President Dr. Irfaan Ali on Tuesday stressed the importance of strategic thinking and long-term planning when it comes to managing Guyana’s oil revenues. Speaking at the 2025 Local Content Summit held at the Guyana Marriott Hotel, President Ali warned against the temptation to treat the country’s newfound wealth as a giveaway fund.
He said the country’s oil wealth should be used to shape a competitive and sustainable economy, not for short-term handouts.
“We have to be in, if we want to play ahead of the game, and if we want to ensure that we are building an economy and a society that is not catching up, but is ready to be competitive,” he said.
President Ali added, “It doesn’t allow us the opportunity to share out money like you know, everyday Christmas.”
He noted that the revenues from oil and gas present a unique opportunity to be innovative and ambitious.
To this end, he outlined that the government is focused on developing long-term strategies for growth and resilience.
Last year, the People’s Progressive Party government rolled out a $100,000 cash grant initiative for citizens 18-years and older. While they have already announced that there will be future cash grants, the PPP has made it clear that their next term will focus more on financial empowerment.
It was explained that government will create government-backed instruments with guaranteed returns, which will allow citizens to invest their cash grants, rather than having their money sit idly in banks.
Moreover, President Ali encouraged stakeholders to look beyond immediate business opportunities and instead focus on building ventures that will generate greater value for Guyanese citizens in the coming decade.
“We should be looking at how our investment today is going to create a better living for us tomorrow, but greater possibilities 10 years from now,” he said.
He also used the platform to highlight the tangible progress made since the passage of the Local Content Act in 2021.
As of the end of 2024, the president disclosed that 1,100 local companies have been participating in the oil and gas sector. According to the President Ali these companies have secured over US$1.5 billion in contracts, an achievement he credited to strong policy and legislative direction.
Further, he acknowledged that some critics had described the Local Content Act as too protectionist, but defended its purpose. “Without deliberate efforts to involve local business, workers, and institutions, there is a risk that opportunities will bypass the very people and regions most in need of economic upliftment,” he responded.
