Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, has signalled a major shift in Guyana’s 2026 National Budget, away from routine government spending and towards investments that strengthen long-term economic competitiveness.
Speaking at the Guyana Manufacturing and Services Association’s (GMSA) 30th Anniversary Dinner and Awards on Wednesday, he said the administration is focused on economic infrastructure that supports productivity and growth, especially as the country operates in a volatile global commodity market.
Dr. Singh reminded that oil and gold prices remain unpredictable, with oil hovering around the US$60 range today after being nearly US$100 just two and a half years ago, and gold now over US$4,000 an ounce after sitting around US$450 in years past. He warned that Guyana must plan responsibly to withstand such global swings.
The minister stressed that maintaining the strength of Guyana’s financial institutions, democratic credentials, and international reputation is critical to safeguarding progress.
He also underscored the importance of macroeconomic stability, noting that Guyana’s Natural Resource Fund is already strong enough to clear the country’s entire external debt and still leave surpluses, a rare position globally.
But long-term resilience, he added, demands stronger diversification.
Dr. Singh contrasted recent policy direction with the past, noting that in 2019, less than 25% of the national budget went to public investment. By 2024, that figure has climbed to more than 50%, reflecting a deliberate strategy to build out infrastructure and support future prosperity.
He said the government remains committed to responsible policy-making over political popularity.
The event also highlighted major expansion in private-sector financing under the PPP/C Government, with credit to manufacturing increasing by 103.7 percent since 2020 to reach $43.3 billion, while total private-sector credit grew by 73.4 percent to $450.6 billion. Credit to the services sector rose by 80.3 percent over the same period, climbing to $157.9 billion. Additionally, the government is working closely with financial institutions to improve loan accessibility for Small and Micro Enterprises (SMEs) so they can expand their operations.
GMSA President Rafeek Khan said the manufacturing and services industry is now entering a new era led by smart, connected, and automated systems. He outlined the key role of transport, distribution, telecommunications, and finance in driving growth, and unveiled plans for a future campus to prepare members for the shift.
The association also launched a new online marketplace, uncappedmarketplace.gy, to boost local product visibility and sales.
Plans to accelerate industrialisation include completing the Gas-to-Energy project to reduce electricity costs by 50 percent, establishing a SME Development Bank to provide zero-interest loans, and finalising industrial estates at Wales and in Region Six. The government is also pushing for full occupancy at the soon-to-be-completed estates at Belvedere, Lethem, Onderneeming, and York, while creating a small-business complex in Georgetown to provide organised spaces and better infrastructure for expansion.
