Historically overshadowed by the oil and gas sector, the non-oil economy’s contribution to the gross domestic product (GDP) is expected to see a significant boost, according to the Guyana Oil and Gas Energy Chamber’s President, Mr. Manniram Prashad (GOGEC). GOGEC expressed optimism about this shift, particularly as the manufacturing sector gains momentum.
At its recent Annual Awards and Induction Ceremonial Dinner, GOGEC President Manniram Prashad discussed the private sector’s outlook on Guyana’s economy, which has been traditionally dominated by oil since production began.
Mr. Prashad, as a former Cabinet Minister of Tourism and now chairman of the Public Service Commission, knows full well that our economy’s diversification is paramount. President Irfaan Ali’s food security is vital for Guyana and the Caribbean. Guyana can potentially be the food basket of the Caribbean region, including South America. Many people, including Journalists from abroad, keep comparing Guyana to a tiny place, but Guyana is more or less the same size as the UK. There is a lot of fertile land to make Guyana the food provider to the region and the world. It is up to the business community in Guyana to work closely with the government to make the agriculture sector a reality.
The concept of food security advocated by Mr. Irfaan Ali underscores the crucial importance of food for the well-being of humanity. Guyana has a significant role to play in enhancing global food security.
Mr. Prashad emphasized the Government’s commitment to diversifying the economy, with a focus on anticipating substantial growth in non-oil sectors. This strategic approach aims to contribute significantly to the GDP. He also cautioned against replicating the errors of neighbouring countries that overlooked agriculture after the discovery of oil.
The People’s Progressive Party/Civic (PPP/C) Government’s initiatives in renewable energy, including the Amaila Falls Hydropower Project (AFHP), were acknowledged. Prashad emphasized the potential for reduced energy costs through projects like AFHP and the Gas-to-Shore Project, envisioning a thriving manufacturing sector and positioning Guyana as a regional guide.
The occasion also acknowledged businesses and individuals making an entry into the oil and gas industry, including Sol Guyana Inc. and TLC Guyana Inc. NRG Holding Inc. was honoured for its noteworthy contribution, specifically in the construction of the Shorebase facility for ExxonMobil at Vreed-en-Hoop.
Mr. Nicholas Boyer and Mr. Andron Alphonso deserved the award from GOGEC. We do need Guyana entrepreneurs like these two captains of industry to make Guyana a place to invest in and create jobs for the people of Guyana.
The International Monetary Fund (IMF) forecasted Guyana’s impressive 38.4% real GDP growth, surpassing the regional average of 2.3%. The report attributed this growth to the oil and gas sector and the expanding non-oil economy, which recorded a 59.5% growth in the first half of 2023.
Various sectors, including gold mining and quarrying, agriculture, forestry, and fishing, contributed to this growth. The government’s commitment to addressing energy challenges was highlighted with renewed efforts for the AFHP and plans for the gas-to-energy project, supported by a $43.3 billion allocation in Budget 2023.
Mr. Manniram Prashad’s unwavering commitment to bolster various sectors in Guyana empowers young entrepreneurs to embark on business ventures in the country. This dedication has sparked a renewed and enthusiastic interest in business activities within Guyana, attracting attention locally and from the Guyanese Diasporas abroad.
Vedan Choolun, London, UK