Nearly 15,000 Guyanese becoming car owners annually amid economic growth – Finance minister

Nearly 15,000 Guyanese are becoming car owners every year, a reflection of rising disposable incomes and expanding economic opportunities, according to Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh.

The minister made the remarks during a live recording of BBC World Questions hosted by the BBC World Service at the Pegasus Corporate Suites, Georgetown, where panellists discussed the impact of Guyana’s rapidly expanding economy and how the benefits of growth are reaching citizens.

Dr Singh explained that the country’s unprecedented economic expansion has translated into tangible improvements in the lives of many Guyanese.

“Almost 15,000 persons become owners of their own car every year,” he said, noting that this is one of several indicators showing improved living standards.

The finance minister also highlighted that the country’s economic growth has generated significant employment opportunities.

“In the last five years alone, we’ve created 104,000 new jobs,” Singh said, adding that this is substantial for a country whose population has recently surpassed one million people.

According to the minister, the private sector is now creating jobs at such a pace that many businesses are struggling to find workers.

In addition to job creation, Singh said the government has expanded access to land ownership as part of its development strategy.

More than 50,000 Guyanese have been allocated house lots, allowing thousands of families to own land for the first time.

“These are improvements in well-being that sometimes get glossed over, but they are very tangible and very real,” the finance minister noted.

Dr Singh explained that while the government is working to deliver immediate benefits to citizens, it must also ensure that the country’s development remains sustainable in the long term.

He said the administration led by President Irfaan Ali is focused on balancing short-term improvements in living standards with strategic investments that will strengthen the country’s long-term competitiveness and resilience.

This includes major investments in infrastructure such as roads, bridges, hospitals and housing developments.

During the discussion, Dr Singh also addressed the importance of transparency in managing revenues from the country’s oil and gas sector.

He pointed to reforms made to the Natural Resource Fund, which governs the management of Guyana’s oil revenues.

The updated legislation requires that all oil revenues be deposited into the fund and stipulates that withdrawals can only be made with prior parliamentary approval and according to a transparent formula.

The discussion formed part of the internationally broadcast BBC programme moderated by journalist Jonny Diamond, which brought together political leaders, private sector representatives and civil society voices to discuss the opportunities and challenges facing Guyana.

The forum highlighted both the rapid pace of Guyana’s economic transformation and the ongoing national conversation about ensuring that the benefits of development are felt across the country.