Pres Ali sets diversification beyond oil as Guyana’s long-term goal

President Dr Irfaan Ali has said the success of Guyana’s current economic transformation should ultimately be measured by whether the country can build an economy that is not dependent on petroleum over the long term. Speaking during an interview with Al Jazeera, Ali outlined the kind of country he wants Guyana to become over the next decade, making it clear that continued dependence on oil is not the legacy he wants the current period of rapid economic growth to leave behind. “I don’t want someone to look back and say, oh, Guyana 10 years after is only dependent on oil. Guyana 10 years after is not part of a system that promotes democracy, not part of a system that promotes peace. We are not going to sacrifice our values and our principles,” the President said. Ali said Guyana nevertheless has to navigate the realities of the international environment as it pursues its objectives. “But we recognise that we have to pursue the development of Guyana in a global sphere where we have to choose our allies and allies that we know will also help Guyana,” he said. Earlier in the interview, the President spoke about what would be left for ordinary Guyanese if the country’s current rate of economic growth eventually subsides. Ali’s response was that the present period of expansion has to be used to build the foundation for growth in other areas.

“So that is why it’s important during this phase of economic expansion and transformation that investment is geared towards growth-oriented opportunities, expansion of the economy, diversification of the economy, building out the infrastructure to create opportunities for more housing, quality education services, and health care services. And that is what we are doing,” Ali said. He maintained that the process is already extending beyond petroleum, pointing to growth in the commercial, real estate, mining and services sectors. According to Ali, Guyana is also investing heavily in technology, innovation and digitisation as part of efforts to build a globally competitive economy. Food production and economic opportunities associated with Guyana’s natural assets are also among the areas the President has identified for development as the economy expands. Towards the end of the interview, Al Jazeera questioned whether Guyana would emerge as a sovereign country that made the most of its resources or find itself pressured by larger powers and corporate interests. “Well, it would never be a state that is squeezed by corporate interests. But when we speak about large states or superpowers squeezing small states, we have to be realistic,” Ali responded. He said every state has to find a formula that protects its sovereignty and security while allowing its people to experience prosperity and growth. For Ali, that longer-term vision also extends to the role Guyana should play internationally. “We want to be a country that is playing its role and its part on climate, biodiversity, energy, food, human capital development. These are important aspects of our development path and what we want to leave,” the President said.