Guyana's President Dr Mohamed Irfaan Ali meeting with Ilan Goldfajn President of the Inter-American Development Bank (IDB) during his visit to Guyana.
The IDB is a strategic partner supporting major investment and development initiatives of the Government and the Private Sector to fuel economic growth of the country and create prosperity for all of the people of Guyana.
Artist impression of the new Demerara River Bridge currently under construction.
Guyanese benefitting from educational and employment opportunities.
INVEST GUYANA Magazine is a wholly owned project of Advertising & Marketing Services (AMS) and has been published annually since 2013 with this being our 11th Annual Edition.
AMS Management wishes to express our sincere thanks and appreciation to H.E. President Dr Mohamed Irfaan Ali and his Government for their continued support and endorsement of INVEST GUYANA.
We also thank the Private Sector for their support and cooperation in our efforts to promote Guyana to the world as a preferred investment destination.
Lokesh Singh - Publisher, Martina Johnson, Khalil Alli, Natalie Dookie, Private Sector Commission, Nayteram Ramnarine, Sade Cameron, Kiana Wilburg, Fareeza Haniff, Office of the President, Department of Public Information (DPI), Office of the Prime Minister, Office of the Vice President, Ministry of Agriculture, Ministry of Natural Resources, Guyana Tourism Authority, Guyana Rice Development Board, Guyana National Bureau of Standards, Enet, NewsRoom, Guyana Chronicle, OilNow, Excel Guyana Inc.
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Office of the President, Department of Public Information (DPI), Delano Williams, Adrian Narine, Department of Public Information (DPI), Office of the Prime Minister, Office of the Vice President, Ministry of Natural Resources, Ministry of Agriculture, Ministry of Public Works, NewsRoom, Guyana Chronicle, OilNow, Sheriff Group, DDL Group, Excel Guyana Inc, Guyana Tourism Authority, Guyana Energy Agency, Guyana Rice Development Board Guyana National Bureau of Standards, Enet, NewsRoom, Guyana Chronicle, OilNow.
128/ Guyana Targets Conferences, Events and Sports to Boost Tourism
130/ US$7 Million Hospitality and Tourism Training Institute Under Construction
131/ Conferences & Events
132/ Business Briefs
134/ New Appointments
135/ Government Offices
136/ Government Agencies
137/ Private Sector Organisations & Agencies
138/ International Business Chambers in Guyana
138/ Guyana Overseas Missions
140/ Advertisers Index
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To provide excellent Construction and Real Estate Development Services to our valued clients by continuously improving the way we do business through innovative techniques.
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Prosperity for the Benefit of All
JOHN DUNCAN / MINISTRY OF TOURISM, INDUSTRY AND COMMERCE
Welcome to the pages of our 2024/25 INVEST GUYANA Magazine – our 11th annual edition and the Leader in promoting Guyana as a premier investment destination.
The Guyana Government offers investors a welcoming environment with diverse and sustainable investment opportunities with attractive incentives across all economic sectors and in all Regions of Guyana.
Under the visionary leadership of a young, charismatic and energetic President, Dr Mohamed Irfaan Ali, Guyana has been attracting worldwide attention with its Vision 2030 development plan and innovative initiatives which have catapulted Guyana today to being the fastest growing economy in the world with record breaking annual GDP growth.
In 2024, Guyana is ranked as the third highest global supplier of Crude in the world’s Oil and Gas industry outside
of the OPEC countries, and is the most sought after investment destination in the Caribbean and Latin American region.
The oil and gas industry remains the primary driver of Guyana’s economic transformation, and continues to evolve and outperform all others, generating substantial revenue for the government and attracting an impressive flow of foreign direct and local investment.
The completion of the new Gas to Shore Project at Wales and delivery of cheaper and reliable energy will unlock a wave of new investment opportunities.
However, Guyana’s investment opportunities extend far beyond the oil and gas sector. The government’s modernisation program has led to significant investments in agriculture, mining, construction, tourism, healthcare, energy, ICT, manufacturing, and services. These sectors are poised for exponential growth, offering
investors an array of diverse and viable investments to capitalise on Guyana’s expansion.
President Ali and his Government’s promise “to deliver prosperity to Guyana for the benefit of all of its citizens” is led by the construction of an integrated network of four lane highways and new bridges, opening new lands and connecting all regions of the country including our neighbours Suriname to the east and Brazil to the south.
The direct links by road and air to Brazil and Suriname, both with significant oil deposits, offer the promise of cross border trading and partnerships through the creation of new large scale investment projects.
With its unwavering commitment to economic diversification, world-class infrastructure, and a government that is dedicated to delivering prosperity for all, Guyana offers unparalleled opportunities for savvy investors.
We invite you to explore the wealth of possibilities showcased in this, the 2024/25 edition of the INVEST GUYANA Magazine.
Guyana’s future is bright, and The Time to Invest is NOW!!
Lokesh Singh Publisher / Managing Director
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A View of Guyana’s Capital City, Georgetown
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Building Bridges to Prosperity
His Excellency Dr Mohamed Irfaan Ali
President
The Co-operative Republic of Guyana
In 2024, Guyana stands at the threshold of unprecedented growth and transformation. Our nation is experiencing a renaissance driven by strategic investments in infrastructure, agriculture, healthcare, hospitality, mining, tourism and the burgeoning oil and gas sector.
Zoning in on infrastructure, my government has embarked on several major projects to enhance connectivity and support economic activities. One of the most ambitious projects is the construction of the new high-span four-lane Demerara River Bridge, a USD 260 million cable-stayed structure, which is a testament to our commitment to modernising our transport network. This 2.8-kilometre bridge, built to the highest international standards, will accommodate all vehicle sizes. Crucially, it will allow for the uninterrupted passage of maritime traffic, boosting the efficiency of our ports and supporting the rapid growth of our oil and gas sector.
Progress of the construction of the new Demerara River Bridge
Further it will open access to thousands of acres of new lands for development in Region 3 with the construction of the Gas to Shore Project at Wales and the VESHI Shore Base Facility being catalysts for additional new mega projects.
But our infrastructure ambitions extend far beyond the landmark Demerara River Bridge project. We are also forging deep regional partnerships to drive transformative change. Through our collaboration with Brazil and Suriname, we are developing integrated multimodal transportation networks towards increasing trade facilitation, infrastructure development, energy security, food security and environmental conservation that benefit all three nations.
President Dr Mohamed Irfaan Ali and Minister of Public Works Bishop Juan Edghill visiting communities in West Demerara to discuss with residents, enhancing drainage, improving road networks, implementing agricultural initiatives, and other community-based economic ventures
OFFICE OF THE PRESIDENT
For over a decade we have seen the benefits of the Takatu Bridge that connects Guyana and Brazil, and now the construction of the proposed Corentyne River Bridge, connecting Guyana and Suriname will facilitate the movement of goods and people between the two countries and open new opportunities for investments including joint ventures and economic cooperation.
Further, earlier this year, the Government signed a USD 35.1M contract with the China Railway Construction Corporation Limited for the construction of a new bridge across the Demerara River in Linden, Region 10. The four-lane bridge, which will replace the existing Mackenzie-Wismar Bridge, will be 220 meters long and will be linked to the LindenLethem highway. It will therefore aid in the advancement of trade between Guyana and Brazil and will create immense opportunity in positioning Region 10 as the engineering and mechanical hub, and a transport and logistics hub not only for mining and forestry, but also for the trade that would exist between Brazil and Guyana, and in CARICOM.
In this vein, to cater to the growing influx of tourists and business travellers, we have set an ambitious target to construct 2,000 new hotel rooms by 2025. This expansion includes several internationally branded hotels, which are at various stages of construction and are scheduled to open during 2024 and 2025. They will offer a range of new restaurants and amenities that will elevate Guyana’s appeal as a premier destination for conferences, sporting events and entertainment.
Additionally, the redevelopment of the Georgetown Sea Wall and the creation of family-oriented community parks across the country are not only enhancing urban aesthetics but also providing recreational spaces for our citizens and visitors alike. These initiatives are critical as we position Guyana as a rising tourism destination.
As we develop our country in the aforementioned areas, we are also on a quest to provide first-class healthcare services. The commissioning of a state-of-the-art pathology laboratory at the Georgetown Public Hospital Corporation (GPHC) marks a pivotal moment in our healthcare journey. This facility is equipped with advanced tools that enable faster diagnostic results, reducing turnaround times from weeks to mere days.
President Ali and other officials touring the $400M state-of-the-art Pathology laboratory commissioned at the Georgetown Public Hospital Corporation
The fully refurbished Kingston Seawall Esplanade is a popular destination for Guyanese nationals and tourists alike
Furthermore, we are expanding our healthcare network with six modern new hospitals slated for completion within the next year. The facilities will be built at Anna Regina, Region Two; De Kinderen, Region Three; Diamond and Enmore, Region Four; Bath, Region Five and Skeldon, Region Six. We are also investing in the training of local healthcare professionals to ensure that our healthcare system is equipped to meet the needs of our growing population.
Meanwhile, our mining sector continues to be a cornerstone of Guyana’s economy. We are committed to sustainable mining practices that balance economic benefits with environmental stewardship. In parallel, our agricultural sector is being revitalised through modern techniques and technologies aimed at boosting productivity, ensuring food security and increasing our exports.
Large-scale cultivation of corn and soybeans to support the livestock industry is a key component of Guyana's agricultural diversification process
31 persons from Regions Three, Four, Five and successfully completed the eight-month Ministry of Health's Community Health Workers Training Programme. Trainees gained essential skills and knowledge in areas such as Anatomy and Physiology, Logistics Management Systems, Disease Surveillance, Pharmacology, and Maternal and Child Health
Notably, the discovery of vast oil reserves has catapulted Guyana into the global spotlight as one of the fastest-growing economies in the world. Our Gross Domestic Product (GDP) per capita surged from US$6,477 in 2019 to US$18,199 in 2022, to US$23,325.12 in 2023 —a testament to the transformative impact of oil production on our economy.
Minister of Natural Resources, Hon. Vickram Bharrat (2nd from right) and ExxonMobil Guyana President, Alistair Routledge (2nd from left), with other officials as the Government of Guyana announced the granting of a Petroleum Production Licence to the Stabroek Block operator, ExxonMobil, for its sixth development offshore Guyana, Whiptail. This US$12.7 billion development will produce 250,000 barrels of oil daily, bringing daily production to 1.3 million barrels per day by the end of 2027
The government’s vision is clear: harnessing this newfound wealth to provide prosperity for all Guyanese. We are investing oil revenues into critical sectors such as education, healthcare, infrastructure, and social services to create a more equitable society where every citizen can thrive.
As President, I am filled with optimism about Guyana’s future. The developments across various sectors and across the country reflect our commitment to building a prosperous nation. Together with our regional partners Brazil and Suriname—and supported by robust foreign direct investment—we are charting a course towards sustainable development that will benefit generations to come.
As we continue to build bridges, both literally and figuratively, Guyana stands ready to welcome the world to explore our many investment opportunities. I invite you to join us on this remarkable journey as we forge a future of prosperity, progress, and shared success.
President Dr Mohamed Irfaan Ali chatting with students of the Guyana Technical Training Centre (GTTCI) in Port Mourant, Corentyne, Berbice
African Export-Import Bank 31st Annual General Meeting, Nassau, Bahamas
President Dr Mohamed Irfaan Ali recently delivered the keynote address at the African Export-Import Bank (Afrieximbank) 31st Annual Meeting in Nassau, Bahamas. President Ali called for building trust between the Caribbean and Africa to take their bilateral relations to greater heights.
Caribbean Investment Forum 2024, Georgetown, Guyana
President Dr Mohamed Irfaan Ali officially opened the Caribbean Investment Forum 2024 at the Arthur Chung Conference Centre.
First Legal Conference on Criminal Justice Reform
President Dr Mohamed Irfaan Ali opening the First Legal Conference on Criminal Justice Reform at the Marriott Hotel in Georgetown in July 2024.
President Dr Mohamed Irfaan Ali in discussions with Commonwealth Secretary General, Baroness Patricia Scotland at State House. While in Guyana, the Baroness also made contributions to the First Legal Conference on Criminal Justice Reform.
USAID Mission to Guyana
President Dr Mohamed Irfaan Ali met with a high-level team from the United States Agency for International Development (USAID) in July 2024.
Discussions focused on continued collaboration and strengthening the bilateral relationship between Guyana and USAID. The focus was also on how USAID can help Guyana grow and expand its capacity to deal with its current development trajectory's rapid and expansive growth.
The USAID team was led by its Deputy Administrator for Policy and Programming, Isobel Coleman, and also featured USAID’s Regional Representative for the Eastern and Southern Caribbean, Mervyn Farroe; Senior Advisor Rob Berschinski; Special Assistant Jocilyn Estes; and Senior Development Advisor Aaron Spencer. The US Ambassador to Guyana, HE Nicole Theriot, accompanied the delegation.
Minister of Foreign Affairs and International Cooperation, Hugh Todd, the Foreign Secretary, Robert Persaud, and the Director of Presidential Affairs, Marcia Nadir-Sharma, also attended the meeting.
Celebrating with the USA
On July 4th, 2024, President Dr Mohamed Irfaan Ali attended a cocktail reception to mark the 248th Independence anniversary of the United States of America.
During his address, President Ali spoke of the strong bilateral and trade relations between Guyana and the United States and praised the country for its tremendous support in strengthening security cooperation with Guyana.
The President also made it clear that the current military cooperation between Guyana and the United States is rooted in ensuring peace and stability in South America and the Caribbean.
Meeting with French Businessmen
President Dr Mohamed Irfaan Ali and a Government team met with a French business delegation at the Office of the President today.
The delegation, led by Philippe Gautier, CEO of MEDEF International—France’s leading private business network— featured business leaders from France in the agricultural, aviation, ICT, infrastructure, and other sectors.
The discussions focused on the group expanding their interests and exploring investment opportunities in Guyana.
Celebrating with the UK
President Dr Mohamed Irfaan Ali praised the strong and enduring relationship between Guyana and the UK during an official celebration of His Majesty King Charles III's birth anniversary, which was hosted by the British High Commissioner to Guyana, Jane Miller.
Guyana remains grateful for His Majesty’s deep commitment to environmental sustainability and will continue to work with the UK to ensure the protection and conservation of our natural environment.
The President also said that Guyana looks forward to fostering advancement in economic growth, trade relations, and sustainable development initiatives with the UK.
Guyana, Dominican Republic Partnership Could Strengthen Latin America, Caribbean Region
Guyana’s growing partnership with the Dominican Republic (DR) could foster greater regional integration of the Latin American and Caribbean region.
That's according to Guyana's President Dr Mohamed Irfaan Ali, who shared his view during a panel discussion at the first United Caribbean Forum, held in Georgetown at the Arthur Chung Conference Centre (ACCC) in March 2024.
President Ali said that Guyana, through its partnership with its Latin American counterpart, could narrow the existing gaps in technology, human resources and other sectors.
“We will all agree that we are not where we should be, when you measure us against the global scale; there is definitely a gap in where we are and where the rest of the world is today,” the Head of State said.
He added that having recognised these gaps, Guyana is positioning itself to build a sustainable future not only for itself
but also for the entire region, applying world-class technology, methods and best practices globally, and the DR will be a critical partner in those efforts.
“We see the DR as a critical partner in bridging the gap, when you speak about tourism, scale and capacity in the private sector, leveraging capital, looking at the value-added industry in food production. We see great synergy in the government and the private sector working together in aligning those synergies and expanding the opportunities,” President Ali said.
Joining the Guyanese President on the panel discussion, Former United States President Bill Clinton pledged support to the two nations to strengthen regional growth and integration.
“This partnership between governments, businesses and NGOs between the Dominican Republic and Guyana, I hope, is the tip of the iceberg. I hope it will give new life to CARICOM, and new life to any other organisation that is active here, because you have this amazing opportunity to blend the strength of numbers with the strength of individual gifts,” the former President said.
Clinton said he will lend support through his organisation, the Clinton Global Initiative, by way of providing support to further bridge the existing gaps and create integration among the Americas.
The former US President stressed the need for the Americas to work closely to strengthen partnerships among governments, private sectors, and nongovernmental organisations to breathe new life into the region.
The Guyana Dominican Chambers of Commerce in Guyana organised the United Caribbean Forum in Georgetown, Guyana. The Forum was intended to unite business leaders, policymakers, and industry experts from across the Caribbean to discuss vital topics that will be key to helping propel Guyana’s development for the future.
You're still batting well, Sir!
President Dr Mohamed Irfaan Ali and former US President Bill Clinton were among key panelists at the first United Caribbean Forum held in Georgetown, Guyana
President Dr Mohamed Irfaan Ali giving former U.S. President Bill Clinton some quick cricket tips before a function at State House.
Guyana is a ‘Prime Investment’ Destination –United States Department of State’s 2024 CIF Repor t
Government initiatives praised, economy poised for significant development
Guyana has once again been identified as a prime investment destination with the multitude of sustainable investment opportunities across the country that are available to investors in the oil and gas, housing, construction, agriculture and other key sectors.
With an economy poised for tremendous development, the government received positive reviews in the 2024 Investment Climate Report released annually by the State Department of the United Sates of America.
The government continues to execute strategic initiatives in agriculture, oil and gas, health, education, housing and water sectors, aimed at enhancing the livelihoods of every Guyanese citizen.
In 2023, Guyana recorded a gross domestic product (GDP) growth rate of 33 per cent making it one of the fastestgrowing economies globally.
The Electronic Planning and Development Single Window System launched by the government aims to reduce the processing time for planning and building permits and improve customer service. It is yet another initiative by
President Dr Mohamed Irfaan Ali to diminish bureaucracy, remove barriers to conducting business, and contribute to an enhanced business environment.
In the tourism sector, Guyana received the Destination of the Year award in the Ecological Tourism group. With more hotels coming on stream in 2025, over 500 hotel rooms are expected to be added by the end of 2024.
Guyana’s undertaking of the gas-toenergy project will significantly reduce the cost of electricity. As part of its road enhancement project, several four-lane highways are currently under construction in various parts of the country, to provide improved access to commuters and more socio-economic opportunities.
Guyana also has a welcoming business environment that has so far proven to be extremely successful for everyone. Foreign investors do not have to worry about restrictions when conducting business in the country.
In essence, this has been made possible with the passage of the Local Content Act in December 2021, which establishes baseline necessities for foreign and local
businesses to operate in the country’s oil and gas industry to employ Guyanese and source local supplies. Under the LCA, foreign and local businesses have the right to create and own business enterprises and engage in all forms of commerce.
The passage of the revised Natural Resource Fund (NRF) and the selection of a board of directors, paved the way for the government to invest a percentage of its oil revenues and royalties in international markets. The CIF report noted that Guyana’s NRF is expected to exceed $3 billion by the end of this year.
There are many investment incentives for both foreign and local investors such as exemption from numerous taxes, tax holidays, enhanced devaluation rates, full and unobstructed repatriation of capital, returns and surpluses.
In the financial sector, Guyana possesses its own stock market, supervised by a self-regulated organisation – Guyana Association of Securities Companies and Intermediaries (GASCI).
According to the report, the influx of investments in the oil and gas industry has created several job opportunities, driiving economic growth development in numerous sectors.
The United States Department of State’s Climate Investment Statements provide comprehensive information climate of over 160 economies. They analysed several economies that could be markets for U.S. businesses.
An aerial shot of the Pegasus Hotel & Suites
Oil and Gas, shared Hydropower in Focus for Guyana, Brazil & Suriname Co-operation and Development
To Create Tremendous Opportunities for Investment Projects and Public/Private Partnerships
The trilateral meeting held in Georgetown, between the Presidents of Guyana, Brazil, and Suriname, resulted in significant commitments aimed at fostering sustainable development and enhancing cooperation among the three nations.
The leaders—H.E. Dr Mohamed Irfaan Ali of Guyana, H.E. Luiz Inácio Lula da Silva of Brazil, and H.E. Chandrikapersad Santokhi of Suriname—held talks earlier this year on the margins of the 46th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM).
The holding of the trilateral meeting reflects the interest of the governments and societies of the three countries to promote the sustainable development with social justice of their respective populations, based on their historical relations of friendship and good neighbourliness and the similar views they maintain about the importance of Amazonian and South American integration and the construction of a more just, inclusive and equitable global order, with full respect for International Law and for the principles and purposes of the Charter of the United Nations.
They recommitted their respective countries to work unceasingly towards the maintenance of Latin America and the Caribbean as a Zone of Peace and of cooperation for sustainable development.
When reviewing the present state of relations between the three countries,
the Presidents agreed to establish trilateral working groups, at the technical level, in the areas of (i) physical and digital infrastructure, (ii) energy and (iii) cooperation in the fight against transnational illicit activities to deepen and implement initiatives of common interest. Such Working Groups will report the progress attained to the Ministers responsible for the respective areas, for consideration in trilateral meetings of the Ministers.
In the area of infrastructure, the Presidents recognised the opportunity to advance in the consolidation of projects that strengthen the physical and digital connectivity between the three countries, such as the full paving of the Linden-Lethem road, connecting the Brazilian state of Roraima to Georgetown, and the modernisation of the road connection between the Brazilian state of Amapá and the capitals of Guyana and Suriname, passing through French Guiana, which is to be included in future discussions on
this route. They also emphasised the importance of examining, in this context, the measures for the optimisation of these routes in terms of trade and investment facilitation.
In the field of energy, they agreed to deepen discussions on cooperation in the oil and gas sector, including exploration and production, regulation and contingency plans and emergency response. They expressed interest in the development of sustainable projects of hydroelectric generation and integration of electrical networks, in order to strengthen the energy security and efficiency of regional systems. They also welcomed the opportunity to advance the discussions on other renewable energy modalities, including bioenergy.
Finally, they reaffirmed their common interest in strengthening cooperation in the fight against transnational crime, through joint police operations, exchange of intelligence information, capacity developing activities and negotiation of cooperation projects for the use of remote sensing images as a tool to combat transnational organised crime. In reviewing the Cooperation in security in the Guiana Shield region, the Presidents expressed their satisfaction with the initiatives taken during meetings between the security agencies in Brazil, Suriname, Guyana, and relevant adjacent countries.
However, they urged those agencies to intensify their cooperation in addition to the meetings of the working group to be established in the sector of security.
President Dr Mohamed Irfaan Ali and President Luiz Inácio Lula da Silva
Guyana's Power Lies in our Ability to Maximise Food Production and Increase Global Exports
Although Guyana is rich in resources, the government recognises that the nation’s true strength lies in its ability to produce and export food globally.
As a result, the President Dr Mohamed Irfaan Ali administration has developed an extensive agricultural plan that will be seamlessly integrated into the country’s overarching framework.
President Ali recently emphasised the government's position while delivering the feature address at the New Guyana Marketing Corporation’s (GMC’s) annual awards ceremony and dinner, at the Ramada Georgetown Princess Hotel.
He stressed that Guyana has great potential to produce more high-value products within the coming years.
President Ali said his government’s emerging strategies and strong investment in the agriculture sector are to create the enabling environment necessary for the country’s produce and products to be of esteemed standard and a differentiating brand on the regional and international market.
The plan will assist in achieving the aim of reducing the food import bill as well as help Guyana save its foreign currency in corn, soya beans, and shrimp.
By 2027, it is expected that the country will be saving over US$60 million on the importation of the three key commodities alone.
The President highlighted the benefit of agro-processing, noting its challenges such as capacity of scale which is the ability to introduce and sustain products on the market, and the proper packaging and processing of products.
President Ali also urged agroprocessors and exporters to utilise the food processing facilities established countrywide by the GMC through the Ministry of Agriculture.
He said his government continues to invest in the necessary infrastructure and programmes to empower agricultural entrepreneurs to produce high-quality products.
“In the financing of the sector and within the next two to three years, a lot of resources will be set aside for agribusiness incubators. For an agroprocessor to be successful, we must be able to mobilise them under a common roof and provide them with the technology, knowledge, and support services,” President Ali stated.
The government plans to establish regional and sub-regional hubs by procuring more agro-processing facilities in the various regions to improve the shelf life and ease the transportation and logistics of products.
Minister of Agriculture Zulfikar Mustapha emphasised the need for local producers to add more value to their products to gain recognition in the international market.
Since 2020, the number of agroprocessors has increased drastically from 116 to 283.
Some 13 agro-processing facilities were established within various regions, while 90 Guyana shop corners were created.
One regional Guyana shop corner was developed in Barbados.
Currently, the GMC houses 3,599 products of varying sizes and brands such as sauces, jams, and spices, among others items.
Within the past four years, the corporation invested over $468 million in agro-processing facilities, solar dryers, and other equipment to further boost the industry.
President Dr Mohamed Irfaan Ali has announced that his government will construct Guyana’s first Agrochemical Plant by the end of 2025.
The Guyanese Head of State made the announcement while delivering the feature address at the Private Sector Commission’s (PSC) Corporate Dinner held at the Guyana Marriott Hotel. The President outlined a comprehensive plan of transformation that his government has undertaken to develop and diversify the country’s economy.
“We’ve already said that at least we want one Agrochemical Plant in Guyana that will be part of the first Gas-to-Shore Project that is coming on stream. That must be built and will be built before the end of 2025.”
The President said that when the plant is completed, Guyana would become Fertiliser-secure, which would enhance the country’s agriculture drive.
“You have a local market that will take up the consumption. So, our initial plan is for national security and then to see how much more gas we have to make it into a regional operation. If the Government has to co-invest in that, it will co-invest in that.”
Private Sector Invited to Expand Their Investments in the Economy
President says Government will offer attractive fiscal incentives
He encouraged local businesses to invest in the venture and said that the government would open avenues to optimise the capital that is raised locally.
When completed, the Agrochemical Plant will allow Guyana to produce fertiliser and other chemicals for the agriculture industry to increase and enhance the competitive advantage of the sector.
The President also reiterated that his government will offer incentives to local consortiums who are prepared to make investments in the tourism, agriculture and energy sectors, among others, that are geared towards developing a sustainable economy.
“Today, we have a natural pull factor. We have investors from all over the world coming in. The country is on
every newspaper headline, every magazine headline; it is in every major newscast headline. So, we have a natural momentum in marketing.”
This momentum, will be complemented by the government through investments.
“I want to see the local private sector investing in tourism because we will back the investment with marketing; we will back the investment with infrastructure. We will back the investment through fiscal incentives; we will back the investment as a government because this is an important future for us.”
President Ali also announced that the government plans to develop acres of land between Ogle on the East Coast of Demerara and Eccles on the East Bank of Demerara to make space available to park large trucks and other machinery.
President Dr Mohamed Irfaan Ali speaking at the Private Sector Commission’s (PSC) annual dinner
Embracing Opportunities, Expanding Prosperity
global trends, showcasing resilience and dynamism amidst challenging times. Now, as we look ahead to 2024, projections indicate even greater expansion, with a forecasted real GDP growth rate of 34.3%. These figures not only underscore the immense potential of Guyana's economy but also present compelling opportunities for investors seeking sustainable returns on investment.
PSC invites investors to seize the moment
PSC
WAs Chairman of the Private Sector Commission (PSC), I am thrilled to extend a resounding invitation to investors worldwide to explore the abundant opportunities awaiting in Guyana's flourishing economy.
ith an impressive growth performance in 2023 and promising projections for 2024, coupled with a favourable political climate, Guyana stands as a beacon of opportunity for investors seeking high-yield ventures in an emerging market. Guyana is emerging as a beacon of economic promise, beckoning investors with its abundant opportunities and favourable climate for growth. As we navigate the intricate tapestry of Guyana's economic landscape, it becomes evident that the nation's trajectory towards prosperity is not just a vision but a tangible reality unfolding before our eyes.
In 2023, Guyana's economy soared, exceeding expectations across key sectors. From agriculture and extractive industries to manufacturing, construction, and services, each sector contributed significantly to our growth story. With a real GDP growth rate of 33%, Guyana's economy outpaced
embraced a forward-thinking approach to governance, fostering an environment conducive to business growth and prosperity. The government's commitment to transparency, accountability, and investor-friendly policies has garnered international acclaim, instilling confidence among stakeholders. With a stable political climate and a clear roadmap for economic development, investors can navigate the landscape with assurance, knowing that their investments are supported by a government dedicated to fostering growth and innovation.
Under the visionary leadership of His Excellency Dr Mohamed Irfaan Ali, Guyana has
Private Sector Trade Mission to India in 2023
Komal Singh, Chairman,
In Guyana's burgeoning oil and gas sector, adherence to local content legislation is paramount. As foreign investors, collaboration with local partners is not just a requirement; it's an opportunity to harness local expertise, foster knowledge transfer, and build capacity.
By forming strategic joint ventures with local entities, investors can unlock access to financing, navigate regulatory complexities, and maximise the socio-economic benefits of oil and gas exploration. With Guyana's commitment to empowering local stakeholders, foreign investors have the opportunity to contribute to sustainable development while reaping the rewards of strategic partnerships.
I commend the government and President His Excellency Dr Mohamed Irfaan Ali for their unwavering dedication to economic development and prosperity.
Through targeted incentives and initiatives, including tax breaks, investment incentives, and infrastructure development projects, the government has created an environment ripe for business growth and innovation. By prioritizing investments in key sectors such as agriculture, manufacturing, infrastructure, and tourism, Guyana is laying the foundation for long-term prosperity and shared success.
In closing, Guyana beckons investors with open arms, offering a wealth of opportunities and a supportive ecosystem for business growth. As we continue on this journey of economic expansion and transformation, I invite investors to seize the moment, embrace opportunity, and together, let us build a future of prosperity for all in Guyana.
PRIVATE SECTOR COMMISSION OF GUYANA
157 Waterloo St. Georgetown, Guyana | Tel: +592-225-0977 Fax: +592-225-0978
Email: office@psc.org.gy Web: www.psc.gy
Delegates at the Belize Investment Summit
Private sector delegation in the Dominican Republic
PSC representatives in China for a trade mission
IMF Forecasts Robust Economic Growth of 33.9% for Guyana in 2024 Amid Oil Boom
The International Monetary Fund's latest World Economic Outlook report for April 2024 predicts a significant 33.9% growth in real GDP for Guyana, marking a substantial increase from their previous projection in December 2023, which stood at 26.6 per cent. The commencement of the Payara project in November 2023 appears to be a key driver, as it was anticipated to reach its peak output of 220,000 barrels per day (bpd) in early 2024.
Real Gross Domestic Product (GDP) serves as a crucial measure of an economy's output, adjusted for inflation. Guyana's remarkable growth trajectory, driven largely by its burgeoning oil sector,
positions it as a standout performer in the Latin America and Caribbean region. The IMF's projections indicate that Guyana's economic expansion is set to outpace its regional counterparts. Looking ahead, the IMF anticipates continued robust growth for Guyana, with a projected economic expansion of 18.7% next year and 11.9% by 2029. These optimistic forecasts underscore the sustained momentum expected to propel Guyana's economic development journey.
The report attributes Guyana's impressive growth to the significant oil discoveries made offshore, highlighting the country's emergence as a key
player in the global energy landscape. Furthermore, strong output growth in the oil sector, not only from Guyana but also from the United States and Brazil, further reinforces the positive outlook for Guyana's economic prospects.
As Guyana continues to leverage its newfound energy resources and capitalise on strategic partnerships, investors are presented with unparalleled opportunities to participate in the country's economic transformation.
With a bright future ahead, Guyana stands poised to cement its position as a dynamic hub for investment and growth in the years to come.
Guyana is Transforming Right Before our Eyes
US Ambassador commends Government for ensuring every Guyanese has access to education
With Guyana achieving the milestone of being able to provide accessible and world-class education to all Guyanese regardless of their circumstances, United States (US) Ambassador to Guyana, Nicole Theriot, has said that Guyana is transforming right before our eyes.
She made this remark during the official launch of the Guyana Coursera Platform at the Providence National Stadium in March 2024.
The Ambassador stated: “Guyana is transforming right before our eyes and in order to sustain this trajectory of growth and development while ensuring inclusion, it’s critical that every Guyanese person is equipped with the knowledge and skills needed to take part in this incredible success story.”
While noting that education has always been the cornerstone of progress and development, she further affirmed
that is the key to unlocking doors of opportunities while empowering people.
However, Theriot said that with the world rapidly evolving, the traditional methods of education are insufficient.
She added that we live in an era of a global marketplace with unprecedented technological development in which the demands of the workforce are constantly changing. To thrive in such an environment, we must adapt and embrace life-long learning.
The Ambassador also commended His Excellency, President Dr Mohamed Irfaan Ali, Minister of Finance Dr Ashni Singh, and the Government of Guyana for their work to ensure that every Guyanese person has access to education here in the country.
She also lauded the fact that Guyana chose to partner with the global massive open online course provider, Coursera,
which is an “outstanding US education company with an excellent, proven record in making significant impacts around the world, including already here in Guyana.”
Theriot said: “With the pace of growth we are witnessing, it is critical that everyone in Guyana regardless of their background, their circumstances, their geographical location, has access to quality education and the tools they need to succeed and contribute to Guyana’s incredible growth.”
The Ambassador added: “By harnessing the power of technology we can reach learners in every corner of the country, bridging the gap between Georgetown and the hinterland and empowering individuals to chart their own path to success and adding to the collective effort of Guyana in transforming the economy and the country.”
President Dr Mohamed Irfaan Ali (centre); US Ambassador to Guyana Nicole Theriot (5th from right); Chief Executive Officer of Coursera, Jeff Maggioncalda (5th from left) and Guyana government officials, at the launch of the Guyana Coursera Platform
United States - Guyana Trade Exceeds US$4.6B in 2023
Over 100 U.S. Companies Operating in Guyana
At a reception hosted on the 4th July in Georgetown to commemorate the 248th Independence anniversary of the United States of America, U.S Ambassador to Guyana Nicole Theriot in addressing the gathering, stated that “commercial ties between the two countries are deeper than ever, with business-to-business and wider commerce activities between Guyana and the United States are at an all-time high.”
States
Ambassador Theriot highlighted that “only a few years ago, Guyana and the U.S trade was a few US$100 million worth of goods, but in 2023, that volume of trade surpassed US$4.6 billion and over 100 U.S. companies are currently operating in Guyana. Through trade missions, conferences, and exchanges between our private sectors, our companies are unleashing economic growth that supports the employment of thousands, providing a better future for Guyana.”
This she said is occurring in many sectors including energy which is a key economic driver, though there are activities in the areas of healthcare, education, and agriculture.
“I also love seeing all over Georgetown, US branded hotels being constructed, along with US restaurants opening new locations. And for the many entrepreneurs out there – ya’ll, I’m still waiting on that Cajun restaurant!” she added.
President Dr Mohamed Irfaan Ali who attended the reception and also addressed the gathering stated “I am pleased with this advancement in private sector exchange, noting that there is tremendous collaboration within the private sector and we welcome that. It helps to have greater cultural infusion and we support this tremendously.”
President Ali advised that he is looking forward to the upcoming strategic dialogue which will not only present opportunities to address issues and policies with politicians but will also bring the private sector together.
The President also said a round-tablediscussion is also to be held with the U.S Secretary of Commerce even as Guyana works to ensure there is access to the U.S market for its exports of food and aquaculture. He said too that there is more diversified interest from the U.S private sector.
“I want to assure you that as we work on enhancing the relationship and opening up opportunities, anyone can participate. We had difficulty in attracting small and medium-sized businesses out of the U.S. Today, we have to do very little lifting in presenting Guyana and our opportunities,” the President added.
United
Ambassador to Guyana, Nicole Theriot
AC MARRIOT HOTEL
US EMBASSY IN GUYANA
(Top) Starbucks chain was introduced to Guyana in 2023. (Above) AC Marriott Hotel is one of three in the Marriott chain in Guyana
Canada/Guyana Trade soared to almost CA$350 Million in 2023
Canada is among the countries deepening relations with Guyana and bilateral trade between the two countries soared to almost CA $350 million (or about GY $53.4 billion)
in 2023, the country’s High Commissioner to Guyana Mark Berman said in June at a Canada Day event in Georgetown. “These numbers, while showing an opportunity for further growth, have been driven by our shared commitment to economic development and the complementary strengths of our economies. Canada is also a “reliable partner” for Guyana, particularly in the business, agriculture, energy, infrastructure and education sectors. Berman said.
The High Commissioner further stated that the partnership the country is deepening with Guyana, is evidenced by various loan agreements inked and ventures jointly pursued. He also noted that Canada is a huge supporter of the Guyanaled ambitious food security agenda within the Caribbean Community (CARICOM).
"With Canada being a key trade and development partner for Guyana, there is untapped potential in trade and investment opportunities." Foreign Secretary Robert Persaud.
“Our business entities have not optimally exploited these relations to enhance trade and investment flows between the two countries. Additionally, Guyana continues to export limited products to Canada, despite the duty-free market access that is available under the 1985 CARIBCAN unilateral preferential trade arrangement,” Persaud said speaking at the Annual General meeting of the Canada-Guyana Chamber of Commerce.
He called for more diversification in the exports to Guyana and for there to be a balance in trade, stating, “The time is now for such a shift in focus. For instance, Guyana’s positive trade balance with Canada is largely due to gold exports whose value is consistently much more that the value of all other products Guyana exports to Canada combined,”.
Similarly, Persaud said more investments are needed in the agriculture and manufacturing services. “In this regard, the Canada- Guyana Chamber of Commerce can serve as a useful conduit in linking Canadian investors with Guyanese businesses in the industries highlighted.”
Further, “the Chamber should seek to arrange more trade missions between the two countries with a strategic focus on export diversification, strengthening of productivity capabilities, technological
The Guyanese diaspora with an estimated 85,000 Guyanese living in Canada, is a valuable asset, offering expertise, skills, and resources for economic development.
transfer, nearshoring opportunities, economic integration and market research.”
“To maximise the full potential of the diaspora, further engagement is needed to move beyond remittances and explore opportunities for trade, investment, entrepreneur development and skills transfer. To this end, the government of Guyana has embarked on a rigorous engagement programme with the diaspora and is pleased with the positive responses, including some tangible investments,” Persaud said.
The Foreign Secretary further highlighted the government’s “One Guyana” initiative which focuses on energy, food, and climate security. These areas also offer many investment opportunities,
including renewable energy, green technologies, and smart agriculture.
“The private sector is key to the development of these sectors which require urgent investments. With the necessary financing, expertise and technology that the private sector possesses, there are opportunities for greater public-private partnerships which can be fostered and harnessed to create jobs and a better standard of living for all,” Persaud said.
He said the government is open to receiving proposals from Canadian companies for possible partnerships that will seek to explore and develop initiatives aimed at ensuring that Guyana achieves its energy, food and climate security goals.
Foreign Secretary Robert Persaud
France to Establish an Embassy in Guyana in 2025
Aim to boost cooperation and economic development
President Dr Mohamed Irfaan Ali, and Stéphane Séjourné, Minister of Europe and Foreign Affairs of the French Republic meeting at State House, Georgetown in March 2024
Given the desire to forge closer links as neighbouring countries and friends, Guyana and France have decided to write a new chapter in their history by opening a French Embassy in Georgetown in 2025. France will be the first EU country with this level of diplomatic representation in Guyana.
This was one of the decisions coming out of a meeting in Guyana between His Excellency Stéphane Séjourné, Minister of Europe and Foreign Affairs of the French Republic and President Dr Mohamed Irfaan Ali, in March 2024, at State House, Georgetown.
Opening a French Embassy will boost the development of cooperation in various sectors, including the economy, in priority areas for Guyana where French companies hold renowned expertise.
This Embassy will also contribute to strengthening ties between Guyana and French Guiana, as well as French
The two countries agreed to establish a Joint Working Group to identify priorities to deepen cooperation in the areas of: Defence, climate change, food security, infrastructure, technology and tourism.
relations with the Caribbean Community (CARICOM), which is headquartered in Georgetown.
The Government of Guyana looks forward to the establishment of the Embassy which signals the benefits of the economic transformation being experienced by the nation and the interest of France in developing its relations with the Caribbean region.
“The Government of the French Republic welcomes the opening of this Embassy, which will help strengthen the integration of our overseas territories in the region and illustrates its ambition to
consolidate the universal character of its diplomatic network.”
The two countries are keen to strengthen cooperation to ensure the security and stability of the Guiana Shield and combat organised crime in the region. They are also engaged in efforts to protect Amazonia, which is a priority for both countries, given their connection to the Amazon region.
The two countries agreed to establish a Joint Working Group to identify priorities to deepen cooperation in the areas of: Defence, climate change, food security, infrastructure, technology and tourism.
As part of ongoing security cooperation, Guyana announced the acquisition of maritime patrol assets from France. This is a further illustration of the commitment of the two sides to strengthen the bilateral relationship.
Government
ABOUT GUYANA
Guyana became independent from Britain on 26 May 1966 and a Co-operative Republic on 23 February 1970, when a nonexecutive President replaced the Governor-General. A new Constitution in 1980 gave the President wide executive powers. The President heads the Cabinet, and there is a 65 member National Assembly elected by Proportional Representation. General Elections are held every five years. The current ruling administration is the Peoples Progressive Party Civic (PPP/C).
Time Zone
GMT - 04:00
Location
Guyana is located on the North East Coast of South America, the Continent’s only country where English is the official first language. It is between 1o and 9o North Latitude and 57o and 61o West Longitude, bordering Venezuela to the West, Brazil to the South, and Suriname to the East.
Georgetown is the capital city, and other major towns are Anna Regina, Bartica, Corriverton, Lethem, Linden, New Amsterdam, Mahdia, Mabaruma and Rose Hall.
Geography
Guyana is the fourth smallest country in South America after French Guiana, Suriname, and Uruguay. It has four distinct geographical areas: the Low Coastal Plain, the Hilly Sand and Clay Belt, the Highland Region, and the Interior Savannahs. Its total area is 214,970 sq. km.
Approximately 75% of the land area is still intact forest, and 2.5% is cultivated. At high tide, the coastline is 1 metre to 1.5 metres below sea level, necessitating elaborate drainage canal systems to mitigate flooding.
Bauxite, gold, and diamonds are the most valuable mineral deposits. Substantial commercial oil deposits were first discovered in 2015 in deep waters offshore, and several new discoveries have since positioned Guyana as a growing producer and exporter of oil. The main rivers are the Demerara, Berbice, and Essequibo.
Climate
Guyana is a tropical destination that is pleasant and warm for most of the year, humid, moderated by northeast trade winds, and two rainy seasons (May to mid-August, November to January). The mean temperature is 27°C, and the average temperature ranges from 24°C to 31°C. Rainfall is approximately 2,300mm a year in Georgetown.
Population
With a population of approximately 786,552 (2021 est.), the country has a diverse culture of six (6) ethnicities. Ninety per cent of the population lives on the coast, leaving the country’s lush interior untouched.
Clothing
Lightweight, casual clothing can be worn throughout the year. However, long clothing is recommended for the evening, along with mosquito repellent to safeguard against mosquito bites.
Health
Certain parts of the interior are at risk of malaria. Consult your doctor for the required precautions if you intend to travel there. Georgetown and coastal areas are relatively Malaria-Free. Municipal Hospitals and Health Care Centres exist within rural and outer-lying communities, with Medivac services available in cases of emergency. Further information can be obtained from the Ministry of Health via telephone at +592 226 7400 or visit their website - https:// www.health.gov.gy/
Internet
For most customers, 4G internet service is available nationally through independent providers. Service is also available in most hotels and at many internet cafés across the country. Some hotels and restaurants provide free Wi-Fi to patrons.
Media
There are four daily papers: Guyana Chronicle - the national paper, Guyana Times, Kaieteur News and Stabroek News. There are over twenty (20) Television Stations, five (5) privately owned Radio Stations, and one (1) government-operated Radio Station—NCN.
Religion
The predominant religious groups are Christians, Hindus, and Muslims. Each is well represented with its own churches, temples, and mosques. These major landmarks featuring traditional architecture are found across the country.
MAP OF GUYANA
REVIEW OF GUYANA BUDGET 2024
BY KHALIL ALLI, PARTNER
JACK A. ALLI, SONS & CO.
STAYING THE COURSE: BUILDING PROSPERITY FOR ALL
OVERVIEW
The Senior Minister in the Office of the President, Honourable Dr Ashni Singh, presented the 2024 Budget on 15 January 2024 under theme “Staying the Course: Building Prosperity for All”.
The contributions to gross domestic product of the major sectors, as measured at 2012 prices, are shown in the table below.
Budget 2024 projects total expenditure of G$1,145 billion (US$5.5 billion) while total revenue is estimated at G$947 billion (US$4.5 billion) giving rise to a budget deficit for 2024 of G$199 billion (US$1 billion).
G$1,145 B (US$5.5 B) G$947 B (US$4.5 B) G$199 B (US$1 B)
PERFORMANCE OF NATIONAL ECONOMY IN 2023
Budget 2023 had projected that the national economy would have grown by 25 percent in 2023, with the non-oil sectors expected to grow by 7.9 percent. Actual growth for 2023 was 33 percent, with the non-oil sectors growing by 11.7 percent.
NATIONAL OUTPUT AND INFLATION
The gross domestic product at current prices was US$16.5 billion in 2023 compared to US$14.8 billion in 2022, while per capita GDP in 2023 was estimated at US$20,960 compared to US$19,077 in 2022.
Dr Ashni Singh, Senior Minister in the Office of the President with Responsibility for Finance and the Public Service
The Petroleum Sector continued to expand during 2023, producing 142.9 million barrels of oil in 2023 compared to 101.4 million barrels in 2022. In late 2023, a third FPSO – Prosperity – commenced production, joining the Liza Destiny and Liza Unity in the Stabroek Offshore Block operated by ExxonMobil and jointly held with Hess Corporation and China National Offshore Oil Corporation - Hess Corporation was acquired by Chevron during 2023.
During 2023, the Government also auctioned fourteen offshore blocks in shallow and deep-water areas. Negotiations are continuing with selected bidders from that auction. Proposals were also invited by the Government of Guyana for the construction of an oil refinery in Berbice. Evaluations of proposals are continuing and expected to be completed in 2024.
The Gold Industry contracted by 11.2 percent during 2023 on account of lower declarations from small and medium-sized operators. Total gold declarations in 2023 were 432,113 ounces, compared to 486,415 ounces in 2022. The lone large-scale operation remains Aurora but exploration for potential large-scale reserves continues at Eagle Mountain, Marudi, Oko West and Omai.
The Bauxite Industry suffered a decline of 20.4 percent in 2023, largely due to depressed market conditions. The sand extraction and stone production sectors continued to grow strongly in tandem with the continuing surge in construction activity. The construction sector is estimated to have grown by 26.8 percent in 2023.
The Agriculture, Fishing and Forestry Sector is estimated to have grown by 7 percent in 2023 as most industries recorded better performances in 2023. The rice industry grew by 7 percent in 2023 with total production of 653,706 tonnes, as compared to 610,595 tonnes in 2022. The sugar industry is estimated to have grown by 28 percent in 2023 due to improved yields and weather conditions. Improved performances were also recorded in the livestock, fishing, other crops and forestry industries.
Inflation in 2023 was 2 percent, compared to 7.2 percent in 2022.
President Dr Mohamed Irfaan Ali engaging with secondary school students at the 2024 Guyana Energy Conference and Supply Chain Expo
Supporting farmers at every level, Agriculture Minister Hon. Zulfikar Mustapha supplying much-needed inputs to farmers in Region Five at the MMA-ADA's Onverwagt office
The balance of payments recorded a deficit of US$34.2 million in 2023 compared to a surplus of US$121.5 million for 2022. The main contributors are highlighted below.
The balance of payments deficit resulted in a drawdown in net international reserves at the Bank of Guyana with a closing year-end balance of US$898.2 million equivalent to 1.1 months of import cover, compared to US$939.2 million as at 31 December 2022.
PUBLIC AND GUARANTEED DEBT
Total public and publicly guaranteed debt amounted to US$4.5 billion at the end of 2023 with external debt and domestic debt amounting to US$1.8 billion and US$2.7 billion, respectively, compared to US$1.6 billion and US$2.0 billion at the end of 2022. The largest external debt lenders are the Inter-American Development Bank and the EximBank of China with US$835 million and US$223 million, respectively, outstanding at the end of 2023. Domestic debt comprises treasury bills of US$1.8 billion and debentures issued by the Bank of Guyana of US$902 million. The debt (including guaranteed debt) to GDP ratio at 2023 year-end was 27.3 percent compared to 24.6 percent at the end of the prior year.
NATURAL RESOURCES FUND
The current account benefitted from increased earnings from crude oil sales in 2023 due to higher production. Declines in earnings from gold and bauxite exports were recorded in 2023, offset by increased earnings from rice and sugar exports. Imports of fuel and lubricants decreased marginally while other imports of goods increased significantly on account of the third FPSO Prosperity being completed in 2023. The capital account of the balance of payments ended with a lower deficit of US$2.028 billion due to inclusion of the investment in the third FPSO and improved foreign direct investment.
The NRF amounted to US$1.973 billion at the end of 2023, compared to US$1.272 billion at the end of 2022. Inflows to the NRF during 2023 comprised of US$1.4 billion being Guyana’s share of profit oil and US$218 million from royalties, along with interest of US$87 million. An amount of US$1 billion was transferred from the NRF during 2023 to the Consolidated Fund for use on national development priorities.
BUDGET REVENUE PROJECTIONS FOR 2024
Of the total projected revenue for 2024 of G$947 billion (US$4.5 billion) in Budget 2024, G$718 billion (US$3.4 billion) is from current sources while G$229 billion (US$1.1 billion) is from capital sources.
The major sources of current revenue of G$718 billion are summarised in the table at right.
The current revenue for 2024 includes withdrawals from the Natural Resource Fund of G$240.1 billion (US$1.2 billion). It also reflects Carbon Credit Inflows of G$43.7 billion (US$210 million). During 2022, almost 33.5 million carbon credits were issued to Guyana for the period 2016 to 2020 by the
Architecture for REDD+ Transactions Environmental Excellence Standard (ART-TREES) Secretariat. Hess Corporation became the first buyer of Guyana’s carbon credits, with a purchase of approximately one third of Guyana’s carbon credits issued by ART-TREES.
Senior Minister in the Office of the President with Responsibility for Finance and the Public Sector, Dr Ashni Singh, oversaw the signing of an agreement between the Inter-American Development Bank’s Private sector arm-IDBInvest and Redstart Guyana. The agreement is to the tune of US$25 Million and will allow for the construction of a commercial complex at Farm on the East Bank of Demerara
Tax revenue is projected to grow as economic activity expands in 2024. No new taxes were introduced in Budget 2024. However, certain fiscal measures were introduced or extended in Budget 2024, as highlighted below.
I EXCISE TAX, IMPORT DUTY AND VAT
II INCOME TAX
II PUBLIC ASSISTANCE AND SUPPORT
a. Continued application of zero percent excise tax on fuel.
b. Continued application of the freight cost adjustment which utilises pre-pandemic freight values in the determination of CIF values for tax and duty purposes, up to 31 December 2024.
c. Removal of VAT and Import Duty on sports equipment, essential cell phone accessories and fire extinguishers and smoke alarms.
a. Increase in monthly income tax threshold from G$85,000 to G$100,000.
b. Increase in limit of permissible deduction of premiums for life and medical insurance from taxable income from the lower of G$30,000 and 10% of income, to the lower of G$50,000 and 10% of income.
a. Increase in “Because We Care” grants from G$35,000 to G$40,000 per child.
b. Increase in Old Age Pension from G$33,000 to G$36,000.
c. Increase in Public Assistance from G$16,000 to G$19,000.
d. Provision of a G$8,000 voucher to women aged between 21 and 65 years to meet cost of Cervical Cancer Testing.
e. Provision of vouchers for G$3,000 and G$15,000 for school children and pensioners to meet costs of an eye test and spectacles, respectively.
f. Adjustments to NIS benefits:
i. Increase in minimum monthly pension from G$35,000 to G$43,075
ii. Increase in minimum monthly survivor’s pension from G$17,500 to G$21,537
iii. Increase in minimum monthly invalidity pension from G$35,000 to G$43,075
iv. One-off grant to persons who made between 700 to 749 contributions and have attained age of 60 years.
g. An allocation of G$7 billion to meet other cost of living interventions to be determined.
IV OTHER a. Allocation of G$10 billion for the Government’s part-time job programme where one person per household can be employed with a public office in close proximity to their home for 10 days per month, earning G$40,000 per month.
b. Partnering with commercial banks to lower the interest rates on loans up to G$5 million to small businesses.
c. Commencement of first phase of elimination of outstanding loans owed by graduates of the University of Guyana once proof of employment or self-employment in Guyana for a minimum period to be specified, can be demonstrated.
Capital revenue of G$229 billion (US$1.1 billion) is expected to be received principally through external loans of G$207 billion (US$994 million).
Significant project loans are expected from: People’s Republic of China
States of America
million)
million)
A Support Loan of G$46 billion (US$223 million) is also expected from the United States of America.
Doctors at the Georgetown Public Hospital Corporation (GPHC) look at a monitor as they perform Guyana's first laparoscopic donor nephrectomy, marking a significant advancement in kidney transplant surgery in Guyana
GPHC
BUDGET EXPENDITURE PROJECTIONS FOR 2024
Budget 2024 projects total expenditure of G$1,145 billion (US$5.5 billion) compared to G$782 billion (US$3.75 billion) in 2023. The table below analyses the allocation of total expenditure across responsible agencies, with comparative allocations from 2023 and 2022.
Source – Budget Estimates 2024, 2023, 2022
Minister of Human Services and Social Security, Hon. Dr Vindhya Persaud inspecting progress on the construction of the Early Childhood Day and Night Care Facility in Anna Catherina, Region 3. The facility which will cater to
and
is the first in the country
Family from Region Nine cutting the ribbon to their new home, with Minister of Housing and Water, Hon. Collin Croal
Schoonord to Crane Highway
Sod-turning for the the construction of the new Mackenzie-Wismar Bridge in Region 10
“This bridge is linked to the 45 bridges we are doing along the Linden-Lethem Highway that will create immense opportunity in positioning Region 10 as the engineering and mechanical hub, and a transport and logistics hub not only for mining but also for the trade that would exist between Brazil and Guyana, and in CARICOM.” President Dr Mohamed Irfaan Ali
Minister
and
a world-class
A Construction of a 300-megawatt gas power plant and integrated natural gas liquids plant, as part of the Gas to Energy Project (GtE) which will utilise the estimated 17 trillion standard cubic feet of recoverable natural gas reserves from offshore oil activities. Budget 2024 provides G$80 billion (US$384 million) for ongoing works on the GtE Project.
B Allocation of G$78 billion (US$374 million) for infrastructure works in new and existing housing areas
C Construction of the New Demerara River Bridge which will be a high-span, four-lane permanent concrete and cable- stayed structure. Budget 2024 provides G$19.7 billion (US$94.5 million) for ongoing works on the new bridge.
D In addition to continuing works on the new Demerara Harbour Bridge, there will also be construction of a new Wismar Bridge with G$4.2 billion (US$20 million) allocated. Efforts are also underway towards a Corentyne River Bridge and feasibility work on a new high span bridge across the Berbice River.
E Allocations for the following major transport links:
i. EBD Ogle to Eccles –G$15.5 billion (US$74 million)
ii. EBD Diamond to Busby Dam –G$8 billion (US$38 million)
iii ECD Railway Embankment from Sheriff Street to Mahaica River Bridge Highway – G$10.5 billion (US$50 million)
iv. Linden to Soesdyke Highway –G$10 billion (US$48 million)
v. WCD Meer-Zorgen to Crane –G$9 billion (US$43 million)
F Allocations for the following health facilities:
i. Construction of a paediatric and maternal hospital in OgleG$10.3 billion (US$49 million)
ii. Construction of six regional hospitals at Bath, De Kendren, Diamond, Enmore, Lima and No. 75 Village – G$15.5 billion (US$74 million)
iii. Upgrades to hospitals at Bartica, Suddie and West Demerara –G$10 billion (US$48 million)
iv. Construction of a new hospital in New Amsterdam – G$6.2 billion (US$30 million)
G Improvements to educational infrastructure with a budgetary allocation of G$28.7 billion (US$138 million).
Senior
in the Office of the President with Responsibility for Finance
the Public Service, Dr Ashni K. Singh, joined Prime Minister Brigadier (Ret’d) Mark Phillips at the sod turning ceremony for the US$7.2 million Hospitality and Tourism Training Institute at Port Mourant, Berbice, Region 6, as the government moves to cultivate
tourism sector
Computer lab at the new (July 2023) US$5.15M Good Hope Secondary School. The school, which boasts all modern learning amenities, will accommodate about 1,000 students from the East Coast of Demerara
PROJECTED PERFORMANCE OF NATIONAL ECONOMY IN 2024
It is projected that the national economy will grow by 34.3 percent in 2024, with the non-oil sector expected to grow by 11.9 percent.
With production from three FPSOs – Liza Destiny, Liza Unity, Prosperity - in 2024, the petroleum sector is expected to increase production to 550,000 bpd, reflecting growth of 44.7 percent in 2024. With preparations continuing for three additional projects – Yellowtail , Uaru, Whiptail – production is expected to exceed 1.3 million bpd by 2027.
Other key sectors of gold and bauxite are expected to reverse contractions in 2023 through higher expected production in 2024. The rice sector is also expected to grow with more areas under cultivation and use of better productive varieties. Construction is expected to continue to show robust growth with the continuation of the Government’s public sector investment programme along with private sector investments in hotels and housing.
The balance of payments position is expected to record a surplus of US$120 million with higher export earnings from oil, gold, rice and bauxite. Import payments are expected to decline in 2024 as no new FPSOs are expected to be completed in 2024.
The NRF is expected to receive US$2.456 billion during 2024, with US$1.154 billion eligible for transfer to the Consolidated Fund in 2024. The NRF is expected to close 2024 at US$3.275 billion.
Inflation is projected at 2.5 percent reflecting global influences as it is expected that domestic production will increase to meet demand pressures.
About the Author
Author's Note
Khalil Alli is a partner with the firm of Jack A. Alli, Sons & Co., a professional services firm in Georgetown, Guyana.
Budget Estimates 2024 were prepared in Guyana Dollars. For purposes of this article, United States Dollar equivalent amounts have been determined by applying an exchange rate of G$208.5 to US$1 and have been rounded to the nearest million in most cases. Figures in tables may not sum to the total due to rounding.
L-R: Minister within the Office of the Prime Minister, Hon. Kwame McCoy; Minister of Tourism, Industry and Commerce, Hon. Oneidge Walrond; Prime Minister, Hon. Brigadier (Ret'd) Mark Phillips and Minister of Local Government and Regional Development, Hon. Sonia Parag, promoting Guyana's local manufacturing sector at GuyEXPO 2023
Scale of Guyana’s Growth Requires More Investment Bankers
The economic landscape of Guyana is shifting rapidly, driven by expanding sectors far beyond the notable oil and gas industry. President Dr Mohamed Irfaan Ali has emphasised the need for a transformative approach in banking to keep pace with the country’s burgeoning scale of operations.
“As the sector grows, the scale of operation in the country will also grow. And this is not only for oil and gas. This is for every other aspect of value creation,”
President Ali made the remarks at the April 16 opening ceremony of the Local Content Summit 2024 at the Pegasus Hotel.
Highlighting the diversity of growth opportunities, Ali mentioned financial services, insurance, infrastructure, agriculture, tourism, transport, logistics, pharmaceuticals, healthcare, and other services.
“Every single area… The scale of operation is changing. So we have to ensure that our business model is also reflecting that change in scale,” he said. Such summits and seminars are pivotal, Ali noted, because they foster networking that “allows you to bring capital together, to bring human assets
together, to integrate companies, and to build the scale that is required to address the opportunities ahead of us.”
However, he believes a significant overhaul is required in the banking sector to support these expansive efforts. President Ali criticised the conventional banking model which he finds overly cautious and focused on low-risk, highreturn investments.
“That is not banking. That is a traditional approach to money management,” he asserted. Instead, he advocates for a model where banks actively engage in “utilising the system through structural mechanisms to grow wealth and create wealth.”
The call is for more investment-type bankers who are adept at analysing market opportunities daily. This shift demands the banking sector’s
investment in analytical tools for defining and modeling opportunities effectively. “It requires the banking sector to use more analytical tools in defining the opportunities for the country, but importantly, in modeling those opportunities and then going out to their clients,” Ali explained.
This change represents a fundamental shift from a reactive to a proactive stance in banking, moving from merely financing presented opportunities to actively facilitating and investing in the development and expansion of the economy. President Ali concluded by highlighting the need for banks to transition from their “archaic” methods to becoming central players in deploying capital for new opportunities, which could yield significant returns.
This approach, he believes, is essential for leveraging existing liquidity into profitable ventures.
Ali’s comments strike at the heart of a longstanding issue of access to finance (the lack thereof) for Guyanese businesses looking to capitalise on the country’s growth trajectory. Private sector organisations continue to advocate for financial institutions to develop creative mechanisms to help businesses grow.
Guyana's President Dr Mohamed Irfaan Ali during the opening ceremony of the Local Content Summit 2024 at the Pegasus Hotel in April 2024
Attendees at the opening ceremony of the Local Content Summit 2024
KOAITO GRANT
KOAITO GRANT
Vice President Dr Bharrat Jagdeo to Head Special CARICOM Finance Group
To bolster regional development and climate resilience and support the new Blue Green Investment Bank
During the closing press conference of the CARICOM Heads of Government 46th Regular Meeting, held at the Marriott Hotel, in Georgetown, Guyana, President Dr. Irfaan Ali, as the current CARICOM Chairman, outlined a consensus among member states to consolidate regional financing aimed at fostering growth, resilience, and adaptation to climate change.
Guyana’s Vice President, Dr Bharrat Jadgeo has been approved to lead a specialised group focusing on financial strategies charged with generating new resources to augment regional growth and sustainability as well as boosting the Caribbean Community (CARICOM) Development Fund.
“CARICOM will mobilise financing for the region, focusing on specific areas, whilst at the same time we will coordinate our finances through a mechanism to deal with adaptation and resilience,” President Ali stated, highlighting the strategic approach towards a unified and prosperous Caribbean.
Expanding on the financial strategies, the Prime Minister of Barbados, Mia Mottley, highlighted the importance of transitioning from continuous crisis management to sustainable economic growth.
She stressed the significance of the CARICOM Development Fund in mitigating disparities within the single market and economy, stating, “The fund acts as a compensatory mechanism for disadvantaged countries, sectors, and
Bharrat Jadgeo Vice President Co-operative Republic of Guyana
Dr Jagdeo’s role is critical, leveraging his vast experience in finance, sustainable development, and climate action...
to support extensive lending activities, potentially reaching up to US$500 million for resilience projects.
regions, essential for equitable growth within our community.”
A key resolution from the meetings was the planned third replenishment of the CARICOM Development Fund, with Vice President Jagdeo at the helm of a working group dedicated to unlocking further funding.
Additionally, the CARICOM leaders have pledged to support the Blue Green Investment Bank, a novel institution dedicated to funding climate resilience and adaptation projects across the region.
Mottley explained that this initiative has seen significant financial commitments, with the Green Climate Fund, Barbados, Guyana, and the Bahamas each contributing US$15 million, alongside a US$2.5 million contribution from USAID. She disclosed that this collective effort amounts to US$75 million in seed capital, with aspirations to reach at least US$100 million.
However, she pointed out that the ultimate goal is to leverage this capital
Dr Jagdeo’s role is critical, leveraging his vast experience in finance, sustainable development, and climate action to steer this initiative towards unlocking private sector liquidity.
This strategy, as PM Mottley puts it, aims to facilitate a “win-win” scenario, where higher interest rates benefit households and companies, while governments gain access to concessional funding for growth and resilience.
The rationale behind these investments, she explained, is underpinned by a compelling economic argument: for every dollar spent on adaptation and resilience, an estimated $7 in losses is averted.
This cost-benefit analysis supports the proactive investment in climate adaptation measures, illustrating the financial prudence of strengthening resilience against the escalating impacts of climate change.
Through these concerted efforts, CARICOM is setting a precedent for regional collaboration in addressing the intertwined challenges of economic development and environmental sustainability.
Dr
IDB Finances US$75.8M East Bank Demerara Road Project
Infrastructural works on the highly anticipated US$75.8 million East Bank Demerara Road improvement project, spanning from Good Success to Timehri, are set to commence in August. The project is expected to be completed within a 36-month deadline.
This initiative, aimed at supporting climateresilient infrastructure development, marks the first of its kind to be funded by the Inter-American Development Bank (IDB) in Guyana.
Undertaken by China Road and Bridge Corporation (CRBC), the project aims to alleviate traffic congestion and facilitate vital routes for efficient transportation.
According to the Ministry of Public Works, the project has been divided into three sections to ensure it remains on schedule with minimal disruption to commuters.
Section A covers the stretch from Good Success, beginning at the Ganga Temple, to Supply, while Section B extends from Supply to the Soesdyke Junction. Section C continues from the Soesdyke Junction to the Timehri Junction, near the Timehri Police Station.
A notable feature of the project is the integration with the Soesdyke/Linden Highway through the construction of a roundabout, designed to facilitate smoother traffic transitions.
The roadway will be upgraded to a two-lane highway, complete with enhanced safety features such as sidewalks and cycle lanes to cater to vulnerable road users, including pedestrians and cyclists.
Additionally, thermoplastic road markings, LED street lighting, and traffic signs will be installed to enhance safety and navigation along the carriageway.
To manage the flow of traffic during the construction period, a comprehensive traffic management plan has been developed. Construction will begin in Section B, where there is sufficient space to accommodate ongoing work without severe traffic disruption.
The roadway will be upgraded to a two-lane highway, complete with enhanced safety features such as sidewalks and cycle lanes to cater to vulnerable road users, including pedestrians and cyclists.
At least one lane of traffic will remain open at all times, with efforts to maintain two lanes wherever possible. Construction activities will be confined to one side of the roadway at a time to further mitigate traffic issues.
Stakeholders and road users will remain informed through the RESOLV 75 app, which will provide real-time updates on the project activities.
Additionally, the Guyana Police Force (GPF) will be mobilised to maintain order and ensure a steady flow of traffic throughout the construction period.
An unpriced bill of quantities will be made available on the Ministry’s website, allowing the public to track the project’s progress and expenditure in an effort to promote transparency and accountability.
This project is part of the PPP/C government’s effort to improve the country’s infrastructure, as part of its manifesto commitment to provide enhanced transportation efficiency and safety nationwide for all road users.
A 3D view of the Good Success to Timehri road project
World Bank Approves US$45 Million for Guyana to Strengthen Coastal Protection
Recognising that Guyana is among the countries most vulnerable to climate change, the World Bank has approved a new US$45 million Coastal Adaptation and Resilience Project to improve drainage infrastructure and enhance flood risk management efforts across Guyana.
Based on recent studies, rising sea levels expose the country’s coastal agriculture to flooding and erosion, with potential GDP losses that could exceed 46.4 per cent.
Despite the government’s efforts of managing an intricate system of canals, culverts, sluices, and pumps, with consistent efforts to improve operations, integrate new management systems, and provide increased funding for the National Drainage and Irrigation Authority, Guyana’s landscape remains at risk of flooding.
The World Bank in a media release, advised that the project, will target the upgrading of over 45 drainage structures, focusing on sluices taking into consideration future land use, population growth, and climate change to improve drainage efficiency, flood protection, and irrigation.
“The project will] develop technical standards for flood risk management in urban areas, and provide training to enhance personnel capacity for system operation and maintenance,” the release also stated.
The Ministry of Agriculture will oversee the project which will result in enhanced management and operation of the country’s drainage system, with significant upgrades to the National Drainage and Irrigation Authority’s asset management system.
Ms. Diletta Doretti, World Bank Group Resident Representative for Guyana and Suriname, has recognised that the project is a critical element of Guyana’s Low Carbon Development Strategy, and aligns with the country’s vision for climate resilient growth.
“This initiative builds on a long-standing engagement between the World Bank and Guyana on strengthening resilience to flooding and natural hazards. With this operation, we are reinforcing Guyana’s efforts to maximise disaster risk management while protecting lives and reducing inequalities in the long term,” she said.
The project is financed by the Guyana REDD+ Investment Fund (GRIF), a financial intermediary fund (FIF) for the financing of activities identified under the Government of Guyana’s Low Carbon Development Strategy (LCDS).
Under this agreement, Norway compensates Guyana for curbing greenhouse gas emissions caused by deforestation and forest degradation. Guyana utilises these revenues
for implementing its Low Carbon Development Strategy, and the Coastal Adaptation and Resilience Project is part of these efforts.
The government continues its commitment to coastal protection by establishing effective drainage systems with the Hope Canal being one such intervention. The canal, located at Hope/Dochfour, East Coast Demerara, is a multi-part channel with an eight-door sluice that drains excess water from the East Demerara Water Conservancy (EDWC) into the Atlantic Ocean to prevent flooding.
The government is constructing Hopelike canals in regions three, five, and six to provide additional storage capacity and has allocated GY$$72.3 billion in its 2024 budget, for the maintenance and advancement of drainage and irrigation expansion.
Works are also ongoing on pump stations and canals are also being rehabilitated. A total of 40 mobile pumps will also be purchased to further bolster Drainage and Irrigation efforts.
The Hope Canal Eight Gate Sluice at Hope/Dochfour, East Coast Demerara
NewHayven Merchant Bank facilitates US$25 Million Financing Facility for Vreed-en-Hoop Shorebase (VESHI)
New Hayven Merchant Bank, a leading financial institution committed to fostering economic development, has successfully arranged, acted as collateral, and served as administrative agent for a US$25 million financing facility extended to Vreed-enHoop Shorebase Inc. (VEHSI).
This financing marks a significant milestone in facilitating VEHSI’s firstof-a-kind oil and gas infrastructure project in Guyana. Collaborating closely with an external financial entity, New Hayven Merchant Bank spearheaded the structuring and deployment of this financing arrangement, tailored
specifically to meet the unique requirements of VEHSI’s project.
Guyana’s emergence as a pivotal player in the global energy landscape presents unparalleled strategic investment and development opportunities. New Hayven Merchant Bank recognises the immense potential of the Guyanese economy and remains steadfast in its commitment to empowering businesses operating within the region.
“Our partnership with VEHSI in this landmark project exemplifies our commitment to fueling growth and fostering sustainable development,”
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stated Floyd Haynes, Founder and Chairman at New Hayven Merchant Bank.
“As Guyana undergoes profound transformation, we are proud to serve as a trusted financial partner, providing tailored financing solutions and expertise to enable businesses to thrive in this dynamic environment.”
The Bank’s commitment extends beyond this collaboration, as it continues to actively engage with other providers of risk capital to deliver bespoke financing solutions and deploy capital across diverse sectors within Guyana.
UK Export Finance Approves 2.1 Billion Pounds Financing Facility to Support Guyana/UK Trade
The government and private sector of Guyana will now have access to additional financing from the United Kingdom Export Finance (EF) as the Market Risk Appetite (MRA) has increased from 750 million pounds to 2.1 billion pounds.
UK Minister for the Americas, Caribbean, and Overseas Territories, David Rutley, made this announcement recently, in the presence of Dr Ashni Singh, the Senior Minister in the Office of the President with Responsibility for Finance and Public Service, along with other notable officials.
UKEF provides assistance to overseas buyers globally, enabling them to access the necessary financial support to procure from the UK. This initiative enhances the competitiveness of their bids and unlocks the potential of the UK supply chain.
“This effectively enhances the level of potential new business that UKEF can support in Guyana across sectors in which the UK offer can be more instrumental. It is also the reflection of
Signals confidence in Government’s prudent economic management
the confidence the UK has in the stewardship of the economy of Guyana by the government,” Minister Rutley expressed.
It also paves the way for the government to access competitive, long-term financing for national priority projects ranging from infrastructure, healthcare, education, and transport.
Meanwhile, Dr Singh, conveyed gratitude to the UK Government on behalf of Guyana for demonstrating strong trust in the domestic economy. He explained that Guyanese private sector companies will have the opportunity to access loans from the UK as well as the government.
“I want to urge the Guyanese private sector to avail themselves of this opportunity to access financing and this opportunity to do business with British companies,” the Finance Minister stated adding that this is a demonstration of the longstanding bilateral partnership, history, and shared values between the two nations.
2024 Another Great Year Projected THE TIME TO INVEST IS NOW
By Nayteram Ramnarine
Projections
Guyana’s economy is poised for robust expansion in 2024, with real GDP growth projected at an impressive 34.3%. This marks the fifth consecutive year of growth exceeding 20%, with an average annual growth rate of 38.8% over the past five years. The projected expansion is primarily attributed to further increases in oil production, particularly as the Prosperity FPSO ramps up operations.
Key sectors driving this growth include:
1. Agriculture, Forestry and Fishing
The sector is projected to grow by 10.4%, supported by increased production across all subsectors.
Sugar production is expected to see strong growth of 66.1%, aided by mechanization efforts and value-added production.
Rice production is forecasted to increase by 6.2%, driven by expanded cultivation and improved varieties.
Other crops, livestock, and fishing subsectors are also expected to expand, contributing to food security efforts.
2. Extractive Industries
The mining and quarrying sector is projected to expand by 43.6%, driven by growth in oil and gas, as well as other mining activities.
Oil production is expected to exceed 550,000 barrels per day, with continued momentum in infrastructure investment.
Gold and bauxite mining subsectors are forecasted to reverse contractions from 2023 and grow by 15.7% and 57.2%, respectively.
3. Manufacturing
The manufacturing sector is projected to grow by 16%, with increases across all subsectors driven by construction and oil and gas activities.
4. Construction
The construction sector is expected to expand by 23.4%, supported by robust activities in the Public Sector Investment Programme (PSIP) and private sector investments, particularly in hospitality and housing.
5. Services
The services sector is forecasted to expand by 6.9%, benefiting from spillovers from other sectors and renewed interest in Guyana as an investment and tourist destination.
These projections signify a continued period of rapid economic growth for Guyana, driven by the expansion of key sectors such as oil and gas, agriculture, construction, and services. The sustained growth momentum reflects the country’s increasing economic diversification and attractiveness to investors. Additionally, efforts to enhance productivity, promote value-added production, and improve infrastructure are contributing to long-term economic resilience and development.
Opportunities
Guyana’s economy offers a plethora of promising sectors ripe for development and investment, each presenting unique opportunities for growth and prosperity. The oil and gas sector stands out with its projections of continued expansion in production, making it an enticing area for investors seeking lucrative ventures. The ongoing expansion of FPSO operations and exploration activities further amplifies the potential for development in this sector.
In tandem, the government’s steadfast commitment to enhancing production across all subsectors within agriculture, forestry, and fishing underscores the significance of this sector in Guyana’s economic agenda. Initiatives such as mechanization efforts in sugar cultivation, expansion of rice cultivation, and advancements in other crop production signal fertile ground for investment opportunities.
Moreover, the mining and quarrying sector, particularly in gold and bauxite mining, holds promise for investors looking to capitalise on anticipated growth. With government support aimed at fostering the recovery of these subsectors and expected increases in production, investor interest in mining ventures is expected to surge.
The manufacturing sector, poised for growth across all subsectors, presents avenues for investment that align with increased demand driven by construction and oil and gas activities. Incentives tailored to promote value-added production further enhance the attractiveness of investing in manufacturing ventures.
Simultaneously, the construction sector’s robust expansion, fueled by investments in the Public Sector Investment Programme (PSIP) and private sector initiatives, offers opportunities for infrastructure development projects and real estate investments. These ventures not only contribute to economic growth but also facilitate the enhancement of Guyana’s infrastructure landscape.
To facilitate and incentivise investment in these key sectors, the government of Guyana has implemented a range of fiscal incentives. In agriculture, tax holidays, duty-free concessions on machinery and equipment, and reduced corporate tax rates aim to encourage investment in mechanization, value-added production, and research and development. Similarly, tax exemptions on tourism-related equipment and materials, along with income tax relief for tourism operators, seek to attract investments in the hospitality sector.
Overall, Guyana’s economy is primed for investments, supported by sustained economic growth projections across key sectors, government incentives, and favorable investment conditions. The country’s strategic location, abundant natural resources, and pro-business policies position it as an attractive destination for both local and foreign investors. As Guyana continues to diversify its economy and fortify its investment climate, it remains poised for sustainable growth and development in the years ahead.
Guyana's Thriving Trade Sector
Imports:
In 2023, Guyana’s import landscape reflected its dynamic economic growth and strategic positioning. With a keen eye on advancing infrastructure and development, the nation imported a diverse array of goods, particularly in the construction sector. Civil engineering machinery, steel structures, and related materials flooded into the country, fueling ongoing infrastructure projects vital for Guyana’s modernization drive. This underscores the nation’s commitment to enhancing its foundational framework, including roads, buildings, and utilities, fostering an environment ripe for investment.
Guyana’s strategic geographic location also played a pivotal role, spurring notable imports in maritime equipment and vessels. As a burgeoning hub for maritime trade, imports of ships, boats, and associated equipment surged, bolstering Guyana’s capabilities in transportation, fishing, and offshore activities. This burgeoning sector presents lucrative opportunities for investors seeking to capitalise on Guyana’s maritime potential and its role as a regional trade hub. Moreover, Guyana’s emergence as a key player in the energy sector was mirrored in substantial imports of petroleumrelated products and equipment. Machinery for oil exploration and refining equipment flooded into the country, laying the groundwork for the efficient utilization of its vast oil resources. This burgeoning sector not only fuels domestic consumption but also offers enticing prospects for investors eyeing the burgeoning energy market.
Highest Import Countries
Exports:
In the export arena, Guyana showcased its prowess across multiple industries, underpinned by its rich natural resources and strategic industries. Gold, a cornerstone of Guyana’s economy, continued to dominate its export profile, driven by robust global demand and favorable market conditions. The gold mining sector remains a beacon of opportunity for investors seeking stable returns in the precious metals market. Rice emerged as another key export commodity, capitalizing on Guyana’s vast agricultural lands and conducive climate for rice cultivation. This sector presents compelling investment opportunities in agribusiness and value-added processing, poised to capitalise on evolving global food trends. Additionally, Guyana’s nascent oil production sector began to make waves in its export profile, signaling the country’s transition into an oil-producing nation. While still in its early stages, exports of petroleum-related products underscore Guyana’s potential to become a significant player in the global energy landscape, offering promising prospects for investors looking to tap into the burgeoning oil sector.
Export Countries
$518,892,640.57
Opportunities:
Investors keen on tapping into Guyana’s burgeoning trade sector are presented with a myriad of opportunities. Strengthening infrastructure, particularly in maritime and energy-related projects, remains a priority, offering avenues for investment in construction, logistics, and energy infrastructure. Furthermore, the diversification of export sectors, coupled with strategic partnerships with key trading partners, presents avenues for sustainable growth and market expansion.
As Guyana continues its trajectory towards economic prosperity, investors stand to benefit from the nation’s strategic positioning, robust trade policies, and favorable investment climate. With a burgeoning trade sector and a wealth of untapped potential, Guyana beckons investors seeking lucrative opportunities in emerging markets. Now is the time to seize the moment and invest in Guyana’s bright future on specific commodities.
About the Author
Nayteram Ramnarine, an accomplished economist, began his academic journey at the University of Guyana, fostering a passion for economics. He pursued a Master’s degree in Economics in India on a scholarship from the Indian Council for Cultural Relations, enhancing his understanding of global economic dynamics. Returning to Guyana, Nayteram joined the Ministry of Finance as an Economic and Financial Analyst while also lecturing at the University of Guyana. He now serves as the Executive Director of the Private Sector Commission.
ANAND HARRILAL
Container Port, Georgetown
US company selected to work with Government and ExxonMobil to Monetise Guyana’s Natural Gas
Fulcrum LNG, A United States company, has been selected by the Government of Guyana to work alongside the administration and an ExxonMobil-led consortium to figure out how best to monetise Guyana’s natural gas resources, President Dr Mohamed Irfaan Ali disclosed.
President Ali clarified that financial discussions are yet to take place pending ongoing meetings among the company, the consortium producing oil in the lucrative Stabroek Block offshore Guyana, and the government.
“This company’s proposal was evaluated as the best proposal in monetising the gas and adding the value that would bring new opportunities and more opportunities for us. The three groups need to refine (the opportunities) and the company has to present a proposal and to see how all the pieces fit together,” President Ali stated.
Fulcrum LNG was chosen after the government sought proposals for a 100 per cent privately-owned facility.
According to the Request for Proposals published in January 2024, the Ministry of Natural Resources sought an investor to design, finance, construct and operate the “required gas infrastructure to support upstream developments” in Guyana. The open-access facility the government is eyeing should include the necessary pipelines to connect, as needed, to other infrastructure to monetise upstream gas resources.
As stated on its website, the company is a US-based energy firm “founded by experienced and industry-recognised professionals with more than two centuries of combined experience.”
The government has openly declared its interest in monetising our natural gas resources offshore to transition soonest away from fossil fuels like diesel, oil and gas as is continuously impressed upon governments globally.
Already, a 300 megawatt (MW) power plant is being built at Wales on the West Bank of Demerara. That power plant will be fuelled by natural gas brought onshore through a pipeline connecting the Wales area and the Stabroek Block.
There will also be a Natural Gas Liquids plant enabling the government to produce other products like cooking gas.
Production at two oil vessels offshore Guyana will grind to a halt for two weeks each in the coming months so that a natural gas pipeline meant to bring gas onshore can be connected, ExxonMobil Guyana President Alistair Routledge said in April.
IPED Disburses GY$4.3 Billion in Loans in 2023 Facilitating 8,600 SME Jobs
The Institute for Private Enterprise Development (IPED) continues to play a critical role in the development and financing of Guyana’s SME sector.
In a recent release on IPED’S 2023 performance, Mr. Komal Samaroo, Chairman, stated “ The strategic decision to focus the company’s resources on expanding micro and small loans (GY$2$7.5 million) and reducing the micro loan interest rate by 31 per cent supported IPED’s growth for 2023 in its efforts to meet market demands for financing.”
IPED had serviced 4,750 small and micro enterprises, with non-performing loans reduced to GY$95 million. This is a result of its focus on engaging micro and small entrepreneurs exclusively.
The company demonstrated financial resilience and operational efficiency, with total operating income increasing by 12 per cent to GY$952 million and operating surplus surging by 35 per cent to GY$301 million.
Strategically, IPED expanded its micro and small loans portfolio, lowered interest rates, and enhanced support services for entrepreneurs. The institution’s international presence was strengthened through partnerships such as the Memorandum of Understanding with the Cuban Chamber of Commerce,
aimed at providing capacity-building training to entrepreneurs.
Looking ahead, IPED said it remains committed to leveraging technology for improved service delivery, with plans to implement a state-of-the-art integrated loan management system.
Jagdesh Haripershad, Chief Executive Officer (CEO) at IPED added, “As we embrace the opportunities of the digital era, we remain steadfast in our mission to create a more inclusive and dynamic landscape for entrepreneurship.”
“IPED’s commitment to environmental sustainability was also highlighted, with initiatives like the Green Loan Product contributing to climate-resilient practices in Guyana,” IPED concluded.
Government Inks Gold Mining Contract with Canadian Company
Reunion Gold Corporation to operate Oko West Gold Project
The Government of Guyana, through the Guyana Geology and Mines Commission (GGMC), announced the signing of a Mineral Agreement with Reunion Gold Corporation. This agreement aims to establish stable fiscal and operating conditions for the Oko West gold project, owned entirely by the company’s Guyanese subsidiary.
Key components of the Mineral Agreement include royalty payable to the government for gold produced from the operations, as established under the fiscal regime for mineral agreements.
As part of the agreement, Reunion Gold commits to prioritizing the employment of qualified Guyanese individuals and implementing a comprehensive training programme to develop additional skills necessary for Guyanese personnel at all operational levels. This approach aims to contribute to the sustainable development of the country by nurturing local talent. Additionally, the company pledges to establish a financial support programme for environmental and social projects, allocating US$1 million annually towards initiatives that promote environmental sustainability and address social needs within surrounding communities. This commitment will commence upon commercial production or within 24 months from the issuance of a mining license, whichever occurs first. The government and the ministry reaffirm the shared commitment to sustainable mining practices, aimed at minimizing environmental impacts, fostering positive community relationships, and creating lasting benefits for Guyana and its citizens.
JAIN Group of Institutions Pledges US$1.2M to Support Start-ups by GOAL Graduates
JAIN Group of Institutions (JGI) has pledged to invest US$1.2 million to support start-ups by graduates of the Guyana Online Academy of Learning (GOAL). The funding is part of JAIN University’s start-up incubation programme to foster entrepreneurship.
JAIN University will also send faculty to assist GOAL students in developing start-up ideas and investing in their businesses.
The announcement coincided with the graduation of 1,712 GOAL students on May 24th, 2024.
Dr Chenraj Roychand, Founder and Chairman of JAIN Group and Chancellor of JAIN University, urged graduates to set up companies in fields like finance, accounting, technology, machine learning, artificial intelligence, supply chain, and logistics management.
Dr. Roychand shared success stories of JAIN’s financial assistance programmes, which played a key role in the creation of over 5,000 entrepreneurs.
He has envisioned to create 10,000 entrepreneurs in the next 10 years through an accelerated online programme for all GOAL students who will contribute to country’s economic growth.
Personnel at the Oko West project
REUNION GOLD
Sheriff Guyana - Pioneering Local Investment
From Security to Construction and More
Sheriff Guyana started its journey with Sheriff Security Services, a company dedicated to providing top-tier security solutions across Guyana. Founded by Ameir Ahmad, the company quickly established itself as a trusted name in the security industry, known for its reliability and excellence. Sheriff Security Services was founded in 2016, with a vision to create a safer environment for businesses and communities alike.
Over the years, the company’s success in the security sector enabled it to broaden its horizons. Recognizing the burgeoning opportunities in Guyana’s economy, particularly with the advent of the oil and gas sector, Sheriff Guyana expanded into new ventures, including construction and real estate development. This strategic transition marked a significant shift from its original focus, heralding the birth of Sheriff Construction, a subsidiary aimed at addressing the country’s growing infrastructure needs.
Expansion into Construction
The decision to venture into construction was a strategic move driven by Guyana’s economic boom. Sheriff Construction was established to capitalise on the vast opportunities in infrastructure development. The company quickly made a name for itself by undertaking several high-profile projects that have reshaped the local landscape.
Among its notable achievements are the start of construction of the Sheriff Mall in Berbice, which is fast becoming a commercial hub, the development of luxury homes and condos and the Sheriff General Hospital, a state-of-theart healthcare facility. These projects underscore Sheriff Construction’s commitment to quality and innovation, setting new standards in the construction industry.
Artist Impression of Sheriff Mall at Palmyra, Berbice
Sheriff luxury homes
Sheriff General Hospital
Strategic Partnerships and Technology Integration
A key factor in the success of Sheriff Construction has been its strategic partnerships with international firms and the integration of advanced technology. These collaborations have significantly enhanced the company’s capabilities, enabling it to undertake larger and more complex projects.
For instance, the MOU with ECADI, an internationally renowned architectural and engineering firm, for the design of the One Guyana High Rise has positioned Sheriff Construction at the forefront of modern architecture in Guyana. Additionally, collaborations with Dutch and Chinese firms have facilitated the implementation of cutting-edge construction technologies and practices, ensuring that their projects meet global standards.
Economic Impact and Community Engagement
Sheriff Guyana’s ventures have had a profound impact on the local economy and community. The company’s projects have not only contributed to the country’s infrastructure but also created numerous job opportunities, fostering local employment and skills development.
Moreover, Sheriff Guyana is committed to community engagement and corporate social responsibility (CSR). The company has been involved in various CSR activities, particularly focusing on education and healthcare. Initiatives
such as scholarship programmes for underprivileged students and the construction of community centres underscore their dedication to giving back to society.
Future Outlook
Looking ahead, Sheriff Guyana plans to further diversify its services within the construction sector and explore new markets. The focus will remain on sustainable development and leveraging technology to enhance construction practices. By continuing to innovate and expand, Sheriff Guyana aims to contribute significantly to the nation’s growth and development.
“As we navigate through the evolving landscapes of Guyana’s economy, our pivot from security to construction reflects not just a business strategy, but our commitment to play a pivotal role in the nation’s development. With every project, we are not just building structures, but laying the foundations for future generations,” said Ameir Ahmad, Managing Director.
Sheriff Guyana’s journey from a security services provider to a construction powerhouse is a testament to its visionary leadership and strategic foresight.
The company’s evolution continues to inspire and shape the future of Guyana, embodying a legacy of excellence and innovation.
Sheriff Guyana supports the national beautification project for enhancement works at Anna Region in Region 2. Ameir Ahmad joined First Lady Arya Ali in a sod turning ceremony in May 2024
GNBS Launches
901 Certification Programme
Micro, Small and Medium-sized Enterprises to benefit
Micro, Small and Medium-Sized Enterprises (MSMEs) play a critical role in Guyana’s economy, driving innovation, employment, and overall growth. In a dynamic business landscape, these enterprises possess the agility and innovation to thrive in niche markets. However, they are faced with unique challenges including the lack of capital and resources to pursue international certification which establishes credibility and builds consumer confidence.
Providing an alternative for MSMEs to achieve certification, the Guyana National Bureau of Standards (GNBS) has launched a comprehensive National Certification Programme, “GYS 901 - Management System for Micro, Small, and Medium-Sized Enterprises”. The programme was unveiled at the fourth edition of the GNBS National Quality Awards (NQA) on October 11, 2023, and in 2024, the Bureau commenced training on the standard.
The GNBS 901 Certification programme outlines the requirements for MSMEs desirous of establishing a simplified but effective management system tailored specifically for them.
GNBS Executive Director Ag Mr. Al Fraser and CROSQ Projects Coordinator 11th EDF Mr Terry Hutchinson unveiling the GNBS 901 Certification Mark
The programme is premised on the National Standard ‘GYS 231:2010 Good Management Practices for MSMEs’ and key elements from the ISO 9001:2015 Quality Management Systems standard. As such, businesses certified under this programme will be one step closer to achieving the requirements of the ISO 9001 standard.
More than just a quality assurance tool, this programme also enables MSMEs to be more efficient, competitive, and ready to match strides with their regional and international counterparts. It will provide small businesses locally with a framework for implementing best practices in their operations to ensure consistency, reliability, and compliance with legal requirements and standards.
Globally, small firms are quickly taking advantage of the benefits of National Standards and related Certification. These benefits include easier access of their products and services to the export markets, heightened operational efficiency, opportunities for innovation, and increased confidence as customers recognise businesses, products and services that conform to quality, environment and occupational safety and health and other requirements.
GNBS 901 Certification process involves assessing and optimizing various aspects of the business, including operational processes, quality control measures and resource management. By identifying areas for improvement and implementing standardised practices, small businesses can reduce waste, minimise errors and increase efficiency.
Furthermore, the GNBS 901 Certification fosters a culture of continual improvement within small businesses. This Certification process also involves ongoing monitoring and evaluation to ensure compliance with standards and legal requirements for further enhancement.
In conclusion, if you have a small business that is looking to demonstrate conformance to a tailored management system standard to experience real growth opportunities and benefits, certification to the GYS 901 Standard is the answer. Through this Certification to this recognised national standard, small businesses will be offered a pathway to success in the competitive environment.
This programme is voluntary and will be made available to all Micro, Small, and Medium-Sized Enterprises desirous of being certified under this programme. Certification is valid for two years with surveillance visits in between. To enhance your business credibility, market access, efficiency, and foster a culture of continuous improvement, contact:
Certification Services Department
Guyana National Bureau of Standards (GNBS) Tel: 219-0064-66 or WhatsApp: 6924627
Website: www.gnbsgy.org
Unicomer US$33 Million Investment Poised to Transform Guyana’s Retail Landscape
Unicomer (Guyana) Inc. has embarked on the construction of the US$33 million River Place Commercial Complex, a groundbreaking development for Guyana’s retail sector.
This investment, one of the largest single retail ventures in the nation’s history, is strategically located at Farm on the East Bank of Demerara and is slated for completion in 18-24 months.
Vincent Gordon, Sub-Regional Managing Director of Unicomer Guyana and the Dutch Caribbean, highlighted the project’s scope during the ceremonial groundbreaking event held in May.
"This facility will transform into a state-of-the-art retail hub within 18 months, offering world-class brands, restaurants, a gym, and much more,” Gordon announced. “It’s not just about the stores, but about creating a destination that enhances the retail experience in Guyana."
Key features of the complex include:
• 44 Retail Spaces: Flexible options tailored to various business needs.
• Approximately 400 Parking Spaces: Ensuring convenience for high customer traffic.
• Anchor Tenants: Including Courts Mega Store, Ashley Home Store, and Courts Optical Store.
• Comprehensive Amenities: Restaurants, a gym, and additional retail outlets.
Unicomer Chairman and Executives along with IDB Group Country Representative for Guyana, Lorena Solorzano Salazar and Hon. Oneidge Walrond, Minister of Tourism, Industry and Commerce at the ceremonial ground breaking event
Backed by financing from the Inter-American Development Bank (IDB), the complex will be developed in three phases beginning with the retail facilities, to meet the rising demand for modern retail space in Guyana.
Among the flagship establishments will be the Courts Mega Store, which, along with the Ashley Home Store and Courts Optical Store, will occupy a combined 55,000 square feet—an unprecedented scale for Guyana.
Mr. Mario Siman, Chief Executive Officer (CEO) and Chairman of the Board for the Unicomer Group, underscored the Unicomer Group’s unwavering commitment to Guyana’s growth and infrastructural development, expressed his enthusiasm for the project, “We are proud to contribute to the country’s development trajectory with this state-of-theart facility. The River Place Commercial Complex will not only elevate the retail sector but also create significant economic and employment opportunities for the community.”
Siman added that the strategic location and extensive amenities of the complex make it an attractive investment opportunity for businesses seeking prime retail space.
The Inter-American Development Bank (IDB) Group Country Representative for Guyana, Lorena Solorzano Salazar described the project as a “transformative” one that will help “shape the East Bank Demerara corridor.”
It was only in April that a US$25 million loan was inked between the IDB’s private sector arm, IDB Invest, and Redstart Guyana, the real estate development and property management division of the Unicomer Group that will spearhead the construction for this project.
Hon. Oneidge Walrond, Minister of Tourism, Industry and Commerce, highlighted the broader economic benefits of the project:
“Investments like Unicomer’s drive the adoption of new technologies and processes that boost productivity and efficiency. As companies invest and expand, they create new jobs, stimulate economic growth, and increase consumer spending,” Walrond said.
The Unicomer Group, known best for the Courts stores, has been in Guyana for more than three decades. Vice President of Unicomer Caribbean, Errol Le Blanc said the company has been able to expand and invest in Guyana over the years because of the support it continues to receive daily. He also expressed optimism about the company’s future with this new venture and looks forward to contributing to the economic sustainability of Guyana’s retail sector.
About the Unicomer Group
The Unicomer Group operates in 24 countries from its headquarters in El Salvador, and has over 13,870 staff members. The company offers its customers the widest and most modern line of products and financial services across the countries of operations. The retail brands of Unicomer Group include Courts, Courts Optical, Ready Cash, Ashley Furniture Home store, RadioShack, Lucky Dollar and Servitech.
ENet Partners with Regional ICT Leader, MBC, in New Joint Venture – DynamIQ
Team pays courtesy call on Hon. Prime Minister Phillips
ENet, Guyana’s only locally-owned telecommunications provider, has partnered with Memory Bank Computers Ltd (MBC), a regional technology solutions leader, to form DynamIQ, a new and innovative Information Communications Technology (ICT) solutions provider in Guyana. This strategic partnership brings together the expertise and resources of two industry giants to deliver tailored ICT solutions that meet the unique needs of their clients.
By combining MBC’s 35 years of ICT solutions expertise with ENet’s robust network infrastructure –including data centers, an international subsea cable system, countrywide fiber optic and 5G mobile connectivity –DynamIQ will focus on cybersecurity, cloud infrastructure, and managed ICT services. Committed to delivering end-to-end solutions, DynamIQ aims to address the specific needs, pain points, and productivity objectives of its clients. From seamless connectivity to state-of-the-art devices and top-tier security measures, DynamIQ promises a comprehensive, streamlined experience
designed to drive growth for its clients. During a courtesy call with the DynamIQ team comprising MBC CEO Akiel Ghany, ENet CEO Vishok Persaud, DynamIQ Director Nadia Bulkan, and ENet Head of Business Devon London, Hon. Prime Minister of Guyana, Brigadier (Ret’d) Mark Phillips, emphasised the pivotal role of ICTs in the country’s transformation. He also highlighted the importance of expertise in managing emerging concerns such as data integrity and cybersecurity.
“I wish to take this opportunity to reaffirm the Government’s dedication
to creating an enabling environment for the use of ICTs across all sectors, bridging the digital divide and ensuring equal access within Guyana. Guyana is on a path of rapid development and increased adoption of technology is a critical part of pursuing sustainable development. Our Government is committed to making and supporting investments that will improve Guyana’s ICT sector, and DynamIQ is a partnership that brings value and will not only meet existing demands but also create new opportunities for innovation and development,” remarked Prime Minister Phillips.
ENet Head of Business Devon London, ENet CEO Vishok Persaud, Prime Minister Mark Phillips, MBC CEO Akiel Ghany and DynamIQ Director Nadia Bulkan ENET
Akiel Ghany, CEO of MBC and DynamIQ, expressed his enthusiasm about the partnership, saying, “The launch of DynamIQ will deliver premium ICT solutions that empower organisations and enterprises in Guyana to thrive in the digital era. We are focused on delivering value and best-in-class solutions at the lowest market price for our clients.”
MBC brings a wealth of experience and skill to the partnership, with accolades such as being a Lenovo Platinum Partner in both the Intelligent Devices Group (IDG) and Infrastructure Solutions Group (ISG). Additionally, MBC has been recognised as the English Caribbean’s most experienced Nutanix partner and is a HP Amplify Power Partner in Managed Print Services.
The timing of this new joint venture is opportune as Guyana, a new oil economy, attracts increasing attention from regional and international companies. With a thriving private sector and a growing dependence on ICT services to boost productivity, the demand for advanced ICT solutions has never been greater.
Moreover, the region demonstrates a pressing demand for advanced cybersecurity, as evidenced by numerous instances of public agencies falling victim
to cyber attacks including Trinidad and Tobago’s justice department, multiple regional private sector conglomerates, and the Bermuda government, which all suffered cyber attacks last year.
DynamIQ aims to leverage the strengths and expertise of both companies to deliver high-quality technology solutions to Guyana. With a focus on innovation, cybersecurity, and efficient IT solutions, DynamIQ aims to drive digital growth and development in both the public and private sectors.
Embarking on a journey through Guyana’s progressive economic landscape, MACORP stands as a stalwart in the heavy equipment industry.
Established in Guyana over 30 years ago, MACORP’s entry into the Guyanese market distributing Caterpillar equipment heralded a new era of progress and development. Since then, the company has cultivated deep-rooted relationships and fostered strategic alliances with key sectors, positioning itself as a significant player in the country’s industrial evolution.
At the heart of MACORP lies a profound dedication to supporting the construction, mining, power generation, agriculture, and oil and gas sectors through a combination of cutting-edge equipment solutions and unparalleled product support capabilities. MACORP’s leadership in the market has allowed it to play a pivotal role in creating value across these key economic areas.
We understand our role as our customers’ strategic partner in this changing economy, and as such, we are ready to invest and innovate with solutions to meet the growing needs of our customers,” says President and General Manager, German Consuegra.
Building our expertise
Your Trusted Multi-sector Development Partner
The company offers extensive support, parts and training, as well as financing services for equipment acquisition.
In 2025/2026 the company will relocate to its state-of-theart 25-acre facility at Covent Garden, East Bank Demerara, currently under construction, to provide a new level of customer experience.
“This multimillion-dollar investment is testament to our commitment to the development of Guyana.” Consuegra adds.
Earlier this year, the company extended its reach with a permanent location at Port Mourant, Berbice.
Artist impression of a section of the new facility
Agriculture
MACORP’s impact on the agriculture sector, particularly in rice production, is significant. Through strategic partnerships and innovative lease financing solutions, MACORP empowers farmers to enhance their productivity and contribute to food security both locally and for export markets. A few years ago, MACORP introduced Case agricultural machinery to support farmers’ cultivation activities. Our Case tractors and combines plough the wide expanses of rice fields from Berbice to Wakenaam in Essequibo, impacting yields and economic stability in these rural communities. This commitment to supporting agriculture underscores the company’s dedication to its people and exemplifies the commitment to fostering sustainable development and prosperity for all.
Power Generation
When it comes to power and reliability, MACORP stands out for its unparalleled rapid response capability, demonstrated by its swift deployment of power solutions.
The company’s Caterpillar dealership fuels its capability to provide a wide range of gen sets, from 16 kilowatts to 4.8 megawatts in a single unit. Both diesel and gas generators are renowned for their reliability and performance.
Whether providing standby or prime power, we are committed to meeting our customers’ needs, ensuring that critical business operations and essential services remain operational during emergencies. Our digital infrastructure, specialised team support for monitoring and maintenance are bundled for peace of mind.
Mining
MACORP’s offering of CAT equipment and allied brands for this sector is known to provide miners with the best value equation, whether measured by Total Costs of Ownership (TCO) or by productivity like Bank Cubic Meters (BCM) of Loose Cubic Yards (LCY) of material moved.
This is achieved while introducing modern technologies that optimise resource usage through reduced fuel consumption and component reutilization via remanufactured products. This approach underscores MACORP’s commitment to sustainability and its role as a responsible corporate citizen and community partner across the mining regions of the country.
Construction
In the ever-evolving landscape of the construction and infrastructure sector, the pace of transformation is remarkable. Amidst this dynamic environment, MACORP’ s range of Building and Construction Products (BCP) and Global Construction & Infrastructure (GCI) machinery, dominated by Caterpillar brands including Shandong Engineering Machinery (SEM) provides extensive reliability and support to contractors. These highly innovative and fuel-efficient construction equipment solutions are meticulously designed to meet the evolving needs of the industry. From versatile excavators to robust loaders engineered for efficiency and precision, MACORP’s products and product support solutions facilitate seamless construction processes. These solutions cater not only to current demands but are also poised to support and accelerate the sector’s continued growth and development.
Supporting infrastructure project with CRCC: Our CAT 320 GX Excavator is powering the new Wismar Bridge project in Linden
Sales & Marketing Manager Jordi Pinol presents the key to Chung's Global Inc the customer who bought the 100th 320GX excavator
Marine/Oil and Gas
Caterpillar leads the market in providing power generation solutions tailored to the rigorous demands of the oil and gas industry. The Offshore Power Generation Module is designed explicitly for offshore applications. This module boasts a robust and cost-effective design, capable of burning various fuels while adhering to stringent environmental and safety standards. Similarly, Caterpillar’s well service pumps, manufactured in-house, guarantee exceptional performance and endurance through advanced manufacturing processes and high-quality materials. Apart from reliability and efficiency, safety is our biggest priority, as reflected in our safety record.
Digital Focus
Parts.cat.com is MACORP’s online parts store, dedicated to enhancing customer experience through the seamless
integration of technology. With a focus on convenience and efficiency, our e-commerce platform offers a comprehensive inventory of parts.
Beyond its commercial endeavors, MACORP’s customer-centric ethos permeates every facet of its operations. Strengthened by ISO 9001 certification, and a Certified Great Place to Work, MACORP ensures sustainability, reliability, quality, and service excellence. This cements its status as the preferred partner for heavy equipment solutions in Guyana and as an equalopportunity employer.
Looking ahead, MACORP remains steadfast in its pursuit of excellence, ready to seize the opportunities of a fast-evolving economy.
New Appointments
Mr. German Consuegra Jaluba is the President and General Manager of Machinery Corporation of Guyana - MACORP - and Industrial Supply of Guyana - ISG.
With over 18 years of experience in the heavy machinery industry, he has served multiple senior management roles where he has defined, led, and rolled out strategies to enhance corporate growth and value creation for stakeholders.
Before his current role at MACORP, Mr. Consuegra served for seven years as Business Transformation Manager for the Caterpillar dealer group of companies in Colombia, where he led one of the largest digital transformation projects in the industry by deploying a whole new set of capabilities enabled by Microsoft technologies.
Mr. Consuegra holds a Master’s degree in Business Administration from the Universidad de Los Andes in Colombia, and a Bachelor’s degree in Industrial Engineering.
Of Colombian-Romanian origins, married and father of three children, Mr. Consuegra and family have happily made Guyana their home and quicky immersed as active members of the Guyanese society.
Nadia De Abreu, has been appointed as Marketing & Communications Manager, MACORP effective 2024. She is the holder of an MBA in Digital Marketing & Ecommerce and is well known as a marketing and communications professional with a passion for excellence and her enthusiasm consistently driving success.
With a career path in both the government and the private sector, she has seamlessly transitioned from telecommunications to banking, and now to the heavy equipment sector.
As the Marketing and Communications Manager at MACORP, a prominent multi-sector partner, she’s at the helm of an exciting new chapter, ready to leverage technology, collaboration and the transformative power of change.
Guyanese Family to Construct a Modern Mega Mall and Entertainment Complex at Mahaica
Aworld-class Mall and Entertainment Complex conveniently located directly off the main public road (East Coast Demerara Highway) at Mahaica is being developed by the Ramlochan Family of Chris Auto Sale & Spares headed by Mr. Praimchan Ramlochan.
Mr Ramlochan with his knowledge and years of experience in business said the design of this project will help to transform the physical and business landscape of Mahaica and further contribute to Guyana’s growing economy.
Mr. Ramlochan was born and raised at Mahaica and founded Chris Auto Sale & Spares in 1998. He entered the Canadian Real Estate Market in 2009 and is a well
Testablished Real Estate Developer and Investor across the Greater Toronto Area in Canada .
The development will be a symbol of modern and sophisticated architecture featuring ample retail and office spaces, casual and fine dining restaurants including a rooftop restaurant and lounge, a food court, a beautifully designed parkette and a massive indoor entertainment facility spanning over 50,000 square feet.
This entertainment facility will include an escape room and laser tags, arcade and carnival machines, virtual reality spaces, 7D-12D virtual simulator rides, multiple soft playgrounds for little children, a fast
food restaurant, a gift shop, a few party rooms and much more. The main goal is to create a family-friendly environment with high quality entertainment for all age groups.
The project is being financed by Demerara Bank Ltd. Mr. Ramlochan expressed his appreciation to the bank and its executives for their continuous support for this development.
Mahaica is conveniently located between Georgetown and Berbice and has great potential to become a business hub in the future. The region is densely populated and this project will provide residents with easy access to goods and services that are not readily available nearby.
The grandeur of this project will add significant value to Guyana’s thriving Tourism Industry and visitors to the country. Construction has begun onsite and for any related inquiries, please send an email to mahaicamall.inquiry@ gmail.com.
Trinuyana Investments Announce US$120 Million New Housing, Retail Development at Ogle
rinuyana Investments Inc’s mixeduse development project is aimed at addressing the growing demand for high-quality housing and commercial retail facilities for expatriates and young professionals. The US$120 million project, situated on a 16.5-acre plot of land on the East Coast Demerara, will feature townhouses, offices, a supermarket, and shopping plaza.
According to the company’s project summary, posted on the Environmental
Protection Agency (EPA)’s website, the development is designed with green and smart technology, meeting the country’s Low Carbon Development Strategy (LCDS) and Leadership in Energy and Environmental Design (LEED) standards, as well as the Sustainable Development Goal (SDG) 11 for sustainable cities and communities.
The summary stated that the project will be managed by a team led by a project manager, and an independent
consultant will ensure compliance with construction and environmental requirements. The development will be divided into four stages: design, pre-construction, construction, and operation. According to the project timeline, the design phase will take three months to complete, followed by a two-month pre-construction phase.
The construction phase is expected to last one year, with 150-200 construction workers working full time. The operation
phase is expected to have a design life of 100+ years.
The project also aims to ensure compliance with regulatory approvals from various agencies, including the National Drainage and Irrigation Authority, the Central Housing and Planning Authority, and the EPA, the summary said.
A social impact assessment conducted by the project team concluded that the
Guyanese
project will have a significantly positive societal benefit, providing improved housing and commercial retail facilities for the community. It was also noted that while there may be short-term temporary construction-related impacts, these can be mitigated through effective traffic and transport management.
The project is expected to create employment opportunities for local residents and provide a more advanced healthcare facility and services under
Entrepreneur
operations. The EPA has already screened the proposed construction of the project, clearing the way for its implementation.
Previously, Trinuyana Investments Inc, a consortium of Guyanese and Trinidadian investors, commenced another significant project at Ogle, an AC Marriott Hotel. The construction for this project is not yet complete.
Establishes US$13.2 Million State-of-the-art Hydroponic Food Production and Storage Facility
GUYIMEX International Inc., a pioneering force in Guyana’s food production sector, proudly announces its upcoming state-of-the-art food production & storage facility.
This initiative aims to revolutionise the landscape of food production and storage in Guyana, utilizing advanced technologies and sustainable practices.
“We are ecstatic to embark on this project, which marks a significant milestone in our journey,” said Charles Sahadath, CEO of GUYIMEX International Inc.
“Our team has been tirelessly working with our partners and investors to ensure that we are fully equipped to meet the growing demands of Guyana’s market. This facility is a testament to our commitment to innovation and excellence in the food production industry.”
The facility will include cutting-edge hydroponic systems designed to optimise food production and reduce the country’s reliance on imported goods. Hydroponics, a method of growing plants without soil, uses mineral nutrient solutions in an aqueous solvent,
providing an efficient use of water and nutrients, which ensures faster growth rates and higher yields compared to traditional farming methods.
“By building a hydroponic facility for local consumption and regional distribution, we aim to significantly reduce our imports, which aligns with ‘CARICOM’s
25 by 2025’ initiative championed by His Excellency Dr Mohamed Irfan Ali,” Sahadath added.
The total investment for this ambitious project stands at US $13.2 million for the first phase, with an additional US $28 million allocated for the second phase.
These funds will cover land acquisition, construction, operational costs, and product development. The facility is also set to create numerous job opportunities for the local community, from skilled agricultural workers to administrative and technical staff.
Charles Sahadath CEO of GUYIMEX International
An artist’s impression of the GUYIMEX International’s state-of-theart food production and storage facility
Guyana World Trade Center Projected for 2024 Launch MoUs Signed to Promote Trade and Networking of Local Businesses
With works ongoing to ensure that the physical structure is established here by the end of September 2024, Guyana’s first World Trade Center signed a Memorandum of Understanding (MoU) with the World Trade Center Miami in March
The agreement will pave the way for collaboration, such as networking opportunities, market access, support of inbound and outbound trade missions, among others between the two organisations.
The MoU was signed by Executive Director of World Trade Center Guyana, Wesley Kirton and Chief Executive Officer of World Trade Center Miami, Ivan Barrios during a virtual meeting held in Miami.
MoUs have since been signed with WTCs in India and other countries to expand global cooperation.
In delivering virtual remarks, Chairman of Demerara Distillers Ltd., Komal Samaroo said “We believe that at this particular point in time, the World Trade Center in Georgetown has a very critical role to play in promoting trade with Guyanese businesses and the rest of the world.”
“So I believe our two World Trade Centers working together can further enhance and increase the level of trade that takes place now between Guyana and the US and particularly at this time as countries look more at their reliability, food security, supply chain, on shoring, near shoring and all these adjustments that are taking place,” Samaroo said.
Demerara Distillers Limited (DDL) officially received the license for Guyana’s World Trade Center, the first-ever World Trade Center to be set up in the Caribbean Community (CARICOM). It will be located at DDL’s High Street, Kingston, Georgetown office.
Mahindra Strengthens Global Footprint, Partners with Massy Motors in Guyana
Mahindra, a global leader in automotive industry, has announced its partnership with Massy Motors. This collaboration marks the beginning of a new chapter as Massy Motors becomes the authorised distributor of Mahindra vehicles in Guyana, promising to enhance the automotive experience in the region.
The partnership between Mahindra and Massy Motors is a testament to Mahindra’s commitment to expanding
its global footprint and bringing its renowned range of vehicles closer to customers around the world. With this association, Massy Motors is poised to spearhead the sales, service, and distribution of Mahindra’s distinguished vehicles throughout Guyana, bolstered by comprehensive after-sales support, including access to genuine spares and warranty services.
At the forefront of this venture is the introduction of the Mahindra Pik-Up. Designed to excel in diverse terrains, the Pik-Up embodies durability, versatility, and superior towing capacity, making it an ideal choice for both individual and business needs. This launch paves the way for the addition of other Mahindra vehicles, SUVs, and heavy commercial trucks, in the near future.
Guyana, Jamaica Private Sector to Increase Bilateral Trade
Guyanese and Jamaican private sector interests have pledged to increase trade and investment activities in both countries
Guyana’s Foreign Secretary Robert Persaud met with Hon. Aubyn Hill, Jamaica’s Minister of Industry, Investment and Commerce in May when he visited Guyana leading a Jamaican Export and Investment mission to Guyana from 12th to 15th May 2024.
Minister Hill was accompanied by representatives from the Jamaica Promotions Corporation (JAMPRO), Jamaica Special Economic Zone Authority (JSEZA) and Jamaica National Agency for Accreditation.
During the meeting, the two sides underscored the importance of enhancing trade and investment opportunities between Guyana and Jamaica and stressed the need for greater collaboration and cooperation between the private sectors of both
countries. The visit by Minister Hill and his delegation is therefore a positive step in this direction, in light of Guyana’s economic trajectory.
Foreign Secretary Persaud assured that the Government of Guyana is open for investment and is keen on expanding its trade relations with countries in the CARICOM region, with the aim of strengthening regional trade and achieving food security.
During his visit, Minister Hill met with government ministers, officials and members of the private sector to discuss areas of future collaboration in export, trade and investment.
Foreign Secretary Robert Persaud with the Minister of Industry, Investment and Commerce of Jamaica Hon. Aubyn Hill and members of his delegation
President of the TTMA Roger Roach, led a 55 member delegation from the Trinidad and Tobago Manufacturers’ Association (TTMA) on a visit to Guyana seeking collaboration and business opportunities.
Mr. Roach vouched for the experience of Trinidad manufacturers and said there are many opportunities on both ends for investments in manufacturing and stated “We need to put action to the Memorandum of Association, the memorandum of understanding between the TTMA and GMSA (Guyana Manufacturing and Services Association) because if Guyana will eventually get a local source of energy and Guyanese people are interested in manufacturing and Trinidad people have experience with manufacturing.”
L-R: President TTMA, Dr. Ramesh Ramdeen, President of the Guyana Manufacturing & Services Association (GMSA) Ramsay Ali, High Commissioner of Trinidad to Guyana Conrad Enill, President of the Trinidad and Tobago Manufacturers’ Association Roger Roach and Mayor of Arima in Trinidad and Tobago, Balliram Maharaj
President of the GMSA Ramsay Ali told the delegation that manufacturing in Guyana will soon become cost-effective with the highly anticipated gas-to-energy project. He explained that these reduced rates for energy would pave the way for manufacturing to be done on a large scale. He added that there is space for producers of the products utilised in manufacturing.
The High Commissioner of Trinidad & Tobago to Guyana Conrad Enill, Mayor of Arima in Trinidad and Tobago Balliram Maharaj and Guyana’s Foreign Secretary Robert Persaud were also present at the meeting.
The meeting was organised by ActionINVEST Caribbean Inc. and enabled several local and Trinidad businesses the opportunity to meet.
BY JACK A. ALLI, SONS & CO.
General information is provided on areas of interest to investors including those listed below among others:
• Methods of Establishing a business in Guyana
• Taxation
• Employment
• Investment Protection
• Local Content
• Environmental considerations
I. FORMS OF BUSINESS
There are several options for establishing a business in Guyana including incorporating a new company, registering an established foreign company in Guyana, establishing a partnership or operating as a sole proprietorship.
Incorporating a New Company
Under the Companies Act, a company can be registered with submission of an application to the Registrar containing the following:
a. Articles of incorporation giving details such as the name proposed for the company; the registered office in Guyana; the share capital – rights, privileges, restrictions, conditions, payment terms; and the size of the board of directors.
b. Statutory declaration by an attorney-at-law on the suitability of signatories to the articles of incorporation.
c. Details of the persons who are to be first director(s) and secretary, and their consent to serve.
A registration fee of G$63,900 is required.
There is an obligation to file an annual return with the Registrar, along with the audited financial statements.
Registering a Foreign Company
A foreign company established under the laws of a country other than Guyana can register to carry on business in Guyana as an external company under the Companies Act. To register, the following documents should be submitted to the Registrar:
a. Statement containing details such as the company name; the jurisdiction incorporated in; the date and manner of incorporation; the company’s share capital; the extent of limited liability; the undertaking in Guyana and date of commencement; the full address outside Guyana and in Guyana; and the names, addresses and occupations of the directors of the company.
b. Statutory declaration by two directors of the company attesting to the information submitted to the Registrar, along with a copy of the corporate instruments of the company.
c. Statutory declaration by an attorney-at-law that the Companies Act has been complied with.
d. A fully executed power of attorney that shall empower some person named in the power and resident in Guyana to act as attorney of the company.
A registration fee of between G$80,000 to G$300,000 is payable depending on the share capital of the company.
A registered external company is required to lodge audited accounts with the Registrar on an annual basis. A registered company is entitled to own land in Guyana as may be authorised by licence of the President.
Registering Sole Proprietorship or a Partnership
Under the Business Names (Registration) Act, a sole proprietorship or a partnership carrying on business under a business name other than the true surname of the proprietor (or names of partners), is required to be registered. The Partnership Act governs the workings of partnerships in Guyana.
Registration of a business name requires submission of an application to the Registrar containing the following details:
a. The business name, general nature of the business and the principal place of business.
b. The name, nationality, usual place of residence and other business occupation of the sole proprietor or every individual who is a partner.
A registration fee of G$5,000 is payable.
II: TAX REGIME
Corporation Tax
Corporation tax is charged at a rate of 40% for commercial activity (except telephone companies) and at a rate of 25% in the case of any other activity. Telephone companies pay corporation tax at a rate of 45%.
Commercial activity means an activity carried out by a company trading in goods not manufactured by it, and includes an activity of a commission agency, a telecommunications company, a bank and an insurance company (other than a long-term insurance company). Where companies are engaged in both commercial and non-commercial activities, the commercial activity is taxed at 40% and the non-commercial activity is taxed at 25%.
Where the actual corporation tax liability of a commercial company as computed at 40% or 45% is less than 2% of the turnover of the company, the Corporation Tax Act provides for the payment of corporation tax at the rate of 2% of turnover - referred to as minimum tax. Insurance companies and any company exempt from corporation tax are exempt from minimum tax. Minimum tax paid in excess of the actual corporation tax liability is recoverable once proven to the satisfaction of the Commissioner-General and on the raising of an assessment.
Tax returns must be filed by April 30 of the year following the accounting year-end. Accounting year-ends that do not coincide with the calendar year-end must be approved by the tax authority. Tax returns are required to be submitted with audited financial statements.
Corporate bodies are required to pay corporation tax in quarterly installments on March 15, June 15, September 15, and December 15 of the year of income. Payments to non-resident companies on account of any contract undertakings are subject to withholding tax at 10%. These withholding taxes on contracts are a form of advance corporation tax to be set-off against final tax liabilities. Any shortfall of taxes after accounting for advance payments should be met by April 30 following the year of income.
Branch Profit
The corporation tax rates on branch profit are the same as for companies. Branch profit net of corporation tax is subject to withholding tax at 20%.
Tax Losses
Losses may be carried forward indefinitely to be set off against future profits. Brought forward tax losses cannot be used to reduce the tax payable of any year by more than 50%. Loss carrybacks are not permitted.
Payments to Foreign Affiliates
A company may claim a deduction for charges paid to foreign affiliates, provided such amounts are reasonable and necessary, having regard to the requirements of the trade. Deduction for head office expenses is restricted to the lesser of the charge and 1% of gross income of the company. Head office expenses include charges from a non-resident parent company, or a nonresident associate company of a company resident in Guyana, or a non-resident associate or subsidiary company of a non-resident company in respect of a branch or agency owned by the nonresident company in Guyana, or the head office of a non-resident company in respect of a branch or agency in Guyana, for any administrative, technical, professional or other like service of an essentially managerial nature.
Group Taxation
There are no group taxation provisions.
Income Tax
Income is taxable when it accrues in or is derived from Guyana, whether or not the individual is resident in Guyana, and whether or not the income is received in Guyana.
Withholding Taxes
Withholding tax at 20% is deducted at source on gross distributions and other specified payments (e.g. royalties, management fees, rent) made to non-residents. Withholding tax returns and payments are due by the fourteenth day of the next month.
Double Tax Treaties
Guyana has effective double taxation treaties with Canada, the United Kingdom, the United Arab Emirates and CARICOM Member States that have ratified the CARICOM Double Tax Treaty. A summary of applicable rates from the double taxation treaties are shown in the table below.
Employment compensation includes all benefits and allowances derived from employment, except allowances for medical or dental expenses or for any passage to or from Guyana and allowances for subsistence, travel, vacation (limited to one month’s gross salary), entertainment, or expenses if proven to the satisfaction of the tax authority.
There is a personal allowance equivalent to the higher of G$100,000 per month or one-third of the employee’s salary. Also, the employee’s national insurance contributions are allowed as a deduction in determining taxable income. Premiums paid for life and medical insurance are a deductible expense for individuals, up to a maximum of the lower of 10 percent of their income or G$50,000 per month. The rate of income tax is 28% on taxable income up to G$200,000 per month and 40% on earnings beyond this level.
Self-employed persons make income tax payments in quarterly installments with any shortfall of taxes being made by 30 April following the year of income. Employed persons have income taxes withheld under the pay-as-you-earn (PAYE) system. PAYE returns and payments are due by the fourteenth day of the next month.
Income tax returns must be filed by April 30 of the year following the year of income.
National Insurance Scheme
National insurance contributions are required at a rate 14% of earnings, with 5.6% being deducted from employees’ salaries and 8.4% being contributed by employers. Self-employed persons contribute 12.5% of earnings. There is a monthly earnings ceiling of G$280,000. NIS returns and payments are due by the fifteenth day of the next month.
Property Tax
Property tax is payable on net property of companies and individuals at the end of year of income. The first G$40 million of net property is exempt, the next G$20 million is taxed at 0.5% and thereafter a rate of 0.75% applies.
Capital Gains Tax
Gains arising from disposal of capital assets held for between 1 and 25 years are subject to capital gains tax at a rate of 20%. Capital assets held for more than 25 years are not subject to capital gains tax upon subsequent disposal. Gains arising upon the disposal of capital assets within 12 months of acquisition are subject to corporation or income tax as appropriate. Capital losses are allowed as an offset to capital gains and may be carried forward for a period of 24 years.
Stamp Duty
Stamp duties are charged on various types of instruments, except retail transactions. The rate applicable varies by type of instrument.
Guyana's tax eServices are online via
Custom Duties
Customs duty is charged on the importation of goods into Guyana. The rate applicable varies by type of good.
Excise Tax
Excise tax is charged on the importation or domestic manufacture of motor vehicles, petroleum products, tobacco products and alcoholic beverages.
Value-added Tax
Value-added Tax at a rate of 14% is charged on taxable supplies of goods and services. There are certain categories of supplies which are zero-rated or exempt.
VAT returns and payments are due by the twenty-first day of the next month.
Corporation Tax Holiday
Under the Income Tax (In Aid of Industry) Act, the Minister of Finance may grant an exemption from corporation tax with respect to new economic activity of a developmental and riskbearing nature in one of the following fields:
a. Non-Traditional Agriculture Development and AgroProcessing
b. Information and Communications Technology
c. Petroleum Exploration, Extraction, or Refining
d. Mineral Exploration, Extraction or Refining
e. Tourist Facilities
f. Value-Added Wood Processing
g. Textile Production
h. Biotechnology
i. Development and Manufacturing of New Pharmaceutical Products, Chemical Compounds and the Processing of Raw Materials to Produce Injectables
j. Infrastructural Development, including the Production of Electricity using Renewable Sources of Energy
New economic activity in one of the following administrative regions of Guyana may also qualify for exemption from corporation tax:
a. Region 1: Barima / Waini
b. Region 7: Cuyuni / Mazaruni
c. Region 8: Potaro / Siparuni
d. Region 9: Upper Takatu / Upper Essequibo
e. Region 10: Upper Demerara / Upper Berbice
Exemption is granted for a period of up to 5 years but may be extended up to 10 years if the activity is in one of the specified economic fields. In the case of infrastructural development, the exemption may extend beyond 10 years.
In addition to these provisions, the Minister may grant an exemption from corporation tax with respect to income from the following activities:
a. Wind and Solar Energy
b. Water Treatment and Water Recycling Facilities
c. Waste Disposal and Recycling Facilities for Plastic Items
Exemption for corporation tax for these activities shall be for a period not exceeding 2 years.
A tax credit equalling 75% of income and corporate taxes on profits can be granted on the provision of tourism activities in regions 1, 7, 8, 9 and 10.
Export Allowances
Companies that export sales of manufactured, processed or agricultural products are entitled to export allowances as a deduction from chargeable profits. The quantum of the allowance is dependent on the percentage of export sales to total sales. Products that do not qualify for this allowance are bauxite, gold, diamonds, petroleum, sugar, rum, molasses, rice, timber, lumber, and shrimp.
III: LABOUR LAWS IN GUYANA
Labour Regime
Guyana has several laws which govern the employment of labour. Some of the significant laws in this regard are as follows:
a. Labour Act
b. Termination of Employment and Severance Pay Act
c. Wages Council Act
d. Leave with Pay Act
e. Shops (Consolidation) Act
f. Prevention of Discrimination Act
g. Occupational Safety and Health Act
h. Labour (Conditions of Employment of Certain Workers) Act
i. Trade Unions Recognition Act
j. Employment of Young Persons and Children Act
k. Licensed Premises Act
l. Factories (Hours and Holidays) Act
These laws address matters such as the treatment of wages and salaries, normal hours of work and overtime, leave with pay, safety, health and welfare, accidents and occupational diseases, termination of employment and severance pay, registration and regulation of industrial establishments, collective agreements, employment of young persons and duty of employers to keep records.
The normal work week is legislated as 40 hours over not more than 5 days. Any hours of work beyond normal hours are remunerated as overtime in accordance with applicable law.
The statutory minimum wage in Guyana is G$60,147 per month; however, the public service minimum wage is G$70,000 per month.
Employment of Foreigners
Foreigners require a work permit to be employed in Guyana. Application for work permit requires information on both the employer and the intended non-national employee. Foreigners employed in Guyana are required to register with the Guyana Revenue Authority and National Insurance Scheme.
A CARICOM national holding a CSME Skilled National Certificate and his/her spouse are not required to obtain work permits to be employed in Guyana.
IV: INVESTMENT PROTECTION
Rights and Guarantees
Under the Investment Act, the Government of Guyana provides various assurances to investors with respect to any investment made in Guyana, including the following:
a. Not to compulsorily acquire or take possession of the investment unless for a purpose in law, on a nondiscriminatory basis, with prompt payment of adequate
compensation and with a right of access to the court system
b. To allow investors to purchase or lease land in Guyana subject to existing laws
c. Not to intervene in the management of investor’s activities, nor impose conditions on the sale, pricing or distribution of associated products, except in the pricing of utilities
d. Guarantee the right of investors to determine the distribution of all profits and dividends, and to receive their share of such profits or dividends subject to settlement of corresponding tax obligations
e. To allow the employment of skilled and expert foreign personnel when necessary, with the approval of the relevant authority and in accordance with applicable laws
Transfers of Funds Abroad
The Investment Act also allows investors to transfer funds, subject to payment of applicable taxes, for the following purposes:
a. Repatriation of dividends, earnings and capital
b. Remittance of proceeds of sale or liquidation of an investment
c. Payment of interest on international loans
d. Payment for imports
e. Payment of fees for trademarks, royalties and management services
f. Payment of licensing fees for franchising agreements
Transfers of funds may be prevented however in circumstances of bankruptcy, insolvency, criminal proceedings, court orders or judgements or when necessary for the protection of stockholders or creditors.
Dispute Resolution
The Investment Act provides that in cases where disputes arise among investors or with the Government of Guyana, the following avenues are available if the matter is not amicably settled through consultation or mediation:
a. Submit the dispute to arbitration under the Arbitration Act
b. Refer the matter to the competent courts in Guyana
c. Submit the matter to the International Centre for the Settlement of Investment Disputes (ICSID) of which Guyana is a member
V: OTHER MATTERS OF INTEREST
Local Content
Holders of licenses issued under the Petroleum (Exploration and Production) Act and parties to Petroleum Agreements with the Government of Guyana, and their sub-contractors, are required to comply with the Local Content Act. The legislation identifies forty sectors with defined targets that are reserved for Guyanese companies and Guyanese nationals.
A Guyanese company is defined as being incorporated under the Companies Act of Guyana and which (a) is beneficially owned by Guyanese nationals who control at least fifty-one percent of voting rights; and (b) that has Guyanese nationals holding at least seventy-five percent of executive and senior management positions and at least ninety percent of non-managerial and other positions.
Environmental Protection
Under the Environmental Protection Act, administered by the Environmental Protection Agency, a developer of any of the following types of project, or any other project that is likely to impact the environment is required to obtain an environmental permit.
a. Construction of any hotel, guest house or inn above ten rooms
b. Installation for hydro-electric energy production
c. Construction of roads, harbours and airfields
d. Dams and other installations designed to hold liquid or to store it on a long-term basis
e. Installation for the treatment of waste water, industrial or domestic waste
f. Importing of any waste matter whether hazardous or not
g. Release, use or keeping of any genetically modified organisms
h. Harvesting and utilization of forest resources
i. Extraction and conversion of mineral resources
Currency Matters
The unit of currency in Guyana is the GY Dollar which is freely convertible into other currencies based on prevailing market conditions. All monetary obligations or transactions in Guyana are required to be expressed, recorded and settled in GY Dollars unless permission is obtained from the Bank of Guyana which is responsible for the regulation of the financial sector in Guyana.
Under the Investment Act investors may open accounts in GY Dollars and in foreign convertible currencies with licensed banks in Guyana.
Declaration of Beneficial Ownership
Companies incorporated or registered under the Companies Act of Guyana are required to declare beneficial interest to the Registrar of Companies. Beneficial interest is defined in AMLCFT legislation as person (or persons) who ultimately exercises individually (or jointly) voting rights of at least 25 percent of the total.
Anti-money Laundering
The Anti-money Laundering and Countering the Financing of Terrorism Act is the primary legislation in this area. The Financial
Intelligence Unit, provided for under the Act, is responsible for the handling of suspicious transaction reports and other information relating to money laundering, terrorist financing and the proceeds of crime.
Stock Exchange
The Guyana Association of Securities Companies and Intermediaries Inc. operates the Guyana Stock Exchange. There are presently fifteen companies on the Exchange.
Accounting Standards
The accountancy profession in Guyana is regulated by the Institute of Chartered Accountants of Guyana (ICAG). Accounting standards adopted for application in Guyana are the IFRS Accounting Standards. The ICAG is a member body of the International Federation of Accountants and the Institute of Chartered Accountants of the Caribbean.
Author's Note
The information contained in this article is for general guidance on matters of interest only and is not meant to be comprehensive. It is recommended that you obtain advice specific to your circumstances from professional advisors before proceeding.
Jack A. Alli, Sons & Co. 145 Crown Street, Queenstown, Georgetown, Guyana 592-226-2904 www.jackalli.com khalil.alli@jackalli.com
Office of the President - op.gov.gy
Guyana Office for Investment - guyanainvest.gov.gy
Bank of Guyana - bankofguyana.org.gy/bog/ Guyana Revenue Authority - gra.gov.gy
Local Content Register/Portal - lcregister.petroleum.gov.gy
Ministry of Finance - finance.gov.gy
Ministry of Labour - mol.gov.gy
Ministry of Legal Affairs - mola.gov.gy
Ministry of Tourism, Industry and Commerce - mintic.gov.gy
National Insurance Scheme - nis.org.gy
Guyana Manufacturing & Services Association (GMSA) - gmsagy.org
Georgetown Chamber of Commerce and Industry (GCCI) - gcci.gy
Tourism and Hospitality Association of Guyana (THAG) - thag.co
S&P Global estimates that recoverable resources of 18.7 billion barrels of oil equivalent (boe) have been discovered in the Guyana Basin since 2015.
S&P Global Commodity Insights analysts Fernanda Machado, Mariana Anjos and Jerry Jarvis said in a May report, “In just nine years, it has established itself as the fifth largest basin in Latin America, while continuing to grow.”
They expect production to peak in 2037 at 2.3 million boe/d, with oil accounting for 90%.
Thus far, ExxonMobil is expected to add three projects to the three already producing offshore Guyana. This is expected to more than double production from the current 630,000 barrels per day (b/d) to a capacity of more than 1.3 million b/d by 2027. A seventh project, planned to produce in 2029, is in the application phase and could lift production above 1.5 million b/d.
S&P Global Estimates 18.7 Billion Barrels of Recoverable Resources in Guyana Basin
Guyana’s Oil & Gas Sector and Economy Set for Continued Expansion
Vessel Prosperity offshore Guyana
In Suriname, TotalEnergies expects to submit a plan to the government for a 200,000 b/d oil development which is projected to see first oil in 2028.
The S&P analysts said, “High-quality, low-emissions and cost-effective barrels have already reached European markets. Currently, all gas production is associated with oil and reinjected, but the marketed gas is expected to increase.”
First production from Guyana’s Gasto-Energy project is projected in 2025. An initial rate of 50 million cubic feet of gas per day (cf/d) is projected, with potential to increase to as much as 120-130 million cf/d after studies. The project is mainly for domestic power generation and marketing of natural gas liquids (NGL) to partners in the region.
S&P said the project is expected to have a “significant” impact on power generation in Guyana. The analysts
say there is potential for the region to become an LNG exporter by the second half of the 2030s, with deployment of two floating LNG vessels.
The Guyana government has selected U.S. start-up Fulcrum LNG to contemplate a larger gas development in partnership with Exxon.
The Suriname government granted a 10-year tax break to Block 52 partners, encouraging development of the significant gas finds.
S&P said more than US$120 billion in present value should be spent in the basin, with five main companies estimated to account for 94% of all investments.
The five companies (ExxonMobil, Hess, CNOOC, APA, and TotalEnergies) are the stakeholders in the Stabroek Block in Guyana and Block 58 in Suriname.
FPSO
‘Don’t miss the next wave ’Guyanese officials tell U.S. investors at bilateral meeting
Stakeholders attached to the Task Force on Guyana— a body established by the United States (US) Bilateral Chamber of Commerce—convened at the Amegy Bank Tower in Houston, Texas on Tuesday to discuss key investment opportunities in Guyana. The message was clear: investors should not miss the next massive wave of development set to unfold in Guyana, the world’s fastest growing economy.
The event saw participation from Aida Arissi, CEO of the Bilateral Chamber of Commerce; Marc Hebert, Chair of the Task Force on Guyana; and Heather Evans, Deputy Assistant Secretary for Manufacturing and International Trade Administration at the U.S. Department of Commerce.
The Guyana Contingent included Minister within the Ministry of Public Works, Deodat Indar and Guyana’s Chief Investment Office, Dr Peter Ramsaroop. The Deputy Assistant Secretary was keen to note that the Biden-led U.S.
administration is supportive of Guyana’s development story. She said her department encourages U.S. businesses to work with Guyanese counterparts in deepening trade relations between both nations.
Stakeholders attached to the Task Force on Guyana— a body established by the United States (US) Bilateral Chamber of Commerce—convened at the Amegy Bank Tower in Houston, Texas on Tuesday to discuss key investment opportunities in Guyana. The message was clear: investors should not miss the next massive wave of development set to unfold in Guyana, the world’s fastest growing economy.
The event saw participation from Aida Arissi, CEO of the Bilateral Chamber of Commerce; Marc Hebert, Chair of the Task Force on Guyana; and Heather Evans, Deputy Assistant Secretary for Manufacturing and International Trade Administration at the U.S. Department of Commerce.
The Guyana Contingent included Minister within the Ministry of Public Works, Deodat Indar and Guyana’s Chief Investment Officer, Dr Peter Ramsaroop. The Deputy Assistant Secretary was keen to note that the Biden-led U.S. administration is supportive of Guyana’s development story. She said her department encourages U.S. businesses to work with Guyanese counterparts in deepening trade relations between both nations.
Evans also expressed optimism in Guyana leaning on U.S. companies for their experience, expertise and high quality solutions that can help it to excel in energy sustainability.
Meanwhile, Minister Indar said he was pleased to hear Evans register the support of the Biden administration for Guyana’s development trajectory.
The Guyanese official also spoke extensively about the work the Irfaan Ali-led government is doing to address
several challenges including high power generation costs. In this regard, he said this is being tackled through the establishment of a landmark gas-toenergy project. This he said is poised to pave the way for a manufacturing boom that will boost trade relations between Guyana, its regional neighbors, and the wider global community.
Overall, Minister Indar urged that the time is now for U.S. businesses to penetrate the market in a manner that aligns with their strengths.
His sentiments were also shared by Head of the Guyana Office for Investment, Dr Peter Ramsaroop. While Guyana continues to enjoy tremendous economic success on account of its oil
sector, the Investment Chief said the next wave for the hydrocarbon producer lies in agriculture. He noted that GoInvest stands ready to help US companies not only find the right partners, but also enjoy the conditions necessary to support their growth.
Like Minister Indar, he urged, “Don’t miss the next wave of development.”
Foreign Secretary, Exxon Boss Discuss Guyana's Sustainable Oil Operations, Local Empowerment at Houston Event
BY KIANA WILBURG, CEO Guyana Energy Conference & Supply Chain Expo
Guyana’s Foreign Secretary, Robert Persaud and President of ExxonMobil Guyana, Alistair Routledge recently participated in a panel discussion titled, “Bridging Oceans: Guyana’s New Horizon” hosted in collaboration with the Greater Houston Partnership and the Guyana Business Journal.
The event was held at the Crystal Ballroom At the Rice Tower in Houston, Texas.
Moderated by Wazim Mowla, Associate Director of the Atlantic Council’s Caribbean Initiative, the roundtable discussion also saw participation from John Cypher, VP of International Investment & Trade, Greater Houston Partnership. Also present were Head of
the Georgetown Chamber of Commerce and Industry (GCCI), Kester Hutson and Dr Terrence Blackman, Founder of the Guyana Business Journal.
The Foreign Secretary noted that Guyana has come a far way since the first page was written on its oil and gas story in the 90s.
“But where we are going is an even more exciting story,” said the official, adding that the vision for Guyana’s trajectory is perfectly outlined in the Low Carbon Development Strategy (LCDS) 2030.
“Should we hit oil, we have always thought of what model we should emulate…in ensuring that oil is not a curse but a bane of development for traditional industries as well as new ones.
“The activities in the oil sector, and the revenues we make, we intend to use that to create new opportunities while planning beyond its end. And that is captured perfectly in our LCDS …,” the Foreign Secretary said.
During his contribution, ExxonMobil Guyana’s President, Alistair Routledge was keen to note that his company sees the development of Guyana’s hydrocarbon resources as an opportunity to ensure prosperity for all stakeholders involved.
“Since the discovery of oil in 2015, we have felt a strong connection with the people of Guyana in working towards this goal …and we have US$55 billion in investments for Guyana and have already
Moderator, Wazim Mowla, Director ACCI, Guyana's Foreign Secretary Robert Persaud and ExxonMobil Guyana’s President, Alistair Routledge
spent around US$30B,” Routledge said. The ExxonMobil official also underscored the importance of the company’s commitment to ensuring all Guyanese benefit not just from resource revenue but from opportunities for employment and technology transfer.
He said it was evident in the beginning that Guyana lacked certain capabilities to tackle opportunities in the sector. To overcome those shortcomings, he said Exxon committed to investing in local content to ensure Guyanese are at the forefront of supporting the industry.
“To date, we have had 1,700 local companies supporting the industry and that to me speaks volumes about the entrepreneurial spirit of
Guyanese…,” Routledge said. He noted that ExxonMobil remains committed to helping local companies not only thrive but also become globally competitive.
Diaspora support Foreign Secretary Persaud also noted the invaluable contributions that can be made to Guyana’s development story by members of the diaspora.
He shared that the government is acutely aware of the invaluable expertise and experience that can be tapped in this community, hence there is a more structured approach in engaging remigrants through the Ministry of Foreign Affairs and International Cooperation.
Persaud also noted that the government plans to ramp up engagement with the diaspora through job fairs and other initiatives.
“We also have an incentive regime laid out for this too. But I must say, the diaspora has to be proactive too… come back to your country, don’t wait for someone to hold your hand and bring you; have a positive outlook…,” the Guyanese official said.
He concluded, “There is absolutely no reason why any person in the Diaspora should feel like they can’t play a part in the exciting future ahead of us. What is before us is bigger than any of us can conceptualise.”
Guyana's First Agrochemical Plant to be Built by 2025
His Excellency President Dr Mohamed Irfaan Ali announced that his Government will construct the country’s first agrochemical plant by the end of next year.
“We’ve already said that at least we want one agrochemical plant in Guyana that will be part of the first gas-to-shore project that is coming on stream. That must be built and will be built before the end of 2025.”
The President said that when the plant is completed, Guyana would become fertiliser-secure, which would enhance the country’s agriculture drive.
“You have a local market that will take up the consumption. So, our initial plan is for national security and then to see how much more gas we have to make it into regional operation. If the Government has to co-invest in that, it will co-invest in that.”
He encouraged local businesses to invest in the venture and said that the Government would open avenues to optimise the capital that is raised locally.
When completed, the agrochemical plant will allow Guyana to produce fertiliser and other chemicals for the agriculture industry to increase and enhance the competitive advantage of the sector.
The President also reiterated that his Government will offer incentives to local consortiums who are prepared to make investments in the tourism, agriculture and energy sectors, among others, that are geared towards developing a sustainable economy.
“Today, we have a natural pull factor. We have investors from all over the world coming in. The country is on every newspaper headline, every magazine headline; it is in every major newscast headline. So, we have a natural momentum in marketing.”
This momentum, the President outlined, will be complemented by the Government through investments.
“I want to see the local private sector investing in tourism because we will back the investment with marketing; we will back the investment with infrastructure. We will back the investment through fiscal incentives; we will back the investment as a Government because this is an important future for us.”
President Ali also announced that the Government plans to develop acres of land between Ogle on the East Coast of Demerara and Eccles on the East Bank of Demerara to make space available to park large trucks and other machinery.
The Guyana Energy Conference & Supply Chain Expo:
Unlocking the Future of Energy in the World’s Fastest Growing Economy
With 11 billion barrels of oil equivalent resources fuelling a multifaceted energy transition and diversification programme, Guyana has positioned itself as an investor’s paradise. No greater stage explores the depths of its ambitious development programme than the Guyana Energy Conference & Supply Chain Expo (GECSEC).
Now in its fourth iteration, this flagship event continues to bring together industry professionals, Heads of State, investors, and experts in the energy sector. At each event, participants have benefitted from invaluable engagements with policymakers and regulatory authorities. It is here that stakeholders have learnt more than just the details about the country’s legislative and regulatory agenda.
With Guyana’s push for a green economy, comprehensive insights are provided on the implementation of its forward-thinking Low Carbon Development
Strategy (LCDS) 2030. This document serves as a blueprint for authorities on using a dynamic mix of solar, hydro and natural gas projects to reduce overreliance on Heavy Fuel Oils (HFOs).
At GECSCE, investors hear from the nation’s President, Dr Mohamed Irfaan Ali about his plans to make Guyana a leader on climate, energy and food security. At the last conference held in February 2024, stakeholders learnt of the tremendous investment opportunities that exist in agriculture, tourism and construction, all of which boast a general incentive scheme.
The conference has also served as a critical learning ground for investors eager to understand Guyana’s plans for regional collaboration. Local authorities have used this platform to expound on forthcoming infrastructure projects set to bring benefits to regional partners while increasing the nation’s competitive advantage as a trading partner. Guyana, for example, is expected to have a long-awaited road with Brazil, opening the door to expand bilateral trade. Another complementary project is the Corentyne Bridge which will link Suriname and Guyana.
For exhibitors and participating business professionals, this platform has allowed for products, services, and solutions to be showcased to a targeted audience with opportunities to connect with potential partners for joint ventures, strategic alliances, and project collaborations.
Anthony Whyte Chairman of the Guyana Energy Conference & Supply Chain Expo
The 2025 conference, carded for February 18th to 21st, is anticipated to build on these learnings. Under the theme, “Connecting the Dots: Integrating the Future,” this flagship event is expected to attract over 5,000 delegates, feature 180+ booths, and host 70+ distinguished speakers at the Guyana Marriott Hotel.
The theme for the 2025 conference underscores the interconnected nature of various elements within the energy sector and the wider supply chain ecosystem. It highlights the necessity of collaboration among stakeholders – including government bodies, industry players, academia, and civil society – to address common challenges and seize shared opportunities.
Given Guyana’s strategic location within the Caribbean region, the theme also highlights the importance of regional integration and fostering closer ties with neighbouring countries in areas such as trade, energy, and infrastructure development.
“Connecting the Dots: Integrating the Future” therefore serves as a unifying theme that brings together diverse stakeholders with a shared commitment to shaping a more sustainable, resilient, and inclusive future for Guyana’s energy sector and supply chain ecosystem.
Revered as one of the most important events of the Western hemisphere, the GECSCE in 2025 will continue its leadership on discussions pertaining to a just energy transition and balancing economic growth with environmental sustainability. Other focus areas include financing sustainable development initiatives, developing a workforce for the future, building resilient supply chains, and promoting the advancement of women in the industry. Given the expanded focus of the conference, panel discussions will also identify investment opportunities in agriculture, tourism and infrastructure projects locally and regionally.
Complementary to the outstanding work of the conference is its offspring, the Energy Perspectives podcast. This platform allows for the discussion on Guyana’s development story to continue year-round.
Some of our distinguished guests for 2024 have included Guyana’s President, Dr Mohamed Irfaan Ali; former President of Colombia, Ivan Duque; and Natural Resources Minister, Vickram Bharrat. We have also had the honour of hosting the Head of ExxonMobil Guyana, Alistair Routledge; Senior Manager of Commercial and External Relations at CNOOC, Anand Gohil; General Manager for SBM Offshore Guyana, Mr Martin Cheong; and SLB’s Managing Director for Guyana, T&T and Caribbean, Sharlene Seegoolam.
We were also privileged to feature insights from Senior Vice President for Global Energy and International Affairs, S&P Global Commodity Insights, Carlos Pascual and Wood Mackenzie’s Head of Upstream Americas Research, Mark Oberstoetter.
With Guyana set to produce over 1.3 million barrels of oil per day by 2027, the opportunities for regional and international collaboration are bound to increase ten-fold. To be a participant, sponsor or exhibitor at the Guyana Energy Conference & Supply Chain Expo is to be at the forefront of shaping the future of energy and investment in the world’s fastest growing economy.
For further details regarding the conference and securing your booth at future events, please reach out to Fareeza Haniff, Media and Operations Director at fareezah@guyanaenergy.gy or Kiana Wilburg, Chief Executive Officer (CEO) at kianaw@guyanaenergy.gy.
Welcomes New Leadership
The Secretariat of the Guyana Energy Conference and Supply Chain Expo is thrilled to announce the appointment of Fareeza Haniff as the new Media and Operations Director and Kiana Wilburg as the new Chief Executive Officer. With their wealth of experience and innovative vision, Haniff and Wilburg are poised to lead the Secretariat into a new era of growth and influence.
Fareeza Haniff is a career journalist who joined the media in Guyana as a reporter in 2006. Since then, she has accumulated, inter alia, multimedia and communication skills that have allowed her to grow as an individual and quickly ascend to leadership duties within various media outlets in and out of Guyana.
Fareeza has also served in various capacities at the Executive level of the Guyana Press Association (GPA) from 2014 to 2020.
She brings extensive expertise in media and operations management, having spearheaded numerous successful campaigns and initiatives in her previous roles. Her strategic thinking and dedication to excellence will
undoubtedly elevate the Secretariat’s outreach efforts and operational efficiency. She also has experience leading and managing diverse teams through her effective leadership skills.
Kiana Wilburg assumes the role of Chief Executive Officer with a proven track record of energy sector knowledge. Kiana embarked on her career in journalism in January 2013, quickly establishing herself as a discerning reporter with a keen focus on politics, finance, parliamentary affairs, and agriculture.
The discovery of oil and gas in Guyana in 2015 marked a pivotal turn in her career, sparking an enduring passion for this sector. She has since been at the forefront of investigating, analyzing, and documenting every facet of this dynamic industry for the last nine years.
Her balanced, professional approach, combined with a deep-seated enthusiasm for the energy sector, underscore her commitment to contributing meaningfully to the ongoing narrative of Guyana’s oil and gas industry.
With a keen understanding of the energy sector and supply chain dynamics, Kiana is primed to steer the Secretariat towards its mission of fostering dialogue and innovation in Guyana’s energy landscape.
As the Secretariat embarks on a trajectory of growth and expansion, it remains committed to its core mission of serving as a leading think tank on issues that shape the growth and sustainability of Guyana’s economy. Under the guidance of Haniff and Wilburg, the Secretariat will continue to facilitate crucial discussions, drive meaningful collaborations, and champion solutions that propel Guyana towards a prosperous future.
The Chairman and Secretariat extend their gratitude to the outgoing Chief Executive Officer, Kurt Baboolall for his contributions over the past three years. Mr Baboolall will transition to lead other projects within the GO Integrated Group of Companies.
Please join us in welcoming Fareeza Haniff and Kiana Wilburg to their new roles.
Kiana Wilburg Chief Executive Officer
Fareeza Haniff Media and Operations Director
One of Guyana’s leading contractors in the field of:
Marine Construction
Road Construction
Drilling of Potable Water Well and Installation of Transmission and Distribution Network
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6,000+ Jobs Created as a Result of Local Content Legislation
PLocal Content ... allows us to accelerate local growth and local development to meet regional and international needs...
In his presentation, the President pointed out that there has been a 20% increase in value through local participation from 2022 to now, representing an increase of US$84 million and a total of US$524 million.
The President explained that for this year, the Local Content Secretariat estimates that procurement activities will increase to US$550 million, a 5 percent increase from 2023 and a 25 percent increase from 2022.
These activities, he underscored, represent the creation of an estimated 6,000 jobs across several sectors.
To complement this, President Ali announced that the Local Content Secretariat will commence a review of the Legislation to improve it.
“We have asked the Local Content Secretariat to commence the review of the different areas we have under Local
Content; to look at areas in which we have built capacity as a country, and to look at the percentage in the different areas because over the last three years, we have built tremendous capacity in some areas, and we would like to see how we can further accelerate those areas.”
Changing the Model
The Head of State noted that while Local Content Legislation has allowed the country to build local capacity, there is a need for change in the business models to facilitate further expansion and increase value creation.
“When we started on this Local Content journey, we realised that the scale of what was required was so large that no single company or capital formation could match the scale of what was required, but slowly, we saw companies coming together, we saw consortiums being built, we saw a partnership being created.”
He added that events such as the Local Content Summit, are important because they provide a level of networking. He
also noted that it is a chance for local businesses to bring capital and human assets together, integrate companies and build the scale required to take advantage of the opportunities “ahead of us”.
Meanwhile, the President pointed out that the banking sector should also make the necessary changes to fully capitalise on the opportunities that Guyana currently has and will have.
“The bank has to see itself as a facilitating role in the development and expansion of the economy and make investments to facilitate the deployment of capital to make use of those opportunities, and to do this; the bank must not only have a local look at things but a regional look.”
President Ali emphasised that Local Content is about building local capacity and positioning local companies to compete in the region and worldwide.
“That is what Local Content allows us to do. It allows us to accelerate local growth and local development to meet regional and international needs, and I think we have to reset our minds to that context.”
resident Dr Mohamed Irfaan Ali delivered the feature address at the opening of the 2024 Local Content Summit.
Dr Martin Partab Director, Local Content Secretariat
PSC, Natural Resources Ministry agree on Joint Approach to Advance Local Content
The PSC wishes to commend the Government of Guyana for its firm stance on local content, and for enacting Local Content Legislation, which has facilitated, in a significant way, Guyanese participation in the oil-and-gas supply chain.
The Private Sector Commission (PSC) engaged Minister of Natural Resources Vickram Bharrat and a team from the Ministry on Natural Resources, including the Local Content Secretariat.
The meeting, which was chaired by PSC Chairman Komal Singh, saw presentations from Chair of the PSC’s Local Content Sub-Committee Shyam Nokta, and other members of the Committee, which included representatives of the PSC Council.
Among the issues raised and discussed was the need to revisit and expand on the 40 areas in Schedule I of the Local Content Act that have been set aside for Guyanese suppliers of goods
and services, in light of increasing capacity and investments by Guyanese businesses; the process and lengthy delays in receiving payments from some oil and gas companies; greater transparency in the procurement processes and the need for unbundling; more information and forecasting of the future needs of the oil and gas sector so as to guide local investments; among others.
Minister Bharrat underlined the joint approach and collaboration between government and the private sector on local content, which has led to the successes to date. He further confirmed government’s strong interest in seeing
local content expand, and to examine all the areas put forward by the PSC.
It was agreed that the PSC’s Local Content Sub Committee and the Ministry’s Local Content Secretariat will meet monthly to discuss the issues facing the private sector, and also to come up with recommended actions to advance local content.
The PSC wishes to commend the Government of Guyana for its firm stance on local content and for enacting Local Content Legislation which has facilitated, in a significant way, Guyanese participation in the oil and gas supply chain.
Minister of Natural Resources Hon. Vickram Bharrat, his team and members of the Private Sector Commission
Centre for Local Business Development
Fostering Business Expansion and Economic Development
Guyana stands as the world’s fastest-growing economy, offering exceptional investment prospects across various sectors including oil and gas, agriculture, transport and logistics, construction, mining, and more. The Centre assists both local and international companies in comprehending and seizing the expanding opportunities within these diverse energy and non-energy sectors. With its strategic positioning, the Centre maximises the burgeoning market growth in Guyana to foster business expansion and drive inclusive economic development.
In 2017, the Stabroek Block Co-venturers – ExxonMobil, Hess Oil and China National Oil Co (CNOOC) launched the Centre for Local Business Development (CLBD) to identify opportunities for the development of local suppliers and to drive the development of capacity and capabilities among local small and medium-sized businesses in Guyana.
The Centre offers a range of resources to support this mandate, including a suite of courses and seminars, business mentorship programmes, and advertising of business opportunities in the oil and gas sector.
Since opening in July 2017, the Centre has registered over 7,000 business on its Centre Hub, helped 100 companies build their HSSE Management Systems, carried over 5,000 individuals through oil and gas awareness seminars, conducted multiple in-depth analytics reports for clients and hosted close to 10 business
missions for companies from Canada, USA, Brazil and the Caribbean.
Over the years, the Centre’s ability to contribute to increased equitable and sustainable economic growth in Guyana has continued to grow. To accommodate this, the Centre has redefined its services and business model to accommodate these needs as a self-sustaining entity, supported by investments from across Guyana’s growing energy and other sectors by:
• Increasing the competitiveness for local businesses through our audits, training and mentorship programmes such as HSSE, project management, entrepreneurship, legal requirements training, workforce training, etc.
• Increasing access to business opportunities for local and international suppliers through the Centre Hub, supplier engagement sessions, business missions, and our Investment Entry Package.
Dr Natasha Gaskin-Peters, Director
Gina Arjoon-Hira, Deputy Director
A few of the Centre's activities over the years
• Improving sustainable and efficient business outcomes for all through providing in depth and well curated market reports (eg Guyana overview, real estate, wages, etc), advocacy engagements, specialised workshops.
The Centre continues to evolve to meet the needs of the business and assist with local content development. With decades of transformative growth ahead, the Centre is well positioned as the nexus of Guyanese and international business. In response to market trends and needs, the Centre has streamlined its range of products. Some of the current services and programme offerings include:
Discover an unparalleled gateway to Guyana’s thriving business landscape with the Centre’s cutting-edge portal boasting over 7,000 business (60% local and 40% international) working in all economic sectors. The Centre Hub serves as the ultimate nexus for business enthusiasts and suppliers alike, facilitating seamless connections across industries.
For more information visit: www.centreguyana.com
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GAICO to Open US$6 Million Fertiliser Plant in 2024
A Second US$30 Million Wharf Facility is also Under Construction at Nismes
The US$30M GAICO Marine Facility at Nismes, West Bank Demerara
GAICO Construction and General Services is set to open a new fertilizer blending plant in 2024 focused on reducing annual fertiliser imports into Guyana and potentially lowering its cost for farmers.
The US$6 million fertiliser blending plant is being established at Nismes in Region Three (Essequibo Islands-West Demerara) according to the company’s Chief Operations Director, Khishan Singh.
The pre-fab plant was purchased from Sackett-Waconia, a US-based company that designs, engineers and builds equipment for the fertiliser industry and the plan is for the plant to be up and running during the second half of 2024, Singh said.
“The whole idea is to try to revamp the farming industry, not just in the West Bank Demerara but in the country as a whole. We are hoping to lower that cost for Guyanese and the main thing is making things cheaper, more readily available and giving farmers a chance to grow” Singh added.
Fertilisers reportedly account for between 15 and 30 per cent of the total operating costs for farmers, and urea and ammonia compounds are claimed to be the most used fertiliser products in Guyana, with the country importing about 45,000 tonnes of these products annually.
Fertiliser blending offers a solution to this by ensuring farmers have the correct ratio of chemicals, such as nitrogen and
phosphorus needed, and significantly reduces the time and money spent on imports as well as ensuring ready availability of the product.
Several other projects with GAICO at the helm are currently underway, including a US$30 million wharf and lay-down facility being built in Nismes, West Bank Demerara.
This facility is intended to support the imminent gas-to-shore project by being an offloading site for equipment and materials that will be brought during the course of the project, including the 12-inch pipe that will be used to bring gas from offshore Guyana to onshore. GAICO aims to employ between 60 to 80 additional persons once this facility comes into operation.
Khishan Singh Chief Operations Director, GAICO
Seize the Opportunity in Guyana’s Thriving Economy
Guyana's emergence as a major player in the global offshore oil & gas industry has ignited a surge of exciting investment possibilities. However, navigating this dynamic and potentially complex market requires a trusted partner with local expertise and a proven track record. Excel Guyana Inc. is your gateway to unlocking success in Guyana's new chapter of growth.
Excel Guyana Inc, a Guyanese-owned and operated leader with over 30 years of experience in consulting and business development across the CARICOM region, stands ready to be your bridge to success. Our deep understanding of the local market, coupled with extensive networks across various countries, empowers us to connect you with the top talent you need to capitalize on these opportunities.
recruitment solutions designed to meet your specific needs, ensuring you find the right talent to propel your business forward.
Our Diverse Recruitment & HR Solutions
Employer of Record (EOR): Streamline your operations and navigate complex Guyanese employment regulations with our EOR services. We handle all HR responsibilities, allowing you to focus on growing your business.
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Headhunting: Need to fill a critical leadership or technical position? Our headhunting specialists leverage their extensive network and proven methodologies to identify and attract the most qualified candidates for your specialized senior roles.
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HE Dr. Irfaan Ali presenting Kris Sammy a 2023 GOGEC Award
HE Dr Mohamed Irfaan Ali presenting Kris Sammy a 2023 GOGEC Award
Strengthening Our Expertise: A Strategic Alliance
Further bolstering our recruitment capabilities, Excel Guyana Inc. is proudly partnered with New Tech Global, a leading provider of highly skilled personnel for the oil and gas industry. This strategic collaboration grants us access to New Tech Global's international network of over 44,000 qualified professionals. Together, we offer a comprehensive solution for oil and gas companies seeking top talent in Guyana. This powerful partnership positions us as the go-to resource for workforce solutions in Guyana's booming oil and gas sector.
Beyond Recruitment: A Full Spectrum of Business Solutions
While our recruitment expertise sets us apart, Excel Guyana Inc. provides seamless access to markets and resources, ensuring swift business mobilization through streamlined processes that minimize bureaucratic hurdles. Going beyond talent acquisition we provide a holistic approach to success in Guyana.
Outsourced Business Development: We act as your extended team, helping you establish a presence in Guyana, identify new business opportunities, and build strong relationships with local partners.
Logistics & Procurement: Optimize your supply chain with our efficient logistics and procurement solutions. We handle everything from sourcing materials to managing transportation, ensuring your projects run smoothly.
Marine & Offshore: For companies in the marine and offshore sectors, we offer a range of specialized services, including crew management, vessel chartering, and logistical support.
Guyana Inc. is your one-stop shop for success. Contact us today to learn more about how our comprehensive solutions can help your business thrive in Guyana's exciting new chapter.
Excel Guyana Inc’s Ronald Ramcharran , Ronald Ramcharran (Senior) and COO Michael Smith
Cyril's Taxi Service
Driving Excellence in the World's Fastest Growing Economy
Being named the fastest growing economy in the world, Guyana is ripe for investment. In this dynamic environment, Cyril’s Taxi and Transportation Service stands out as a shining example of excellence, safety, and rapid growth. The company’s journey from its humble beginnings, with a vision for providing reliable transportation, to becoming an industry leader is nothing short of inspiring.
Commitment to Safety
Since its rebranding under new ownership in 2008, Cyril’s has responded to a critical need in the market for a safe and reliable taxi service. At the heart of Cyril’s success is an unwavering commitment to safety resulting in an impressive safety record, with zero fatalities and only minor motor vehicle accidents (MVAs) since its inception. This extraordinary achievement in a fleet of over 200 vehicles, underscores our dedication to ensuring the wellbeing of our customers and drivers alike.
To date, Cyril’s is proud to have surpassed three million working hours
without injuries being a benefit of our rigorous safety protocols and training programmes. In addition, our drivers are trained in defensive driving and certified as first responders, indicating Cyril’s meticulous attention to the wellbeing of our customers.
A story of Vision, Resilience, and Strategic Partnerships
Cyril’s rapid growth is a story of vision, resilience, and strategic partnerships. A pivotal moment in the company’s journey came in 2015 when it secured its first contract with a leading oil giant in Guyana. This partnership not only marked the beginning of a significant expansion but also solidified Cyril’s reputation as a trusted service provider in the country. As one of the first transportation companies in the oil and gas sector providing dedicated Fleet Management services, Cyril’s restructured and reorganised ensuring delivery of the expected results to the satisfaction of all.
Receiving its local content certification in 2023, Cyril’s now plays a crucial role in the local economy by employing
nearly 400 Guyanese. Additionally, Cyril’s supports over thirty other local businesses by utilizing their services to support its activities. Today, Cyril’s continues to expand, providing a wide range of services including Dispatch Services, Dedicated Services, Taxi Service, Vehicle Rental, and the latest addition, a Party Bus Service.
Cyril’s is a pioneering company, growing through local content opportunities in Guyana and setting new standards in economic development and community involvement.
The growth trajectory of Cyril’s has been further supported and influenced by key local partners. These partnerships have provided the financial resources and mentorship necessary for Cyril’s to scale its operations to become the market leader today.
Notably, the Centre for Local Business Development’s support has been instrumental. Their HSE mentorship programme played a crucial role in refining Cyril’s health, safety, and environmental practices. The certificate issued, aided in positioning the company as a pioneer in this initiative.
Recognised Excellence
Our commitment to excellence has not gone unnoticed. In 2022, the Georgetown Chamber of Commerce Inc. named Cyril’s as the Business of the Year (Medium Scale). This prestigious award highlights the company’s outstanding performance, significant contributions to the local economy, and unwavering dedication to customer satisfaction.
The Team Behind the Success
Guided by the visionary leadership of CEOs Mulshankar Persaud and Andrea Persaud, Cyril’s remains 100% Guyanese owned and operated. Our success is driven by a dedicated team of nearly 400 employees, including our diligent Management Team comprising Ms. Nastassaja Pickett, Contracts Manager, Ms. Malissa Livingston, Operations Manager and Mr. Alden Amsterdam, Fleet Manager. This team is supported by our Drivers, Telephone Operators/ Dispatchers, Ground Transportation Supervisors, Health & Safety, Bookings, Finance Team, Maintenance, Airport Meet and Greet and most importantly our HR department, responsible for securing and developing the best talent in the industry.
This robust workforce has been cultivated through comprehensive training and development programmes provided by local training partners. These programmes have equipped
Looking Ahead
Leveraging Technology
Within the last five years the company has integrated specialised technology to its advantage by building a dispatch system uniquely tailored to the needs of its operations. With the help of our development partner Techlify Inc., we were able to customise this tool to remove the manual work of logging all vehicle trips, work hours, infractions, recognitions, maintenance logs, vehicle pre-checks and integrate a Mobile App for both employees and clients. This technological advancement has enhanced efficiency and improved service delivery.
As Cyril’s continues to grow and evolve, its core values of safety, reliability, and community partnership remain steadfast. Our remarkable journey is a testament to the power of strategic vision, collaborative effort, and an unyielding commitment to excellence. Cyril’s stands as a beacon of what can be achieved when a company prioritises the well-being of its Employees and Clients, and we look forward to our continued success in the years to come.
“Only the greatest people that are excellent at what they do, sees every challenge as an opportunity… this is the story of Cyril’s Taxi/ Transportation Service.”- CTS Management Team
Cyril’s staff with the skills and knowledge necessary to deliver exceptional service and maintain the highest safety standards in the industry.
Guyana, Ghanaian Companies in Joint Venture to Construct Ship Repair, Maintenance Facility
PMD Offshore Limited, a Ghanaian dry docking and ship repair entity and Guyana Port Inc, a ship repair and dry-docking entity in Guyana have formed Demerara Docks Inc, a joint venture company that will build a new world-class and state-of-the-art ship repair and maintenance facility in Guyana in keeping with the Government of Guyana’s Local Content policy.
When fully operational, the facility will boast of a newbuild floating drydock of 110 meters in length with 5,000-ton lift capacity, a 12,000 square meter laydown area, 100 meters of quay at a water depth of 11.5 meters.
This partnership comes at an opportune time as the Government of Guyana has recognised and expressed that a world class, state of the art ship repair facility is needed and is further encouraging investments into and expansion of Guyana’s existing ship repair service sector. It is widely accepted that local participation in this sector in a meaningful way will significantly impact the Guyanese economy.
PMD Offshore Limited has built endearing partnerships with the likes of African Export-Import Bank, African Development Bank, Trade and Development Bank of East Africa, Petra Pension Schemes, ARM Harith Infrastructure Limited, China Harbour Engineering Company, Sellhorn Ingenieurgesellschaft mbH, Ghana Ports and Harbours Authority, Rigmar Services UK, Noble Drilling, etc.
Guyana Port Inc has over five years’ experience in general repair services, sand blasting, painting, propulsion and marine fitting amongst others.
Prime Meridian Docks, Takoradi
AnaWorX Inc Established to Conduct Real-time Monitoring of Oil and Gas Production
e-Magic Guyana, known for its expertise in industrial IoT and digital twins solutions, and West Coast Gas Ghana Limited (WCGG), an innovator in hydrocarbon accounting and oil and gas data management have teamed up to launch AnaWorX Inc.
This joint venture aims to revolutionise how the oil and gas industry monitors and manages production in realtime, combining the strengths of both companies to benefit stakeholders in Guyana and ultimately, around the world.
AnaWorX Inc., embodying the rich heritages of ‘Ana’ from Guyana and Ghana and integrating the cutting-edge ‘WorX’ from e-Magic’s proprietary TwinWorX® software platform, represents the fusion of advanced technology with profound industry insights. The company will focus on improving natural resource management by using advanced technology and the expertise of e-Magic and WCGG.
e-Magic brings over 35 years of technological leadership and its advanced TwinWorX® platform to the partnership. This platform features a cloud-based architecture using Microsoft Azure, ensuring scalable, secure, and efficient solutions for resource management.
e-Magic’s commitment to open and scalable systems, along with its experience in sectors like manufacturing, healthcare, and infrastructure, positions AnaWorX Inc. to tackle the
unique challenges of managing natural resources, especially in developing countries.
WCGG brings expertise in designing, developing and operating hydrocarbon monitoring systems that allow for accurate hydrocarbon accounting, oil and gas nominations and value chain optimization, contract management, and oil and gas data management, using advanced technology. Over the years, WCGG’s bespoke technologies
and applications have delivered significant value to its diverse customers through revenue assurance, portfolio optimization and other value chain efficiency driven tools.
AnaWorX Inc. is poised to support governments and local industries in Guyana and elsewhere with better oversight, help establish national oil and gas data archives, and employ cuttingedge technologies. This initiative aims to enhance resource management, increase transparency, and build trust within the oil and gas industry.
“We are thrilled to embark on this journey with e-Magic,” Mr. Emmanuel Johnson, CEO of West Coast Gas Ghana stated. “Our shared vision is to leverage our respective strengths to provide the oil and gas production monitoring and natural resource management. Together with e-Magic we will redefine how technology can enhance production processes, minimise risk, and drive sustainable growth.”
Tony Harris, the President and CEO of e-Magic said, “We are confident that by combining our TwinWorX digital twins platform and deep technical expertise, with West Coast Gas Ghana’s in-depth industry knowledge we will provide a comprehensive monitoring capability that will revolutionise how public and private industry manage oil production and natural resources. Our joint venture aims to set new standards for efficiency, transparency, and sustainability in these vital sectors.”
President and Chief Executive Officer (CEO) of e-Magic, Tony Harris (left) and CEO of West Coast Gas Ghana, Emmanuel Johnson shaking hands after signing the joint venture agreement
G uyana's Green Gold:
Fuelling CARICOM's Food Security Goals
By Natalie Dookie
Many Caribbean nations, including Guyana, rely heavily on food imports, making them vulnerable to fluctuations in global food prices, currency exchange rates, and supply chain disruptions. Given the Region’s susceptibility to climate change, natural disasters also disrupt food production and distribution systems, leading to severe shortages. Food security is, therefore, a matter of immediate concern if the Caribbean is to attain economic stability and poverty reduction.
Feeding the Future:
CARICOM's 25% x 2025 Initiative
Heads of Government within CARICOM led by Guyana’s President and CARICOM’s head for Agriculture and Food Production, Dr Mohamed Irfaan Ali, have vowed to reduce the Region’s hefty food import bill, currently at US$6 billion, by a quarter by 2025. The CARICOM Private Sector Organization (CPSO) has pinpointed 19 agri-food investment prospects, estimated to potentially displace imports worth between US$850 million and US$1.25 billion annually. With abundant land resources and favourable climate conditions, Guyana stands ready and has taken the lead to ramp up agricultural production and is on course to meet this target. Through investment in research and innovation in agriculture, focusing on developing resilient crop varieties,
efficient farming technologies, and the establishment of mega farms and agroprocessing facilities, Guyana has the potential to significantly boost food availability across CARICOM and reduce reliance on imports.
In October 2023, President Dr Mohamed Irfaan Ali, shared information about a
collaborative project between Guyana and the state of Roraima in Northern Brazil. This South-South cooperation initiative aims to develop a regional food distribution hub crucial for supplying the Caribbean. Other key regional agricultural production developments are:
• Construction of a US$14 Million Regional Food Hub on the SoesdykeLinden Highway.
• The Barbados-Guyana Food Terminal to be constructed at Lears, St Michael, Barbados. Designs have been completed.
• Precision Global Incorporated recently established a state-of-theart automatic coconut processing facility, the only one of its kind in Guyana and the Caribbean.
Exploring the Rise of Mega Farms
In 2024, the Government of Guyana “will continue to promote investments in large-scale cultivation by opening new lands; developing high-yielding, pest-resistant and climate-resilient crop varieties; encouraging the establishment of modern farms to facilitate the use of technology and more efficient farm practices; promoting increased aquaculture and shrimp farming; cultivating new crops and expanding livestock production.”
A tissue culture laboratory will also be commissioned by mid-2024, and it is expected to produce 1,000,000 plantlets annually. This increased production will facilitate ready availability and easy access to planting material to supply farmers with crops such as citrus, pineapple, breadfruit, coconut, ginger, turmeric, plantain, and bananas.
Guyana’s investment in mega farms has already started to bear fruit, playing a crucial role in supporting the Caribbean’s food security goals by increasing agricultural output and diversifying food sources. Notable examples of thriving private and public sector mega farms include:
• Funded by the Inter-American Development Bank (IDB), a state-ofthe-art GY$600 million abattoir facility
in Onverwagt will be operational by the second quarter of 2024. This new abattoir will modernise Guyana’s meat processing capabilities, opening up new markets.
• The Demerara Dairies Incorporated is set to construct Guyana’s first modern dairy farm at Moblissa. This GY$4 billion new investment by Demerara Distillers Limited (DDL) will create a liquid, ready-to-use milk market. Construction will be completed by February 2025. The Region spends about US$180 million on the importation of powdered milk.
• Guyana exceeded its millet cultivation goal by 100 per cent in 2023, with 1,300 acres presently under cultivation at the Tacama Mega Farm.
• Guyana’s first privately owned integrated mega farm, the Santa Fe Farm, will initiate commercial citrus planting. It is also working with a Brazilian citrus grower to develop a supply of high-quality citrus trees for domestic and foreign markets.
Beyond the Fields: Agro-processing Opportunities
Guyana can leverage its agroprocessing industry to support the Caribbean’s food security goals by adding value to agricultural products, extending shelf life, and fostering regional trade and collaboration.
The Guyanese Government remains committed to cultivating a favourable environment that promotes efficiency and competitiveness within the local manufacturing sector. In 2023, over 130 new locally manufactured products were introduced through the Guyana Marketing Corporation (GMC). In 2024, another 60 Guyana Shop Corners will be established throughout the country.
Guyana can leverage its agro-processing industry to support the Caribbean’s food security goals by adding value to agricultural products, extending shelf life, and fostering regional trade and collaboration. In February 2024, The Honourable Minister of Agriculture Zulfikar Mustapha stated, “There are lots of opportunities for us to do processing to ensure that we process and add value to these products because, in the Caribbean, there is a $2 billion market for agro-processing products that we are importing from Europe and North America.”
Opportunities in Guyana’s thriving agroprocessing industry include:
• Fruit juices, preserved fruits, fruit pulp, and crushed/mashed peppers,
• Expansion of the types of packaging materials available.
• A gas-to-power project to reduce the cost of energy by approximately 50%.
Guyana’s agricultural landscape has rapidly transformed, shifting from modest rural farming operations to expansive, dynamic plantation-sized industries.
Ongoing investment in the modernisation of the agriculture sector is essential if Guyana is to emerge as the Region’s breadbasket.
Sugar
o Conversion of an additional 7,100 hectares for mechanised harvesting.
o Completion of works on the Albion and Blairmont Packaging Plants. Installation of a sugar dryer at Blairmont.
Rice
o Continue to research and develop high-yielding rice varieties with good milling and cooking qualities and varieties that are alt-tolerant and resistant to major rice diseases.
o The G14-10 high-yielding variety will be evaluated in farmers’ fields.
Corn & Soya
o Three additional major investors will enter the market, expanding cultivation to 26,000 acres.
Coconuts
o Government will invest in 39,000 high-yielding seed nuts, targeting 500 additional farmers.
o Continue to pursue the conversion of coconut waste into value-added products.
Citrus & Spices
o Distribute >58,000kg of planting materials for spices and 250,000 plantlets for citrus.
o Introduce, for the first time, the distribution of planting materials for spices such as nutmeg, black pepper, and cinnamon.
Livestock
o Decentralise support facilities and production zones.
o Establish a modular duck processing facility.
o Develop 60 5-acre plots for pastures to enhance Black Belly sheep production.
o Upgrade quarantine stations.
Fisheries & Aquaculture
o A fish feed mill will be established at Mon Repos to support the production of floating and sinking feed for fish and shrimp. The mill’s projected production capacity is 2 tonnes/hr.
Source: Budget 2024, Staying the Course- Building Prosperity for All, January 15 2024
Natalie Dookie has over 25 years of experience as a Business Intelligence expert specialising in the Caribbean region. A renowned Business Editor and Writer, she is passionate about creating insightful, engaging content that showcases the opportunities and challenges of doing business in the Caribbean.
About the Author
President Ali Encourages Local Private Sector to Invest in Agriculture and Tourism
In an address at the Private Sector Commission’s Corporate Dinner recently, President, Dr Mohamed Irfaan Ali identified several key sectors that are ripe for investment, promising exponential rewards and said the government continues to create a wealth of opportunities for the local Private Sector to thrive.
The President expressed the need for more synergy among this group of investors, and more forward-thinking initiatives that align with the country’s development path indicating that the tourism sector is a “low-hanging fruit” for local investment, as the industry is poised for dramatic takeoff in this year and the years to come.
Importantly, the government has been investing in boosting Guyana’s ecotourism industry, combining modern amenities with natural beauty. These investments help to build the country’s already very impressive repertoire of distinctive sights and tourism experiences, adding that increased private sector investment will further propel this growth.
President Ali further highlighted that “The luxury of being at one with nature is one that the market badly wants. I want to see the local private sector investing in tourism because we will back the investment with marketing, infrastructure, and fiscal incentives. This is an important feature for us. We have developed our own eco brand here in Guyana, one that speaks to a number of issues such as climate and the environment.”
The government will soon launch the construction of a massive luxury hotel on Carifesta Avenue, Georgetown, to bring a further boost to the hospitality sector. The property he said, will feature first-class conference and entertainment amenities, which will be combined with a modern boardwalk along the seawall.
Moreover, small businesses have also been touted as worthwhile investment hubs.
“We have people who are designers, and people in the interior who do specific crafts, more local types of products. We have to get the larger companies to adopt these small innovators and bring them into their business model, and help them to push their products. The tourism sector has major opportunities. We need the private sector to move into that direction and invest in this sector,” he said.
Turning his attention to the agriculture sector, the President reminded of the government’s plan to position Guyana as a regional hub.
“The government is already putting resources into the establishment of a regional food hub, but why can’t the private sector come together and say
“We are going to start by being the major buyer and distributor of all the produce in Guyana”?” he questioned.
While recognising that Guyana does not currently have the production capacity to serve the entire region, he suggested that the private sector pilot the formation of a distribution hub to meet regional demands, sourcing produce from Northern Brazil.
“Let us build our own food distribution hub from Guyana by the Guyanese private sector so we can get our food into the diaspora and the Caribbean markets,” the President urged.
“We have to move to the position of, when we have excesses, we move to do the processing and the pulping of fruits and all of these things. You all need to come together, create a national distribution company that brings all the produce, integrate with Northern Brazil. We are ready to embrace and support this.”
Based on the Guyanese leader’s assessment, Guyana will be fully selfsufficient by 2026. Efforts are already underway to tap into several regional and international markets.
H.E. President Dr Mohamed Irfaan Ali addressing members of the Private sector
Guyana On Track to Reduce Food Import Bill and Increase Exports
Lucrative Opportunities in Agriculture are Available to Investors
Minister of Agriculture Zulfikar Mustapha outlined Guyana’s strides towards reducing its regional food import bill by 25% by 2025, buoyed by the nation’s achievement of producing all its livestock feed. He underscored the pivotal role of agriculture in steering Guyana towards self-sufficiency and export growth.
In 2023, approximately 10,000 acres were dedicated to corn and soya bean cultivation, significantly reducing import dependency. With projections reaching 30,000 acres by 2025, private investments signal Guyana’s commitment to bolstering domestic production, positioning the nation as a net exporter in the Caribbean region.
Investments in infrastructure, including a wharf at Tacama on the Berbice River and community road projects, underscore the government’s support for agricultural development. Minister Mustapha highlighted ongoing efforts to fortify corn and soya bean production, emphasising the role of new investors in driving towards self-sufficiency targets.
Diversification efforts extend beyond staple crops, encompassing spices like turmeric and ginger, with plans to decentralise cultivation, targeting young people and women, fostering sustainable agricultural practices.
In 2023, coconut production witnessed significant growth, supported by imports of high-yielding Brazilian Green Dwarf seed nuts. Innovative approaches, such as utilising coconut husk for fibre and cocoa peat production were introduced to maximise resource utilisation.
Looking ahead, the agriculture diversification project aims to introduce new crops like citrus, spices, cocoa, and coffee, leveraging expertise from international collaborations. With a focus on enhancing cultivation techniques, Guyana charts a course towards agricultural self-sufficiency and prosperity, presenting lucrative opportunities for investors in the burgeoning sector.
Guyana Can Save US$60 Million Annually Growing
Corn and Soya
Guyana could see annual savings of nearly US$60 million with the implementation of twice-yearly corn and soya bean harvests, Agriculture Minister Zulfikar Mustapha revealed on a recent Guyana Dialogue Programme.
“Close to 10,000 acres of corn and soya beans were produced in 2023 and this will increase to 12,000 acres by the end of 2024. If we do that twice a year, we will produce all the livestock feed and save approximately US$60 million annually and become a net exporter,” he further stated.
Minister Mustapha highlighted the strategic importance of large-scale cultivation in the Tacama area, envisioning a target of 25,000 acres for corn and soya by 2025. Such endeavours promise self-sufficiency and substantial cost reductions, particularly in the cost of meat and especially poultry production.
Government-private sector collaborations have proven pivotal in advancing corn and soya bean development. With over GY$1.4 billion invested in Tacama’s infrastructure over three years, including road construction and silo expansion, Guyana is poised to meet regional production goals. Some 41 kilometres of roads were constructed in the Tacama area, while the 12,000-tonne silo which was built will be extended to an 18,000-tonne silo to process the corn and soya.
He said that additional ongoing efforts, such as constructing an access wharf in Tacama and allocating GY$967.8 million in 2024 for facility enhancements, underscore Guyana’s commitment to agricultural diversification and food security. The access wharf is currently under construction, with completion expected in 2024.
Minister Unveils Ambitious Agricultural Agenda for Region 2
Targets Revitalising Coconut and Coffee in Region Two for Sustainable Growth
Minister of Agriculture Zulfikar Mustapha and Ministry officials engaged in targeted community meetings with farmers in Region Two to catalyse investments and drive production growth.
During their exploration of the Pomeroon area, Minister Mustapha highlighted the government’s substantial investments to revitalise critical sectors. He underscored imminent benefits for farmers, including the provision of planting materials from the Ministry of Agriculture to bolster coconut production.
Recognising the significant economic potential of coconut, Minister Mustapha announced plans to empower 100 farmers in the Pomeroon with 7,000 high-yielding Brazilian Green Dwarf seed nuts, poised to revolutionise cultivation practices. These seeds promise sweeter yields and increased coconut water production within three years, positioning farmers to capitalise on Guyana’s thriving coconut market locally and internationally.
Minister Mustapha projected the global coconut water market to surpass US $11
billion, signalling lucrative opportunities for Guyana. He assured stakeholders of the government’s commitment to provide essential support and resources, ensuring the country’s competitiveness in the flourishing coconut industry.
In addition to coconut revitalisation efforts, Minister Mustapha outlined plans to revive coffee production in the Pomeroon region. Minister Mustapha emphasised the restoration of coffee’s historical prominence by drawing on governmental initiatives, such as the forthcoming distribution of planting materials sourced from Costa Rica. Technical expertise and collaborative partnerships between farmers and specialists will drive the resurgence of coffee cultivation, aligning with the government’s aim to meet local demand within three years.
Minister Mustapha affirmed the Ministry’s dedication to facilitating agricultural development by providing free planting materials for permanent crops and implementing drainage and irrigation enhancement programmes. Initiatives such as the “bed and drain” and block drainage programmes aim to optimise agricultural productivity, underscoring the government’s holistic approach to fostering sustainable growth in Guyana’s agricultural sector.
Coconuts harvested in the Pomeroon region
Minister Mustapha addressing residents of the Pomeroon area
Coconut farmers from the Pomeroon received 3,000 Brazilian Green Dwarf coconut seedlings from the Ministry of Agriculture as part of the government’s efforts to revitalise the coconut industry in Region Two. The distribution was phase one of the initiative as some 7,000 seed nuts are expected to be distributed to farmers from lower and upper Pomeroon.
The Food and Agriculture Organisation (FAO) has joined forces with the Guyana Rice Development Board (GRDB) to spearhead a groundbreaking pilot project, leveraging cutting-edge technology to elevate rice production.
Initiated in 2023 with support from the FAO-China South-South Cooperation project and a Regional E-Agriculture project, this collaboration signifies a pivotal step towards modernising rice farming practices.
During a recent visit to the Burma Rice Research Station in Mahaicony, FAO Director-General Qu Dongyu witnessed firsthand the progress of the initiative, which harnesses drone and geographic information system (GIS) technologies to revolutionise rice cultivation by driving efficiency, sustainability, and productivity to new heights.
This innovative approach empowers small-scale farmers by providing them with actionable insights gleaned from drone surveillance, enabling datadriven decision-making and precise crop management.
Under the auspices of the GRDB’s Farmers Field School (FFS) Programme, farmers in regions two, three, and six are benefiting from tailored instruction on integrating technology into their farming practices.
GRDB officials have underscored the programme’s alignment with Guyana’s broader technological transformation emphasising its potential to revolutionise agriculture and drive sustainable growth.
FAO and GRDB Partner to Integrate Technology and Modernise Rice Farming Practices
As of April 2024, over 200 farmers have been actively engaged in the programme, experiencing firsthand the transformative impact of technological interventions.
With the success of this pilot programme, Guyana is poised to take ownership of modernising rice farming, leveraging technology to unlock new levels of efficiency, productivity, and sustainability. Investors keen on supporting agricultural innovation stand to benefit from this transformative journey in the rice industry.
Director-General of the Food and Agriculture Organisation (FAO), Qu Dongyu visiting the Burma Rice Research Station in early 2023
The FAO DG, Minister Vickram Bharat and GRDB Officials witnessing a drone flight demonstration
MINISTRY
Sugar Refinery at Enmore Integral to Increased Trade in Food and Exports to the Caribbean
In February, 2024, the Inter-American Development Bank (IDB) hosted its XII Annual Consultation with Caribbean Governors in Georgetown, Guyana with President Dr Mohamed Irfaan Ali addressing the Opening Ceremony comprising Delegates, the Diplomatic Corps, Government Officials and members of the Private Sector.
In his address, the President advised that a Sugar Refinery is being constructed at Enmore, East Coast Demerara and projected that refined sugar from Guyana could be used across the region in place of existing imports.
“By the end of 2027, we will be able to supply all of the refined sugar products the region requires and imports,” the President declared.
Earlier in 2024, the President announced that a private investor is building the sugar refinery at the Enmore Sugar Estate, one of the sugar estates closed by the former APNU+AFC government. Beyond sugar, President Ali stated that Guyana is serious about producing more food and trading more within the Caribbean Community (CARICOM).
President Dr Mohamed Irfaan Ali addressing the opening ceremony of the XII Annual Consultation with Caribbean Governors of the IDB
Guyana has the lead responsibility for food security and nutrition within CARICOM’s quasi-cabinet and all countries within the bloc are behind the Guyana-led goal of reducing costly extraregional food imports by 25% by 2025.
President Ali urged the Bank to approve projects more readily, since they are serious about this goal.
He told the IDB consultation that Guyana will become self-sufficient in corn and soya, and beans (red beans and black eye beans). By the end of 2026, the country should be able to export more of these products and supply the entire region.
IDB President Ilan Goldfajn, earlier in the opening ceremony, said the Bank was serious about helping countries achieve their food security targets.
Regional Ferry Service to Operate out of Parika in Guyana
A new ferry service among Guyana, Barbados and Trinidad and Tobago is taking shape and will operate out of Parika, Region Three in Guyana.
The company responsible for the new ferry service – Cari Cargo Inc – was incorporated in Guyana in March 2024. The venture is touted as a service meant to facilitate the easier movement of goods (particularly food) and people.
President Ali said the government is focused on ramping up food production in the Bonasika Creek community and many others in the region.
The overall goal, is to produce more of the food demanded across the Caribbean Community (CARICOM).
The production of ground provisions, vegetables and fruits is set to increase
in Bonasika Creek, other Region Three communities and other areas along the Essequibo region.
“The regional ferry will operate out of Parika so that we can have all of these products from all of these areas and islands (in the Essequibo River) integrated into the regional market,” the Guyanese Head of State said.
The Galleons Passage, a vessel from Trinidad and Tobago, will be used to ply the route, at least initially. The start date for the service is dependent on finalizing all of the port facilities operations, shipping and import regulations, logistics and requisite legalities in the three countries.
KENNETH WILLIAMS
T he Power of Human Capital Shaping Guyana's Economic Destiny
By Natalie Dookie
As Guyana’s offshore oil sector continues to experience remarkable growth, with discoveries totalling over 11 billion barrels of oil equivalent and anticipated production levels set to surge, this presents significant opportunities for Guyana’s economic advancement. However, the excitement surrounding this development is tempered by concerns about the readiness of Guyana’s workforce to contribute effectively. Let’s explore Guyana’s progress in tech/voc and higher education.
Guyana-Coursera National Training Initiative
In March 2024, Guyana, under President Dr Mohamed Irfaan Ali’s leadership, initiated a groundbreaking collaboration with Coursera Inc. The Guyana-Coursera National Training platform will offer free access to over 10,000 courses, credentials, and practical projects from top global universities and corporations for all citizens and public sector employees. Additionally, the platform offers over 50 professional certificates from industry leaders, specifically designed to prepare individuals without degrees or prior work experience for entry-level jobs and digital careers.
Under this partnership, various ministries in Guyana are already making significant progress:
The Office of the Prime Minister has trained hundreds of public servants in digital media, communication, and journalism.
The Ministry of Human Services and Social Security and the Guyana Women’s Leadership Institute collaborated with Coursera to launch The Women’s Investment and Innovation Network (WIIN) programme. This initiative has trained over 4,000 women in entrepreneurship, digital skills, finance, and resilience.
The Ministry of Health is moving its Nursing School programme online through Coursera. Over 1,000 nurses have already registered and begun training, with 800 nursing assistants enrolled in the programme.
The Ministry of Tourism, Industry & Commerce (MINTIC) is partnering with Coursera to enhance the skills of tourism staff, managers, and tour operators in digital marketing, communication, and data analytics for hospitality and travel. Moreover, it equips entrepreneurs, professionals, and regional chambers of commerce with digital literacy, problem-solving, adaptability, and resource management skills.
With the aim to establish Guyana as Coursera’s primary hub for Latin America and the Caribbean, President Ali challenged Coursera to: “We can use your platform to design the first specialised degree and postgraduate degree programme in biodiversity studies in our forests, attaching that programme to a leading university, and launching it as a global product.”
A cross section of nurses at the official launch of the Guyana Coursera Platform, a Government of Guyana initiative in collaboration with Coursera Inc.
Chief Executive Officer of Coursera, Jeff Maggioncalda speaking at the launch
Skills Revolution: Developments in Tech/Voc
Given the direction of Guyana’s economy, there is a growing emphasis on Technical and Vocational Education Training (TVET) to narrow the skills gap in the workforce and boost employability. In 2024, a budget of GY$2.3 billion was earmarked to bolster technical and vocational initiatives, with plans to train approximately 4,940 individuals. Furthermore, through the Board of Industrial Training (BIT), 7,890 individuals will receive training in various fields such as electrical installation, plumbing, furniture making, general building construction, and heavy-duty equipment operation.
In March 2024, the Greater Guyana Initiative (GGI) commenced Phase II of its expanded technical and vocational training programme across Guyana, in partnership with the Ministry of Education, Council for Technical and Vocational Education Training (C-TVET), and LearnCorp International. This phase includes enhancing the electrical and welding programmes and introducing safety courses and professional development opportunities for instructors and students.
GTTC: Fuelling Guyana’s Technical Advancement
Covering 18.4 acres, the Guyana Technical Training College (GTTC) is an integral component of a broader initiative that includes the Hospitality and Tourism Training Institute (HTTI) and the Oil and Gas Training College. This facility aims to provide industry-standard training comparable to the Caribbean Vocational Qualification (CVQ). Situated in Berbice, this project aligns with the Government’s strategy to decentralise economic development, expanding opportunities beyond Georgetown and its environs.
In February 2024, President Ali commissioned Phase 1 of the GTTC. Valued at GY$2.6 billion, this facility is a partnership between ExxonMobil Guyana and the Government of Guyana. The Facility Simulator (FacTor) is a cutting-edge training facility primarily dedicated to the oil and gas sector. The first cohort will comprise 25 students who begin specialised training in mechanical, electrical, instrumentation, and production processes. Training of the second group will incorporate building and construction technology.
Prime Minister HE Brigadier (Ret’d) Mark Anthony Phillips turned the sod for the construction of Phase 2 of the GTTC, the HTTI, in February 2024. The project, funded by the Government of Guyana in collaboration with the Caribbean Development Bank, will cost US$7.2 million. With a focus on job creation, the Government of Guyana aims to generate 50,000 employment opportunities within the tourism sector by 2030.
New Developments in Tertiary Education
The tertiary education sector in Guyana is undergoing significant transformation. Plans are underway to introduce tuition-free university education by 2025. Negotiations are also in progress to establish a new School of Medicine under the University of the West Indies (UWI) in Guyana. Situated in Region Six, East Berbice-Corentyne, the location will facilitate access for students from neighbouring Suriname.
This year, the feasibility study for establishing a Regional Law School was presented to the Council of Legal Education. The proposed law school is expected to attract students from across the region and beyond, alleviating the burden on the
President Dr Mohamed Irfaan Ali, other officials and students commissiong the GTTC facility at Port Mourant, Berbice
Hugh Wooding and Norman Manley Law Schools. Presently, Guyana can only admit 25 students into the law programme at the Law School in Trinidad and Tobago.
In 2024, IDB Invest financed its first private-sector education project in the Caribbean. The financing package totalled US$9 million, comprising a senior loan of US$5 million from IDB Invest and US$4 million from Republic Bank Guyana Limited. The proposed expansion of the Texila American University campus in Guyana will entail building accommodations for students and staff. The project aims to significantly increase student enrolment by almost 73% and the number of graduated students by 20% by 2026.
As the offshore oil sector booms, Guyana faces opportunities and challenges in effectively leveraging its workforce. Investing strategically in tech/voc and higher education is crucial for long-term prosperity. These initiatives outlined here underscore Guyana’s dedication to fostering talent and bridging educational gaps, ultimately paving the way for a brighter, more inclusive future for all Guyanese.
WORLD CLASS HIGHER EDUCATION: Guyana's Roadmap for 2024/2025
Strategic Partnerships
• A bulk licensing arrangement has been concluded with COURSERA. This will allow Guyana to train up to 450,000 persons in areas where skills gaps exist, such as childcare and protection, human resources management, mental health, psychology, procurement, and customer service.
• 1,000 young persons will be trained in information and communication technology (ICT).
University of Guyana
• In 2024, new programmes will be offered in food security, cyber security, engineering technologies, biopharma, marine studies, earth and climate sciences, and sports medicine.
Guyana Online Academy of Learning (GOAL)
• GOAL will introduce 160 new general and vocational programmes, as well as bachelor’s and master’s degrees.
Technical & Vocational Training
• In 2024, the number of training programmes offered for Caribbean Vocational Qualifications will expand from 88 to 111.
• The TVET online platform will be implemented in 7 secondary schools in Regions 1, 2, 7, 8, 9 and 10.
• A new TVET policy for the medium term will be developed to define and govern skills development systems for postsecondary, tertiary, formal, non-formal and informal sectors.
Source: Budget 2024, Staying the Course- Building Prosperity for All, January 15 2024
Bridging Cultures, Building Futures
In August 2023, Minister of Amerindian Affairs Pauline Sukhai stated, “The Hinterland Scholarship Programme being implemented by the Ministry of Amerindian Affairs has produced a remarkable number of young professionals and advocates in indigenous issues. This programme, as well as the tertiary dormitory, continues to be widely utilised by our indigenous youths to ultimately enable them to become the catalysts of change and advocacy through education.” In 2024, GY$105 million was allocated to support 804 students through the Hinterland Scholarship Programme.
An MOU was also signed in April 2024 for a GY$1.4 billion initiative, ‘Empowering the Next Generation, Agency, and Gender Equality (ENGAGE)’. This will expand opportunities for Amerindian youths nationwide. Implemented by the World University Service of Canada (WUSC) under a five-year project funded by Global Affairs Canada (GAC), this endeavour will empower indigenous youth, particularly young women from Regions One, Seven, Eight, and Nine. It includes the development of vocational and entrepreneurial skills.
Natalie Dookie has over 25 years of experience as a Business Intelligence expert specialising in the Caribbean region. A renowned Business Editor and Writer, she is passionate about creating insightful, engaging content that showcases the opportunities and challenges of doing business in the Caribbean.
About the Author
Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr Ashni Singh announced that approval has been granted for 7,782 Guyana Online Academy of Learning (GOAL) Scholarships. This approval follows on the heels of the June graduation of the second batch of students numbering 1,712 who completed their studies in various disciplines including Masters and Degree programmes. The GOAL initiative is in keeping with Government’s commitment to improve the country’s educational and skills training capacity to match its aggressive economic diversification programme and continued rapid economic growth. In fact, the Government has already surpassed its Manifesto promise of providing 20,000 online scholarships, with almost 21,500 scholarships provided by the end of 2023.
Under President Dr Mohamed Irfaan Ali’s leadership, Government embarked on a novel and innovative programme to develop and take online learning to a new level. The success of the GOAL programme indicates that the programme has been well received by the thousands of Guyanese who have benefitted and who continue to apply for scholarships to improve their educational capacity. At the recent GOAL Graduation at the Arthur Chung Conference Centre, the second batch of graduates from the various regions of Guyana, including the hinterland and remote regions, all proudly celebrated their achievements.
“What GOAL does is that it still gives them (Guyanese) the option to pursue higher technical and tertiary education were they so too desire using the online modality of delivery. It also offers a wider range of training options,” Dr Ashni Singh recently explained, adding that the government is
Government Approves More than 7,700 Additional GOAL Scholarships
creating an environment where everyone can explore several opportunities that are being created so that the country can continue its rapid development.
Expounding further on the purpose of the GOAL scholarships, Dr Singh had said that these are all elements of human capital development and improving the skills of the Guyanese workforce and population, to have a better skilled and qualified labour force as well as to have a more fulfilled population.
Government has been implementing a number of additional initiatives as it continues to invest in education throughout the country. It was only in March this year as well that the administration launched the “Guyana-Coursera Platform” initiative which will see approximately 50,000 persons benefitting from training in a number of areas across various ministries countrywide as part of Government’s expansive national training initiative.
The administration has been using a multi–pronged approach in its education investment initiative including through the disbursement of cash and uniform grants to school children each year, with the 2024 grant to be disbursed shortly to students; cash grants to teachers each term to purchase classroom supplies; and the construction of new schools as well as the rehabilitation of several others across the country. Additionally, Government recently commenced its Student Loan Write Off Programme to potentially benefit over 13,000 Guyanese who have $11 Billion in student loan debt. The administration has also reiterated its commitment to improving education delivery with a total of $135.2 Billion budgeted this year for the education sector.
Recent graduates of the Guyana Online Academy of Learning (GOAL)
Four more Guyanese win CNOOC Scholarships to Study Petroleum Sciences in China
The initiative, funded by CPGL, is part of a programme being conducted jointly between that Ministry and CPGL. The first four awardees from the 2023-2024 academic year have almost completed their first year of studies.
This year’s scholarship winners were chosen from students who submitted applications in response to nationwide advertisements. Of the eleven entrants that were shortlisted, the 4 successful awardees were selected by a panel comprising officials from CPGL and the Natural Resources Ministry.
CPGL will fully fund the costs of education, transportation and living expenses for each student. Upon graduation, they would each be required to work with either the Ministry, or with CPGL, for 5 years.
Under the current programme, 10 scholarships will be awarded over a three year period.
This year’s awardees are Shanae Henry, Hailie Caesar, Delicia Cameron and Rasheeda Daniels, who received their scholarship agreements after a signing ceremony that was held at CPGL’s headquarters in Georgetown yesterday, and attended by Minister of Natural Resources, the Honourable Mr. Vickram Bharrat.
The Minister pointed out that the initiative is a significant contribution toward developing the capacity of Guyana’s oil and gas sector, given that the scholarship awards would reduce the dearth of tertiary education graduates in the petroleum industry. Mr. Bharrat reiterated his Ministry’s support for the
CNOOC Petroleum Guyana Limited (CPGL), in collaboration with the Ministry of Natural Resources, awarded scholarships to study Petroleum Sciences in China to a second batch of four Guyanese students.
initiative, while declaring that it is yet another testimony to the friendship between Guyana and China.
The Minister praised CPGL for its commitment to the development of Guyana and to the education sector in particular.
The President of CPGL, Mr. Liu Xiaoxiang, declared that the project demonstrates CPGL’s strong commitment to the people of Guyana by developing local content and in building local capacity through the company’s Corporate Social Responsibility (CSR) programme. He indicated that CPGL has made numerous donations to help foster learning in the past several years due to education being a key pillar of the company’s CSR initiatives.
The 2024 scholarship winners each thanked CPGL and the Ministry of Natural Resources for providing them the opportunity to earn their first degrees and pledged to pursue their studies diligently.
CNOOC CEO and Hon. Vickram Bharrat, Ministry of Natural Resources welcomed four more petroleum science students and their families to their prestigious scholarship programme in China
CNOOC
IDB Labs WE3A Initiative
Empowers Women Entrepreneurs in Guyana
In a strategic partnership with WeFi, the Inter-American Development Bank Group’s innovation laboratory, IDB Lab, is spearheading an initiative to empower women entrepreneurs in Guyana through the WE3A: Strengthening Women in Value Chains project.
According to research findings shared by WeConnect International, challenges such as restricted access to funding and business management training persist for Women-Owned Businesses (WOBs) in Guyana. Hence, the focus of the WE3A initiative lies in providing tangible solutions and opportunities for growth.
Co-designed by IDB Lab and Thunderbird School of Global Management, part of Arizona State University, WE3A is meticulously crafted to address the specific needs and realities regarding access to training, time availability, and biases faced by women entrepreneurs. Organised into three componentsASPIRE, ACTIVATE, and ACCELERATE (the three As of WE3A)—the project offers a comprehensive suite of support tailored to different stages of the entrepreneurial journey.
Notably, the IDB Lab has partnered with the Women’s Chamber of Commerce and Industry Guyana (WCCIG) to implement WE3A in Guyana. It motivates women to become part of
cohorts that start simultaneously and attend the graduation events organised by WCCIG together. So far, seven hundred and fifty-seven (757) women in Guyana have registered on the platform, and two hundred and thirty-two (232) are considered WE3A graduates. Participants invest approximately 40 hours of training over three months. Although challenging, the expected results are an increase in their sales and access to finance and, thus, more than likely the creation of new jobs. This is the impact IDB Lab and WeFi bet on.
Thunderbird’s six-month ACCELERATE programme is directed towards women who are ready to expand their businesses. In Guyana, the project has
supported two cohorts of women, with a total of twenty-four (24) participants. Graduates are candidates to obtain the Women-Owned Businesses certification by WEConnect International.
Recognising the pivotal role of WOBs in driving sustainable, inclusive economic growth, IDB Lab and WeFi are committed to expanding access to business training opportunities, particularly in underserved regions. For instance, the project was introduced to the Pomeroon area where women are engaging through an offline modality with an assigned facilitator spearheading the journey.
Overall, through a blend of online and offline modalities, WE3A, which is present in six countries (El Salvador, Guatemala, Honduras, Costa Rica, Ecuador, and Guyana) aims to empower women entrepreneurs by offering free training to strengthen their options to access finance and business opportunities, laying the foundation for a more inclusive and prosperous economy.
Participants during the first graduation event which was hosted on April 28, 2023, at Marriott Hotel
Participants who were recognised during the appreciation event hosted at Cara Lodge along with key project stakeholders, on February 08, 2024
Harnessing Guyana's Unique Tourism Opportunities
BY SADE CAMERON
Guyana continues to solidify its place as a prominent destination in the global tourism landscape. Its unique combination of rich biodiversity, cultural heritage, and untapped natural resources presents a compelling case for investment in the tourism sector. This appeal of investing in Guyana’s tourism potential is, of course, multifaceted.
Enhanced connectivity is crucial for the growth of any tourism sector. Guyana has made significant strides in this area, with several new airlines initiating services. In recent months, major carriers like British Airways, SKYHigh Dominicana, Surinam Airways and United Airways have expanded their routes to include direct flights to Georgetown, Guyana’s capital. These new routes have significantly improved accessibility, making it easier for tourists from North America, Europe, and the Caribbean to explore Guyana’s diverse attractions. These new routes have already increased visitor arrivals and opened the country to new demographics, making investments in hospitality, transportation, and related services
highly promising. More specifically, in March 2024, there was a notable 16.1% increase in visitors compared to March 2023. With a total of 31,744 visitors documented, this figure represents the highest recorded number of visitors for March in all of the years on record.
The rise in international recognition and awards has also played a crucial role in boosting Guyana’s tourism profile and investment potential. More importantly, due to its longstanding commitment to sustainable development, Guyana was awarded the Destination of the Year: Ecological Tourism Award by the PATWA International Travel Awards 2024 at ITB, Berlin, in March 2024. Additionally, features in prominent international media publications such as Forbes, The Times, Telegraph and Daily Mail, as well as being ranked #13 out of 35 Best Destinations for 2023 by National Geographic, has further solidified the country’s place in the global tourism industry, resulting in increased interest in the destination.
Recent developments in tourism experiences have broadened the appeal of Guyana. It is important to note that the Guyana Tourism Authority has launched 54 new experiential tourism products over the last 3 years. Moreover, the burgeoning interest in sustainable, experiential travel allows investors to create bespoke tour packages
NOW IS THE OPPORTUNE TIME FOR INVESTORS TO EXPLORE AND CAPITALISE ON THE MYRIAD OPPORTUNITIES WITHIN THIS VIBRANT SECTOR.
highlighting Guyana’s unique offerings, from rainforest treks to events that encapsulate the country’s rich culture. Another promising area is communitybased tourism, which provides visitors with authentic experiences and ensures that tourism development benefits local communities. Investments in this area can foster sustainable economic growth while preserving the natural and cultural heritage of the regions involved.
The potential for growth in the hospitality sector is particularly notable. With increasing tourist arrivals, there is an unmistakable demand
for high-quality accommodations, restaurants, and transportation services. Investing in boutique hotels, luxury lodges, and eco-resorts can cater to the growing market of discerning travellers seeking unique and highend experiences. The government’s supportive policies and incentives make it a positive environment for investors. Initiatives such as tax holidays, dutyfree concessions on equipment and materials, and favourable investment agreements are designed to facilitate and encourage foreign investment.
As the country continues to gain global prominence, now is the opportune time for investors to explore and capitalise on the myriad opportunities within this vibrant sector. With its unique blend of natural beauty and cultural richness, Guyana’s place within the global tourism sphere will continue to be recognised.
For more information, contact:
Guyana Tourism Authority
Tel: +592 219 0094 – 6
Email: info@guyanatourism.com
Web: www.guyanatourism.com
Guyana Targets Conferences, Events and Sports to Boost Tourism
1,000 new Hotel Rooms and Internationally Branded Hotels Set to Open for
The Government of Guyana has identified the tourism sector as a major growth pole for the expansion of the economy since 2020. With the rapid growth of the Oil and Gas industry, the success of hosting CPL Cricket matches, and increased opportunities for hosting other conferences and major sporting and cultural events, there is an increased demand for improved accommodation, banquet facilities, and support services.
The international and local investor community responded overwhelmingly to the Government’s request for proposals to develop new hotels and add 1,660 new rooms to the country’s room inventory.
Approvals were granted to local and international investors and hotel developers who presented projects in partnership with world-renowned hotel brands. Several of these hotel projects are currently in varying stages of development and are scheduled to be completed and operational by the end of 2024 and into 2025.
With Guyana’s planned tourism thrust, these new hotels will offer an added impetus to efforts at increasing our annual tourism arrivals projected to exceed 350,000 visitors in 2024.
RIFS
Rooster
Hyatt
Lakeside
Source: Guyana Tourism Authority (GTA)
Aiden By Best Western Robb & Oronoque Streets, Georgetown
Royal Orchid Hotel
Avenue, Georgetown
AC MARRIOTT
AIDEN BY BEST WESTERN
ROYAL ORCHID
Kamrul Baksh Director, Guyana Tourism Authority
Director of the Guyana Tourism Authority (GTA) Kamrul Baksh, highlighted “the projected arrivals target for 2024, will be bolstered by the major calendar events such as the Rupununi Rodeo, Mashramani, and Cricket Carnival as well as ongoing oil production, major conferences and events, increased marketing efforts and product development”.
Visitor arrival demographics for 2023 reveal Guyana’s major markets being the United States (47 per cent), the Caribbean (27 per cent) and Canada (9 per cent).
Notably, 45 per cent (144,307) of these arrivals were diaspora visitors, while 55 per cent (174,840) were non-diaspora tourists, predominantly from the United States and the Caribbean.
The World Travel and Tourism Council (WTTC) noted that in 2023, Guyana’s tourism industry supported over 18,000 jobs.
PASHA GLOBAL
HYATT PLACE
ROOSTER'S HOTEL
MARRIOTT COURTYARD
SHERIFF HOTEL
FOUR POINTS SHERATON
LAKESIDE HOTEL
US$7 Million Hospitality and Tourism Training Institute Under Construction
In its efforts to boost Guyana’s rapidly expanding tourism and hospitality industry, Government officials along with tourism stakeholders, turned the sod in February for the country’s first ever world-class Hospitality and Tourism Training Institute (HTTI) at Port Mourant, Berbice in Region Six.
Prime Minister Brigadier (Ret’d) Mark Phillips in his address said investments in the industry’s workforce will enhance the quality of services, attract more tourists, and generate increased revenue.
“We have to develop continuous cohorts of trained hospitality workers to assume the management and to provide the multiplicity of services required in this sector. Training individuals to work in the local hospitality and tourism sector, therefore, is a vital requirement in developing our hospitality and tourism sector to world-class standards,” Prime Minister Phillips said.
Prime Minister Phillips further highlighted that tourism is the country’s fourth largest export sector, accounting for 2.3 per cent of the country’s Gross Domestic Product (GDP) in 2021 and 2022.
“Guyana’s tourism sector accounted for 8,300 direct jobs, and would have accounted for some 24,000 indirect and direct jobs. As the government, we believe that by 2030, we can create a tourism sector that employs about 50,000 jobs,” he said.
According to the Prime Minister: “Guyana is committed to building a strong tourism market. Just to do some simulations, if by 2030, we could attract a total of one million tourists, each of whom spends US$1,000, this will inject about US$1 billion into our economy.”
He added: “The presence of a welltrained local work workforce will be instrumental in delivering exceptional
experiences, driving economic growth, and ensuring long-term success of our tourism sector. Through such investments like this one, we are not just building careers, we are building a brighter future for our country.”
Senior Minister in the Office of the President with responsibility for Finance and the Public Service Dr Ashni Singh said Guyana is undergoing visible transformations, while highlighting the importance of a well-equipped workforce to support the advancement of industries like tourism.
According to Dr Singh, with several world-class hotels currently under construction and with the government looking to create a network of 2,000 rooms to drive growth in the hospitality and tourism sector, there is need for a quantum leap in service quality and innovation.
Minister Tourism, Industry & Commerce Oneidge Walrond said that the country’s tourism sector is experiencing rapid development, with the government aiming to make it a main component of Guyana’s economy.
Minister Walrond further highlighted that with the massive growth, capacity building is crucial for tourism stakeholders to provide quality service and enhance visitor satisfaction. She also emphasised the importance of upskilling and reskilling in the sector, while highlighting the need for a comprehensive approach to tourism development.
Prime Minister Mark Phillips, Minister of Tourism Hon Oneidge Walrond and other officials at the sod turning ceremony for the country’s first world-class Hospitality and Tourism Training Institute (HTTI) at Port Mourant, Region Six
DELANO WILLIAMS
GUYANA INTERNATIONAL BUILDING EXPO 2024
8 – 11 August 2024
Guyana National Stadium, Providence, East Bank Demerara, Guyana
P.F. Chang's, the American based internationally acclaimed Asian and Chinese cuisine restaurant chain has officially opened in Guyana in July 2024 adding to the over 300 restaurants currently operating across 22 countries worldwide.
The new P.F. Chang’s Restaurant is located at 57 High Street, Kingston (Next Door to Digicel building) and is easily identifiable by the iconic PF Chang’s horse. The Guyana franchise has been awarded to the Corum Group, current operators of the highly rated Amici Restaurant in Central Georgetown.
Starbucks opens its second store in Guyana
As part of its continued expansion plans in the market, Prestige Holdings Guyana Inc., Starbucks operating licensee in Guyana, opened its newest store located at Movie Towne, Rupert Craig Highway, Georgetown.
The new Starbucks store features the convenience of a Drivethru, walk-up window and well-appointed café and boasts the stunning work of local artist – Courtney Douglas – depicting the beauty that is Guyana.
“We are looking forward to providing that Starbucks Experience to more customers across Guyana and continue to provide valuable employment opportunities across the communities we serve in the market,” said Kerri Hosein-Khan, Vice President of Starbucks.
Massy Stores opens its 6th supermarket at Giftland Mall
Massy Stores, Guyana’s leading grocery chain, opened its sixth Supermarket at the Giftland Mall in Georgetown, Guyana replacing the former Giftland’s FoodMaxx Supermarket.
General Manager Robert Singh said “the opening of this new store marks the realisation of a dream to revolutionise the shopping experience. It also extends to fostering growth and opportunities within our community”.
BritCham Guyana’s London launch set for Lord’s Cricket Ground in September 2024
The British Chamber of Commerce Guyana (BritCham Guyana) is excited to announce that its much-anticipated London Launch Event is confirmed to take place on 11th September, 2024 at the prestigious Lord’s Cricket Ground, Thomas Lord Suite.
This landmark event marks a significant step in strengthening the business ties between the United Kingdom and Guyana. It will bring together influential business leaders, government officials, and key stakeholders from both nations to celebrate and promote bilateral trade and investment opportunities.
Chuck E. Cheese franchise to open in Eccles
J’s Group of companies has been named as the official Chuck E. Cheese franchise holder in Guyana. The new franchise is set to open at Eccles, East Bank Demerara (EBD) – aims to become the go-to destination for family celebrations, birthday parties, and everyday fun.
This exciting development brings the beloved and world renowned family entertainment center, and restaurant chain to a new market, offering an unparalleled experience of fun, food, and games to the people of Guyana.
OFFICE OF THE PRESIDENT NEWSROOM
United Airlines now operating non-stop flights between Guyana and Houston
United Airlines inaugurated its nonstop flight from Houston to Georgetown, Guyana, operated by a Boeing 737-MAX 8. The new service, which runs four times a week, will give customers easy and direct access to both destinations. This also enhances the relationship between the two countries and opens up exciting new opportunities for both business and leisure travelers.
Oneidge Walrond, Minister of Tourism, Industry and Commerce, is enthusiastic that this new route will catapult tourism prospects in Guyana and the United States and is a significant development for Guyana’s tourism industry.
Online booking of flights is available at: www.united.com.
Sky High Dominicana now operating non-stop flights from Cuba
to Guyana
Months after it rolled out its operation in Guyana, Sky High Dominicana has added non-stop flights from Cuba to Guyana to its destinations.
Sky High representative, Lili Foo announced “This new route expands our commitment to connect the region with the highest quality of service our passengers deserve,”.
Beyond Guyana, Sky High Aviation Services operates scheduled passenger and cargo services across the Caribbean, Venezuela, and the United States.
Online booking of flights is available at: www.skyhighdo.com.
Mr Sasenarine Singh Guyana’s Ambassador to the Kingdom of Belgium and Guyana’s Permanent Representative to the European Union and the Organisation of African, Caribbean and Pacific States
Dr Leslie Ramsammy Guyana’s Ambassador to Switzerland and Guyana’s Permanent Representative to the United Nations (UN) in Geneva
Officer Guyana Sugar Corporation
Professor Dr Compton Bourne Guyana’s Ambassador to
Ms Carol Radoo Crew Manager Excel Guyana Inc.
Mr Damie Sinanan Executive Director Caribbean Export Development Agency (Caribbean Export)
Brazil
Mr Paul Cheong Chief Executive
(GUYSUCO)
Mr Marcel Cameron Country Manager Omai Gold Mines Corporation
Mr Dowlat Parbhu Chief Executive Officer Demerara Bank Limited
Mr Mark Singh Chief Executive Officer Mobile Money Guyana (MMG)
Mr Rahul Lildhar Chief Executive Officer Suriname-Guyana Chamber of Commerce
Ms Diletta Doretti Resident Representative for Guyana and Suriname World Bank Group
Mr Shawn Gurcharran Chief Executive Officer
Ms Nadia Sagar General Counsel
Ms Rawattie Mohandeo Chief Commercial Officer
Ms Tonia Griffith Chief Risk Officer
Mr Randir Ramkissoon Chief Technology Officer
Guyana Bank for Trade & Industry
Bar Association of Guyana Mr Kamal Ramkarran President
Ms Pauline Chase First Vice-President
Mr Teni Housty Second Vice-President
DR MOHAMED IRFAAN ALI HIS EXCELLENCY PRESIDENT
OFFICE OF THE PRESIDENT
Shiv Chanderpaul Drive, Georgetown
Tel: (592) 225-1330
Email: opguyana@gmail.com Website: www.op.gov.gy
MINISTRY OF PARLIAMENTARY AFFAIRS AND GOVERNANCE
105 New Garden Street, Queenstown, Georgetown
Tel: (592) 231-9944
Email: minpag@mpag.gov.gy
Website: www.mpag.gov.gy
MINISTRY OF AGRICULTURE
Regent St. & Vlissengen Road, Bourda, Georgetown
Tel: (592) 223 7291
Email: agri.pr.gy@gmail.com
Website: www.agriculture.gov.gy
MINISTRY OF AMERINDIAN AFFAIRS
251-252 Thomas & Quamina Sts, Georgetown Tel: (592) 226 5267
Email: ps@moaa.gov.gy
Website: www.moaa.gov.gy
MINISTRY OF CULTURE, YOUTH AND SPORT
71-72 Main Street, Georgetown Tel: (592) 227-7860
Email: minofcys@gmail.com
Website: www.mcys.gov.gy
MINISTRY OF EDUCATION
21 Brickdam, Georgetown Tel: (592) 223 7900
Email: pr@moe.gov.gy
Website: www.education.gov.gy
MINISTRY OF FINANCE
49 Main & Urquhart Sts, Georgetown Tel: (592) 227 3992
Email: publicrelations@finance.gov.gy
Website: www.finance.gov.gy
HON. MARK PHILLIPS PRIME MINISTER BRIG (R’TD)
OFFICE OF THE PRIME MINISTER Colgrain House, 205 Camp St., North C/burg, Georgetown Tel: (592) 225-2705,
Email: opm@opm.gov.gy Website: www.opm.gov.gy
MINISTRY OF FOREIGN AFFAIRS AND INTERNATIONAL COOPERATION
3rd Floor, 301 Church and New Garden Street, Queenstown, Georgetown Tel: (592) 674 2315
Fax: (592) 674 2315
Email: info@ghccgy.com
Website: www.ghccgy.com
OVERSEAS MISSIONS
VENEZUELA
Ambassador - H.E. Safraaz Shadood
Embassy of the Co-operative Republic of Guyana Villa no.5, Street no.506 zone no.66, West Bay, Doha, Qatar
Email: sshadood@minfor.gov.gy
Tel: +974 5549 1972
SOUTH AFRICA
High Commission for the Republic of Guyana Suite H, Third Floor, Grosvenor Place, 235 Grosvenor Street, PO. Box 12238, Hatfield 0081, Pretoria , South Africa
Tel: +27 79 648 6373; +27 12 941 1694
Fax: +27 12 342 2736
Email: ghcpretoria@hcguyana.co.za
SURINAME
Embassy of the Co-operative Republic of Guyana Henck Arronstraat No. 82, P. O. Box 785, Paramaribo, Suriname Tel: 597-477-895; 597-472-509
Fax: 597-472-679
Email: gep@mission.gov.gy
SWITZERLAND
Permanent Mission of the Co-operative Republic of Guyana to the United Nations Office and other International Organizations at Geneva 1 rue du Pré-de-la-Bichette, 2ème étage, 1202 Genève, Switzerland
High Commission for the Co-operative Republic of Guyana 3 Palace Court, Bayswater Road, London W2 4LP, England
Tel: 44-207-229-7684
Fax: 44-207-727-9809
Email: guyanahc1@btconnect.com
Website: www.guyanahclondon.co.uk
UNITED STATES OF AMERICA
WASHINGTON DC
Embassy of the Co-operative Republic of Guyana 2490 Tracy Place, N. W., Washington, D.C., 20008 USA
Tel: 202-265-3834; 202-265-6900; 202-328-1567
Fax: 202=232=1297
Email: guyanaembassydc@verizon.net
NEW YORK
Permanent Mission of the Co-operative Republic of Guyana to the UN
Ambassador - H.E Carolyn Rodrigues-Birkett
Permanent Representative 801 Second Avenue, Fifth Floor
New York, New York 10017, USA
Tel: 212 573 5828 Fax: 212 573 6225
E-mail: Guyana@UN.int
INDIA - GUYANA CHAMBER OF COMMERCE
Lot 2442, Plantation Providence, East Bank Demerara Tel: (592) 510 4715
Email: info@indiaguyana.com
Website: www.indiaguyana.com
Embassy of the Co-operative Republic of Guyana Quinta Los Tutis, Segunda Avenida entre Novena y Decima Transversal, Urbanizacion Altamira, Municipio Chacao, Caracas, Venezuela
Tel: 58-212-267-7095; 58-212-261-7745
Fax: 58-212-976-3765
Email: embguyccs@gmail.com
CONSULATES GENERAL
BARBADOS
Consulate General of the Co-operative Republic of Guyana ‘Harbour View House’ Highgate Park, Collymore Rock St. Michael, BB14005, Barbados Tel: 246 537 2767 | Fax: 246 537 2776/2779
Consulate General of the Co-operative Republic of Guyana Rua Joao Pereira Caldas
71-Nossa Senhora Aparecida
CEP: 69.306-450
CNPJ: 05.870.492/001-90
Boa Vista-Roraima
Tel: 001 55 95 3624 1129, 001 55 95 8123 4219
Email: guyanaconsulatebrazil@hotmail.com
CANADA
Consulate General of the Co-operative Republic of Guyana 505 Consumers Road, Suite 707, Willowdale, Ontario M2J 4V8, Canada
Tel: 416 494-6040; 416 494-6059; 416 494-2679
Fax: 416 494-1530
Email: info@guyanaconsulate.com
NEW YORK, USA
Consulate General of the Cooperative Republic of Guyana 228 East 45 Street, New York, NY 10017, USA Tel: 212 947-5115; 646 810-2850 (Office); 914 304-2267 (Mobile) Fax: 646 915-0237
Consulate General of the Co-operative Republic of Guyana Gouverneur Straat & West Kanaal Straat, No. 10 Nickerie, Suriname Tel: 597-211-019 | Fax: 597-212-080 Email: gcn@mission.gov.gy
TRINIDAD AND TOBAGO
Consulate General of the Co-operative Republic of Guyana No. 12 Alexandra Street
St. Clair, Port of Spain, Trinidad & Tobago
Tel: 868 622-2913; 868 628-2616
Email: ghctt@mission.gov.gy; dyaw@minfor.gov.gy
HONORARY CONSULS
ANTIGUA AND BARBUDA
Consulate of the Co-operative Republic of Guyana
Mr Robert Edwin Reis (Bobby)
Honorary Consul
Suite 4, Corner Corn Alley & Long Street, St. John’s, Antigua
Tel: 268 720-5751
Fax: 268 463-0561
Email: images@candw.ag
BAHAMAS
Consulate of the Co-operative Republic of Guyana
Mr Jairam Mangra
Honorary Consul
Suite 12 Bayparl Building, 18 Parliament Street, Nassau, Bahamas
Avenida Gumilla, Via El Pao, San Felix, Bolivar State, Venezuela Phone: +58-412-187-2267 (office); 0-412-878-3529
For Further Information on Contacting the Guyana Embassies, High Commissions and Overseas Missions please contact: Protocol & Consular Affairs Department Ministry of Foreign Affairs, The Co-operative Republic of Guyana Ramphal House, Shiv Chanderpaul Drive & Charlotte St, Bourda, Georgetown
