550,000 barrels per day (bpd) this year, with a further ramping up to over 600,000 in the latter part of the year – representing a 44.7 per cent growth this year.
Currently, the Stabroek Block is producing over 660,000 bpd. And in the first half of the year, Guyana produced 113.5 million barrels of oil. Further, it is expected that production will cross the 220-million-barrel threshold by year-end.
Guyana’s revenues from the Stabroek block are held at the New York Federal Reserve Bank, from whence they are drawn to help finance the national budgets. The government has already indicated that it will continue to invest the oil revenues in areas which develop the productive capacity of the country and its people, and once there is stabilization, monies will be funnelled into savings. (G-3)