Guyana’s continuous growth driving Caribbean prosperity

The government’s ongoing transformative development is ensuring a successful and sustainable future for Guyana, which in turn, will propel the overall development and prosperity of the Caribbean region.

This was underscored by the Chief Investment Officer at Guyana Office for Investment, Dr Peter Ramsaroop, during the Caribbean American Heritage Month Legislative Week, at the United States Congress Rayburn House in Washington, on Wednesday.

Dr Ramsaroop emphasised that under the visionary leadership of President Dr Mohamed Irfaan Ali, who is also Chairman of CARICOM, Guyana continues to reap enormous benefits and added that this prosperity is directly impacting the development of the entire Caribbean region.

Guyana has already emerged as a regional leader in climate, food, and energy security, setting a standard for sustainable development.

These accomplishments, Dr Ramsaroop pointed out, are largely due to the nation’s vast natural resources, strategic investments in renewable energy, and sustainable, climate-smart agricultural practices.

“When Guyana thrives, the entire region thrives with us…Our efforts in sustainability are not just for Guyana, but for the entire Caribbean community,” he stressed.

Dr Ramsaroop explained the strategic ambitions of twin products across several sectors, particularly food and tourism. He added that the synergy between these two sectors creates a strong economic agenda that is beneficial to everyone.

This all-inclusive approach has boosted the local economy, created job opportunities, and improved the Caribbean’s appeal as a united travel destination with rich culinary and cultural offerings.

The chief investment officer highlighted that the ‘Brand Guyana’ initiative, which emphasises investment prospects in tourism, manufacturing, agriculture, and locally produced goods, exemplifies Guyana’s goal in climate, food, and energy security. 

He underscored that Guyana’s modernisation of its traditional industries, with President Ali at the helm, will drive regional economic growth, as well as set a standard for the region, encouraging shared progress.

Furthermore, it will also ensure that the country remains competitive in the global market.

In order to enhance regional connectivity, the country has embarked on several critical projects that are driving tremendous investment opportunities and enhanced growth.

These projects include the construction of the Corentyne River Bridge and the enhancement of the road link between Guyana and Brazil, which are complemented by the construction of deep-water ports in Regions One and Six.

This, he noted, will significantly boost Guyana’s maritime trade capacity and support economic diversification.

In the housing sector, he told those gathered that the government is well on track to delivering on manifesto’s promise of allocating 50,000 house lots within its first term in office, with 34,000 lots already allocated.

Additionally, interest rates for low-income housing mortgages have been reduced to 3.5 per cent or less, and moderate-income mortgages to 5.5 per cent or less.

Reflecting on Guyana’s financial history, Dr Ramsaroop highlighted that in the 1990s, the national debt was nine times the size of the economy.  

Now, Guyana boasts a Gross Domestic Product (GDP) growth rate of 38 per cent last year and is projected at 33.9 per cent by the end of 2024.

Also present at the event was US Congressman Jonathan Jackson and Guyana’s Ambassador to the United States, Samuel Hinds.