Pres Ali highlights expanding opportunities for youth, business in Guyana’s transforming economy

President Dr Mohamed Irfaan Ali says Guyana’s rapid development is not only reflected in new roads, bridges and infrastructure, but also in the opportunities now available for young professionals and businesses across the country.

During the latest episode of his podcast, “Tea on the Terrace – Episode 5″, the president hosted several leaders and young professionals from the private and financial sectors, including Chairman of Demerara Distillers Limited (DDL) and Demerara Bank Limited (DDL), Komal Samaroo; Chief Executive Officer of Demerara Bank Limited Dowlat Parbhu; Head of Operations Kenesha Collins; Chief Internal Auditor La Donna Delon; Camp Street Branch Manager Patrina Sahib-Roshan, and Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh.

The discussion focused on private sector expansion, the evolution of the banking sector, digital innovation and the growing role of young professionals in Guyana’s development.

Samaroo told President Ali that DDL is aggressively expanding its operations in response to opportunities created by government policies and Guyana’s rapidly growing economy.

According to Samaroo, the company is pursuing diversification, expanding into new markets and launching new products, while also investing in modern technology to strengthen competitiveness.

“We see tremendous opportunities opening up based on government policies and the trajectory of the economy,” Samaroo explained.

The company is also exploring new investments, including a dairy project that could create additional economic activity and jobs along the Linden Highway corridor.

Dowlat Parbhu explained that supportive government policies have also helped to strengthen the financial sector and expand access to credit for Guyanese.

He said housing loans now represent nearly 50 per cent of Demerara Bank’s lending portfolio, reflecting strong demand for home ownership among citizens.

According to Parbhu, interest rates for housing loans have fallen significantly over the past several years due to increased competition within the banking sector.

He revealed that the bank has received more than 6,000 housing loan applications in recent years as more Guyanese pursue home ownership.

The CEO also outlined plans for a major digital transformation in banking services.

Among the innovations being developed are mobile platforms that will allow customers to determine loan eligibility and access financial services within minutes using digital applications.

Demerara Bank has also launched initiatives to support entrepreneurs, including a “Shark Tank-style” programme that recently awarded more than $10 million in grants to promising startups focused on technology, environmental solutions and new business ideas.

An SME advisory portal is also being developed to help small businesses create financial plans, manage their accounts and access funding.

Opportunities for young people

During the podcast, Collins encouraged young Guyanese to take advantage of the many opportunities now available for education, innovation and entrepreneurship.

She said technology has removed many barriers that previously limited access to learning and professional development.

“You can sit in your living room and empower yourself, learn new skills and build industries that were once only within our imagination,” Collins said.

She also stressed the importance of home ownership, noting that it can serve as a foundation for wealth creation and business expansion.

Delon echoed those sentiments, noting that many young entrepreneurs are now approaching banks for financing to develop small and medium-sized businesses (SMEs).

She said financial institutions are increasingly positioning themselves as partners in helping young people grow their ventures.

Sahib-Roshan highlighted another major shift in Guyana’s workforce: the growing number of young professionals now occupying senior positions in the financial sector.

She explained that the bank’s management team is largely composed of individuals in their 30s and 40s, reflecting a significant generational shift compared to previous decades.

“You’re seeing younger people accessing house lots earlier and applying for housing loans earlier as well,” she said, noting that this allows them to build stability and long-term wealth sooner.

Transformation beyond infrastructure

Senior Minister Ashni Singh emphasised that Guyana’s transformation extends far beyond physical infrastructure projects.

He said that while highways, bridges, hospitals and schools are important, the real transformation lies in an improved quality of life and the many opportunities now available to citizens.

According to Minister Singh, increased competition in the financial sector, improved access to digital services and expanding economic opportunities all demonstrate how the country’s economic environment has evolved.

A story of opportunity

President Ali also highlighted the journey of a 30-year-old Demerara Bank branch manager who started his career as a teller and rose through the ranks while pursuing further education and securing his own house lot.

The president said this manager’s story reflects the possibilities now available to young Guyanese who take advantage of the opportunities created through education, technology and economic growth.

“This is the story we want for every young person in Guyana,” President Ali said.

He added that the country’s future depends on empowering young people to develop their skills, pursue their ambitions and actively participate in building a modern and prosperous nation.