Expanding economy puts Guyana at decisive crossroads – President Ali

– As Banks DIH opens a beer production plant

Guyana is entering a decisive phase of industrial and manufacturing growth, and President Dr Mohamed Irfaan Ali is urging local production to expand to meet the rising demand of a rapidly growing economy.

While delivering the keynote address at the commissioning of Banks DIH’s new $13.7 billion malt production plant on the East Bank of Demerara on Sunday, President Irfaan Ali said the facility, capable of producing 400,000 cases of beer per month, symbolises the confidence driving Guyana’s economic renewal. 

As the economy expands, he noted, rising incomes and consumer spending will fuel even greater demand for food, beverages, and other goods, underscoring that the country now stands at a decisive crossroads.

“The question before us is simple but profound. Who will meet that demand? Will we rely increasingly on imports, or will we see expanded local production?” he asked.

High energy costs have historically constrained industrial expansion and reduced competitiveness, discouraging investments in manufacturing, but that is about to change with the landmark Gas-to-Energy (GTE) project being developed in Wales, Region Three. This transformative project is on track to be completed in the current year.

With lower energy costs, President Ali reasoned that local manufacturing would become more viable, allowing both new industries and existing companies to expand. That is why he emphasised that the period between now and later this year is critical.

“Companies must prepare. They must plan. They must position themselves for this new era. They must begin to produce more food, more beverages, more consumer goods, not only for local demand, but for export,“ Pesident Ali said.

Using Banks DIH as an example, the head of state said established Guyanese companies have a vital role to play in shaping the country’s manufacturing future.

“The example of Banks DIH shows us what is possible. It shows that Guyanese brands can achieve international recognition, that quality made here can stand confidently on shelves abroad.”

The president said legacy companies bring experience, strong brands and financial capacity, placing them in a better position to invest over the long term and manage large-scale industrial projects.

That is why the government has engaged large companies to work with them on the Guyana Development Bank to empower small businesses with financial literacy and other empowerment programmes.

“The future of manufacturing in Guyana will therefore not be built from scratch. It will and must be built on the foundations laid by these established enterprises,” the president asserted.

Dr Ali assured the private sector that government support will continue, noting that targeted measures for manufacturing and industrial development will be announced in the upcoming budget, emphasising that “the direction is clear. The opportunity is real. The time is now.”

Chairman of Banks DIH Clifford Reis delivered the opening remarks and provided an overview of the project. The beer bottling plant is the fourth phase in the company’s expansion plans.

With the new production plant, Banks DIH now has the capacity to brew 800,000 cases, bottle 800,000 cases and store 900,000 cases per month.

Looking ahead, Reis said the company will begin installing a new canning line with work scheduled to commence in a few days.

He said the new line will produce 17,000 cans per hour and is expected to be commissioned in the first half of the financial year. When operational, it will have the capacity to produce 950,000 cans per month, including products such as Banks Beer, GT Beer, Guinness and Coca-Cola.

Reis commended the president for his guidance and encouragement in the initial phases of the project, which he affirmed will create thousands of jobs for Guyanese.

Also attending the ceremony were the Minister of Tourism, Industry and Commerce, Susan Rodrigues; Chief Investment Officer and Head of the Guyana Office for Investment, Dr Peter Ramsaroop and other officials.