Massive growth recorded in financial, construction, agri, mining, tourism sectors – Pres Ali

…says slew of incentives coming in 2026 Budget

President Dr Irfaan Ali on Thursday declared that Guyana’s economy is “firing on all cylinders”, as he delivered a wide-ranging address at the opening of GuyExpo 2025 on Thursday.
The President, who outlined the country’s mid-year economic performance, announced sweeping new incentives planned for the 2026 budget, and issued strong warnings to lagging sectors and non-compliant stakeholders.
According to President Ali, Guyana is experiencing one of the fastest economic transformations globally. Between 2020 and 2024, non-performing loans fell by 51 per cent, signalling stronger financial health and household resilience. He cautioned that simplistic narratives often cloud the reality of Guyana’s momentum.
Guyana’s economic fundamentals are “strong, robust, and full of energy”. Real oil Gross Domestic Product (GDP) grew by 7.5 per cent, while non-oil GDP surged by 13.8 per cent. “Is that a sign of a sluggish economy?” the President asked. “Or a powerhouse on the move?”
Additionally, he noted that this growth reflected disciplined leadership, prudent investment, and strong collaboration across the Public and Private Sectors. The banking system, he said, is operating with exceptional strength. Capital adequacy stands at 19.3 per cent, well above international safety thresholds. Broad money grew by 14.9 per cent. Liquid assets exceeded statutory requirements by 107.9 per cent. The share of non-performing loans dropped to two per cent, as borrowers demonstrate improved repayment capacity.
“Our financial sector isn’t just sound — it is a fortress,” the President declared.
Against this backdrop, the Guyanese leader pointed to several sectors recording remarkable growth: construction expanded by nearly 30 per cent, reflecting aggressive national development, new housing, private projects, and major infrastructure expansion.
Professional services increased by 41 per cent, driven by investments that are equipping Guyanese to compete at higher service levels.
Gold declarations rose by 10.9 per cent, though the President stressed that compliance must still be strengthened. He issued a stern warning to gold miners benefiting from incentives but failing to declare production: “We will come after you — and you will lose your business.”
Bauxite production, he added, is exploding, while agriculture is recovering yet still performing unevenly.

Six pillars of transformation
In light of the growth recorded, the President outlined the Government’s six pillars for long-term development, designed to strengthen resilience and accelerate national transformation.
The first pillar focuses on growing the economy and expanding the Private Sector. Government’s strategy centres on accelerating investment, modernising local industries and creating an environment where businesses of all sizes can thrive. Efforts include improving access to financing, strengthening export capacity, developing modern industrial zones and promoting greater involvement of Guyanese companies in new and emerging markets.
The second pillar emphasises building world-class infrastructure to support long-term national development. This includes major upgrades to the country’s transportation network, new highways and bridges, expanded port facilities, and a modernised energy grid capable of powering large-scale industrial activity. Investments are also being directed toward improving drainage and irrigation systems, reinforcing sea defences and building climate-resilient structures that safeguard both coastal and inland communities.
A third pillar targets improvements to education, skills training and public services. The Government aims to equip citizens with the competencies required for a modern workforce by expanding training in technology, engineering, agro-processing, hospitality, and technical trades. Upgrades to school facilities, introduction of smart-classroom technology and increases in scholarship opportunities form key components of this initiative. The pillar also includes strengthening public sector performance to ensure faster, more reliable and more transparent delivery of Government services.

The fourth pillar addresses social protection and welfare, reinforcing the national commitment that development must uplift all households. Programmes under this area focus on supporting vulnerable populations, improving services for senior citizens, strengthening disability support systems and expanding child protection initiatives. Housing development, community enhancement projects, potable water access and food-security efforts are also being prioritised to ensure improved living standards across all regions.
Strengthening security, justice and law enforcement forms the fifth pillar of the development framework. The strategy involves modernising Police operations, upgrading infrastructure, improving investigative capacity and integrating new technologies such as advanced surveillance systems. It also focuses on enhancing border security, strengthening anti-corruption mechanisms, and improving the efficiency of the justice system to build public trust and maintain safety in communities nationwide.
The sixth pillar promotes food security and sustainable development, positioning Guyana as a regional leader in agriculture and climate resilience. Efforts include expanding large-scale farming, promoting agro-processing, introducing climate-smart agricultural techniques and developing a robust food-value chain aimed at reducing Caricom’s food import bill. At the same time, the Government continues to prioritise environmental stewardship, with policies supporting forest conservation, lower emissions, renewable energy and responsible development practices that balance growth with environmental protection.

Generous incentive regime
Moreover, President Ali emphasised that the Government has studied successful development models from India, Brazil, China, Morocco, the United States, and the Dominican Republic, and will implement a world-leading incentive package in 2026.
This package includes mega food parks in multiple regions, zero per cent taxes on agriculture, veterinary and agro-processing inputs, and special incentives for cold storage, agro-processing, land conversion and value-added production. A graduated corporate tax regime will offer near-zero tax rates for small and medium agro-businesses. Blockchain-based traceability will enhance export quality and transparency.