Guyana misses 2025 gold target, measures identified to increase declarations this year

Last Updated on Tuesday, 27 January 2026, 20:31 by Writer

Despite an aggressive campaign against illegal gold mining during the last three months of 2025, the Guyana Gold Board recorded a 15,679 ounce shortfall of its 500,000 ounce target, but the government said it was optimistic about reaching 510,450 ounces this year through tighter monitoring and enforcement.

Following on the opening of two permanent gold purchasing locations at the end of 2025, he said three new mobile purchasing locations are expected to be in place before the first half of 2026 in Puruni, Karuni and Olive Creek. “Increased monitoring of traders will ensure licensees adhere to location specific regulations in their operations. Combined, all of these measures are expected to reduce leakages and improve declarations in 2026,” he said.

Finance minister Dr Ashni Singh said in his 2026 National Budget speech to the National Assembly on Monday that while declarations from licensed dealerships declined by 21.5 percent to 121,883 ounces, declarations from the lone large operator grew by 15.5 percent to 167,005 ounces, and declarations to the Guyana Gold Board (GGB) grew by 45.6 percent to 195,432 ounces.

In support of strengthened industry regulation, during 2025, he said the the GGB conducted mobile purchasing in Lethem, Marudi and Mahdia which resulted in two permanent operations in place at the end of 2025.

“Importantly, improved gold declarations have been supported by a tougher compliance and enforcement environment in the sector,” he said in his more than six-hour long speech to present the GY$1.558 trillion budget to the 65-seat National Assembly.

In that regard, he said the gold mining industry is estimated to have expanded by 11.6 percent in 2025, with total gold declarations of 484,321 ounces.

With gold prices projected to increase to an average price of US$3,575 per troy ounce during 2026, he said non-oil exports are projected to increase by 8.6 percent to US$2.5 billion, mainly on account of higher anticipated export earnings of gold and bauxite, with greater output and favourable prices.

Last year, according to the finance minister, growth in non-oil export earnings was driven mainly by the exports of gold and bauxite, which increased by 63.4 percent and 52 percent, to US$1.6 billion and US$144.1 million, respectively, on account of higher export volumes and favourable global market prices.

Dr Singh said amongst the small and medium scale miners, the government was working on formalising the gold sector, improving traceability, and rewarding compliance. To this end, he said the authorities have recently announced mandatory local bank account requirements and compulsory updates of personal records for all miners and stakeholders. This is combined with measures to curb unlawful practices that weaken declarations, and intensify audits across declarants,” he also said. The Guyana Gold and Diamond Miners Association, in a statement, welcomed efforts to create more rules-based gold mining.

With improvements being made in the small and medium scale subsector, and the promising prospects in the large scale subsector, all indications are that gold mining is poised to maintain its place as a major anchor of the non-oil economy in Guyana over the next five years and well into the future.

With gold declarations projected to reach 510,450 ounces in 2026, the GGDMA encouraged miners to take full advantage of the incentives provided in this year’s budget.

The association said those are the removal of duties and taxes on all-terrain vehicles as well as on outboard engines up to 150 horsepower, reduction in taxes on double-cab pickups, maintenance of the zero percent excise tax on petroleum products, investment in hinterland infrastructure, and upgrade of hinterland airstrips.