One Guyana targeting broad-based prosperity through homeownership, credit access and financial empowerment -Dr. Singh
Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, says the government’s approach to economic growth is centred on ensuring that every Guyanese is able to participate in, contribute to and benefit from the country’s development.
Speaking on the Starting Point podcast hosted by Fareeza Haniff and Kiana Wilburg, Dr. Singh addressed ongoing debates about whether wealth generated from Guyana’s rapid economic expansion is being shared equitably.
He said the government’s stated policy objective is for “every single Guyanese person to be able to see improvement in their lives,” linking that goal directly to President Dr. Irfaan Ali’s One Guyana philosophy.
According to Dr. Singh, while One Guyana is often viewed through the lens of ethnic diversity, it also carries a clear economic meaning. He explained that the concept is intended to signal that all Guyanese, regardless of background, must be able to participate in and benefit from what is taking place in the country.
He pointed to home ownership as a key example of how this objective is being realised. Dr. Singh said that during the 2020-2025 term, more than 50,000 house lots were distributed, exceeding the government’s manifesto target. He noted that many of those beneficiaries have already accessed bank financing and started building homes, becoming homeowners for the first time.
He also highlighted what he described as a major shift in access to home ownership among young professionals, noting that this is occurring at a level not previously seen in Guyana. Dr. Singh recalled a time when owning a home in one’s 20s or 30s was largely inconceivable, but said it is now widespread for young Guyanese to secure employment, access housing, obtain loans and build homes.
Turning to vehicle ownership, Dr. Singh said this too reflects changing living standards. He contrasted present-day Guyana with earlier decades when car ownership was largely confined to wealthy or senior individuals. Today, he said, young professionals are routinely able to access bank financing to purchase vehicles, with vehicle ownership no longer seen as a luxury.
He noted that tens of thousands of vehicles are registered annually and said these are being purchased by “very ordinary Guyanese,” adding that many households now own multiple vehicles.
Dr. Singh also referenced overseas travel as another indicator of improved living standards, noting that what was once considered a major financial milestone is now far more accessible to working Guyanese. While acknowledging that not everyone is wealthy, he said more Guyanese are working, earning, saving and building wealth than in the past.
Returning to home ownership, Dr. Singh said owning property creates an asset that can be used as collateral, allowing individuals to access financing to start small businesses, acquire additional assets or meet other needs. He described this as a central part of building household and personal wealth.
He acknowledged that the government has not yet achieved its ultimate objective, but said significant progress has been made in financially empowering Guyanese. He pointed to changes in consumption patterns, increased access to credit and the growing number of small businesses as signs of improved well-being.
Dr. Singh also referenced plans to roll out a dedicated Small and Medium Enterprise (SME) development bank, describing it as part of a wider policy framework aimed at expanding access to financing and deepening financial empowerment.
He said the government intends to continue pursuing policies that allow more Guyanese to improve their living standards and become more financially secure, stressing that the goal remains broad-based, inclusive prosperity.
