Economy

The oil sector is continuing to drive Guyana’s double digit real gross domestic product (GDP) for a fourth straight year, with the non-oil sector registering impressive performance of 49.7%, according to the 2024 mid-year economic report. “Growth continues to be driven by expansion in the oil and gas industry, along with strong continued growth in our non-oil sectors,” Finance Minister ...

President Irfaan Ali on Friday announced that authorities were reviewing the impact of foreign exchange demands from neighbouring countries, even as he said Guyana’s economy grew by an estimated 49.7% in the first six months and is forecast to end the year with an additional percentage on its overall projection. “An evaluation by a technical team is ongoing now to ...

Leader of the People’s National Congress Reform (PNCR), Aubrey Norton is recommending that Guyanese earning less than estimated GY$200,000 (estimated US$938) monthly should not pay income tax and he promised that if elected next year policies would be put in place to combat poverty rather than merely delivering cash grants. He said “with all the money they got” people earning ...

The People’s National Congress Reform (PNCR) and the Alliance for Change (AFC) on Friday separately weighed in on the cost of living, even as the governing People’s Progressive Party Civic (PPPC) said efforts were being made to address the problem which is not confined to Guyana only. Promising again to increase salaries by more than 50 percent and increase the ...

The El Salvador-headquartered UNICOMER, which owns the chain of COURTS stores in Guyana and elsewhere, is building a US$33 million retail centre at Farm East Bank Demerara and plans to construct a hotel, officials said Friday. UNICOMER’s Sub-Regional Managing Director (Guyana and the Caribbean), Vincent Gordon said the construction of the 55,000 square-foot River Place commercial plaza on land owned ...

The Guyana government is finalising a deal with a Turkish company to rent a 36 megawatt barge, in an effort to satisfy peak electricity demand at a time when several generators are giving trouble, Vice President Bharrat Jagdeo said Thursday. Peak electricity demand in the Demerara-Berbice Interconnected System (DBIS) is just over 170 megawatts but existing generators are pushing just ...

Attorney-at-Law Nigel Hughes on Friday recommended a wide-ranging overhaul of Guyana’s political, educational and economic systems so that all Guyanese benefit from the country’s wealth in an era where ideology is no longer a barrier. Among his recommendations is that there be truth and reconciliation of atrocities that had been committed over the decades while at the same time craft ...

Representatives of the banking sector and the business community are next week Monday scheduled to hammer out ways of addressing concerns about the availability of foreign exchange, President Irfaan Ali said Saturday. He said he has instructed the Minister of Finance Dr Ashni Singh to convene a stakeholder meeting with the private sector, the Bank of Guyana, all commercial banks ...

Guyana has agreed to go ahead with the next step of China’s physical infrastructure-centered Belt and Road Initiative, according to a joint statement issued by the two countries to mark the end of President Irfaan Ali’s one-week official visit to that Asian giant. “The Guyana side expressed willingness to discuss and conclude the Joint Action Plan on Promotion of the ...

CASTRIES, ST Lucia, June 20 (DW).-Regional non-borrowing members of the Caribbean Development Bank (CDB) on Tuesday backed Barbados’ plan for rich countries to fork out billions of dollars in grants and cheap loans to poor nations like those in the Caribbean to help them grapple with the impacts of climate change. “The Bridgetown Initiative 2.0 could generate sufficient momentum and ...