Oil Boom Fuels Guyana’s Rapid Economic Rise

By Lincoln DePradine

Top Guyanese officials, including one of the country’s government ministers, are buoyant about economic growth in Guyana, including the increase in the gross domestic product (GDP) that is being propelled by oil and gas production.

Madanlall Ramraj, minister in the Guyana Ministry of Public Works, updated Guyanese-Canadians on the country’s economic performance, and the government’s investment in infrastructure and social programs, in an address at a gala last Saturday in Toronto.

The gala and dinner were in commemoration of Guyana’s 60th anniversary of independence.

A focus on the economy was also included in comments from Honourary Consul for Guyana in Toronto, Mani Singh, and Guyana’s Acting High Commissioner to Canada, Cindy Maria Sauers.

Among “key highlights’’ of Guyana’s economic performance in recent years are the country’s “classification as the fastest growing economy, poised to experience continued growth fueled by a flourishing oil and gas sector’’, and also a “changing infrastructural landscape and transformative and progressive non-oil sectors’’, Sauers said.

More than 300 people – including diplomats, business people and politicians from the various levels of government – attended the gala, which Singh described as an “amazing’’ and “successful event’’.

Guyana, a member-state of the Caribbean Community, achieved independence from Britain on May 26, May 1966. It became a republic on February 23, 1970.

“The journey to independence was not a gift freely given, but a right bravely won, spearheaded by the sacrifices, struggles, and unyielding spirit of the Guyanese working class,’’ said Shiv Persaud, chairperson of the Guyana Independence Celebrations Committee (GICC) that organized the gala in collaboration with the Guyana consulate general in Toronto.

As part of the evening’s celebrations, organizers honoured outstanding Guyanese-Canadians such as author and storyteller Yolanda Marshall, a columnist with The Caribbean Camera.

Marshall, who received an “Education Excellence Award’’ from the GICC is the author of 20 books, including “Brown Girl in the Snow’’; “Marching North’’; “Miles Away in the Caribbean’’; and, “C is for Carnival’’. 

With each Marshall book, said the GICC, “she continues to celebrate culture, foster inclusion, and engage and inspire the next generation, while simultaneously providing authentic and needed content – filling gaps for not just Guyanese and Caribbean children and adults, but readers in many different countries.’’

Others honoured were Winston Kassim, who was recognized for more than 50 years as a business and community leader; author Dr Narine Dat Sookram, who holds a doctorate in social work and is the recipient of an Ontario Medal for Good Citizenship; Spice and hot sauce manufacturer Eric Rodrigues; and lawyer and philanthropist Dhaman Kissoon.

As well, an entertainment award was presented to Juno-winning singer and songwriter Anjulie Persaud, and cricketer Dilon Heyliger received a sports award.

Guyanese are “living in the most interesting, fascinating and exciting time in the history of our country’’, said consul Singh.

“The transformation in our country is unbelievable. We are very much excited about where Guyana is going,’’ Singh told The Caribbean Camera.

“In 2024, we boasted a GDP growth of 45 percent; last year, it was 36 percent; and this year, in spite of the geo-political crisis in the world, Guyana is poised to do 20 percent GDP growth, when the average in the Caribbean is about five percent,’’ he added. “The GDP per capita is one of the highest in the western hemisphere. So, there is lot to be proud of.’’

The Guyana government is “very much committed to the social development’’ of the nation’s people, with billions of dollars being spent in areas such as education, housing and healthcare, said Singh.

“Our government recognizes that national development and top GDP growth won’t mean anything, if our people don’t benefit,’’ he explained.

Other events in Toronto marking Guyana’s 60th independence anniversary include a “Guyana Independence Festival and Cultural Day’’ on July 11.

LJI reporter