On building the country’s private sector future
In what ways can the private sector ensure it captures a meaningful share of the country’s rapid economic expansion rather than remaining dependent on government-led development?
GERALD GOUVEIA JR.: The country is effectively being built in real time. In 2020, Guyana was close to bankruptcy, whereas today it is one of the world’s fastest-growing economies. But the objective is not simply to grow oil production; it is to use that wealth to fuel and fund economic diversification. The regional chambers of commerce and industry associations aim to create a unified private-sector voice when engaging government. Naturally, we are looking for investors, but more importantly we are looking for developmental partners willing to grow with Guyana over the long term.
What steps are being taken to ensure that non-oil sectors continue to expand alongside the hydrocarbons industry?
GOUVEIA: Non-oil GDP growth has actually outpaced oil-sector GDP growth in several areas, particularly mining and agriculture. Agriculture remains a major priority because Guyana has a significant land advantage within CARICOM. The bloc wants to reduce its food import bill by 25% by 2030, creating a market opportunity worth roughly $1.5bn over the next four years. At the same time, Guyana is pursuing multiple growth sectors simultaneously, including logistics, ICT, health care, manufacturing and renewable energy.
We are also pursuing two energy paths at once: aggressively developing hydrocarbons while investing in renewable energy and low-carbon industries. The $1.9bn gas-to-energy project in Wales, West Bank Demerara, is on track for completion by the end of 2026, aiming to cut electricity costs by 50%. This will, in turn, support fertiliser production, data centres and industrial expansion.
Why does infrastructure remain such a critical issue for private-sector development, and how quickly must delivery improve to match economic growth?
GOUVEIA: Guyana is developing across many sectors and there are natural growing pains. One challenge is that Guyana has a relatively small population trying to support rapid growth across multiple sectors simultaneously. That is why partnerships are so important, as they help build long-term capacity. One of the largest infrastructure projects currently under way is the new road corridor linking Guyana to northern Brazil. Northern Brazil is one of the world’s largest agro-producing regions, and connecting that region to a deepwater harbour in Guyana could cut up to two weeks from shipping routes that currently move exports through São Paulo. This creates major opportunities in logistics, aviation and trade, while strengthening Guyana’s position as a regional hub.
How can Guyana balance attracting foreign labour with developing domestic skills and firms?
GOUVEIA: As a fast-growing economy with a small population, one of our most significant challenges is a labour shortage. We are discussing how to attract migrant labour responsibly while simultaneously building domestic human capital. Much of the labour currently comes from CARICOM countries and Brazil. However, government is also investing domestically, particularly in education, including free PhD programmes to grow our skilled workforce over the long term. There is no single policy solution; therefore the government and the private sector are addressing this issue in real time through flexible and ethical policies to benefit both workers and the Guyanese economy itself.
In terms of developing domestic firms, the local content legislation introduced in 2021 has been transformative in the oil and gas sector. Initially, very few Guyanese companies had the capability to participate in oil and gas. The framework identified around 40 sub-industries and required active skills- and knowledge-transfer plans. In just over four years, Guyana has developed systems and expertise that are now serving as a template elsewhere in the Caribbean, and the country is already exporting oil and gas talent to Suriname thanks to the growth of domestically-sourced technical expertise.
Which reforms are needed to modernise Guyana’s financial system and improve access to banking and capital?
GOUVEIA: Digital transformation is essential. Guyana has traditionally been an analogue, cash-based society, so the banking sector is undergoing major reforms. There is significant international interest from global institutions. Meanwhile, the government is establishing a development bank and exploring broader capital market reform. There is also major potential for merchant banking as the economy continues to expand from a relatively low level of financial penetration.
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