WIN’s Mohamed says played major role in gold, foreign exchange markets

Last Updated on Saturday, 7 February 2026, 10:23 by Writer

Leader of the Opposition Azruddin Mohamed on Friday said before his business operations were shut down in 2024 after the United States (US) imposed sanctions on him, he played a major role in the gold and foreign exchange markets but since then there has been a shortage of US dollars and spike in cost of living.

During his more than one-hour long debut presentation as debate on the 2026 National Budget wound down, he said an average of US$2 billion was “leaking out of our banking system” causing an increase in the value against the American dollar against the Guyana dollar. ” “Right now, if you go to the banks, if you go to any one of the banks, you can’t get US,” adding that the Minister of Finance, Dr Ashni Singh, was aware of what he spoke about.

Mr Mohamed, who was often interrupted by Minister of Parliamentary Affairs and Governance, Gail Teixeira for reading his speech in violation of parliamentary rules, boasted that unlike now when there has been a two- or three-week wait for wire transfer of US$20,000 through the commercial banks, his businesses were operating those financial institutions and relied on him for foreign exchange. “When I was in operation, the banks would call me midnight to ensure they get a couple million US for the next day so that is why we are facing a heavy increase as it relates to the cost of living in Guyana,” he said.

While reminding Mr Mohamed about the parliamentary rules, Speaker Manzoor Nadir allowed him to read his budget contribution for the most part. Several government and opposition MPs read their budget debate contributions without interruption.

The public affairs minister was among those heckling Mr Mohamed, shouting “you’re a transnational criminal” and another ruling party MP chimed in and queried “you pay your tax?” At one point Mr Mohamed responded: “Mr McKoy, please have some decorum in the House.”

Mohamed’s Enterprise operated a gold trading business and was a licenced foreign exchange dealer, also known locally as a cambio. Mr Mohamed and his father, Nazar “Shell” Mohamed, are currently fighting a US extradition request for them to be flown to Florida to face trial for alleged wire fraud, mail fraud and money laundering linked to their gold trading business.

The opposition leader said declarations by the licensed gold dealership for 2025 declined steeply by 21.5% to 121,000 ounces compared to his period in business. “When I was in the business, the declarations were higher. Where is the gold going, Honourable Vickram (Bharrat)? Where is the gold going?” he asked.

Mr Mohamed called on Minister of Natural Resources Vickram Bharrat to make viable lands available to gold miners. He also called on Minister of Home Affairs Oneidge Walrond to provide security for small miners. “The gunmen are terrorizing the small gold miners. We got to ensure the minister, Honourable Oneidge, we need to put systems in place as it relates to security for our small miners,” he said.

Setting his eyes on his We Invest in Nationhood’s (WIN) being victorious at the 2031 general and regional elections, Mr Mohamed opened his contribution to the debate saying that although he was vilified by his opponents, he succeeded in becoming Guyana’s youngest opposition leader because 109,000 voters believe in him and his 15 other MPs. “Despite the name-calling, sanctioned man, gold smuggler, international fugitive, despite the delay, resistance and every effort to keep me out, I am standing tall and strong,” he said.

He restated that the Guyana government influenced the sanctions after he refused to say that he would not have contested the 2025 general and regional elections. “Before the sanctions… the country must know. Before the sanctions, your leaders told me that if I don’t release a statement that I won’t be running for office, things are going to happen, and indeed it happened,” he said.

Touching on the cost of living, the WIN leader suggested that if his party was in government, public servants would have received an unspecified increase in salaries and cut the cost of living through several measures, even if temporary, while his administration would have awaited major projects to offer more fixed relief.

Those, he said, would have included offering subsidies on electricity, water as well as set up food banks, even if it’s to offer rice, flour, oil, and sugar to the poor and needy, reduce the value added tax (VAT), and starting a nationwide kitchen and community garden project. “These are measures that should help one to understand the plight of the people and what is needed to ensure you put the people first.

Calling for direct investment in people rather than projects, he said many people still could not afford food, rent, transport, and utilities with salaries alone. “If a pensioner still depends on family remittances or informal work after an increase, that is not major relief. It is survival support,” he said.

Attorney General Anil Nandlall, in his presentation, called on Mr Mohamed to answer several questions about his alleged involvement in financial crimes. However, he did not respond to any of them.

The finance minister challenged the opposition leader to face the court and prove himself innocent rather than recruit persons to join his political movement.

He urged right-thinking Guyanese to be wary that at some point time they would be left “high and dry”. “I say with the greatest of respect to the Leader of the Opposition to prove your innocence in court as is your right but…do not ensnare poor innocent Guyanese people to save yourself,” he said.