Guyana’s gold industry fell short of its 2025 production target despite intensified anti-illegal mining operations, recording a deficit of 15,679 ounces against its 500,000-ounce goal. Finance Minister Dr. Ashni Singh revealed in his 2026 National Budget address that total declarations reached 484,321 ounces, representing an 11.6% industry expansion nonetheless.
The government response has been multifaceted: enhanced monitoring of licensed dealers, expanded purchasing infrastructure, and stricter compliance measures. While declarations from licensed dealerships declined by 21.5% to 121,883 ounces, this was offset by a 15.5% increase from large-scale operators (167,005 ounces) and a remarkable 45.6% surge in declarations to the Guyana Gold Board (195,432 ounces).
Infrastructure expansion played a key role in 2025, with mobile purchasing operations in Lethem, Marudi, and Mahdia culminating in two permanent purchasing locations by year’s end. Three additional mobile units are planned for Puruni, Karuni, and Olive Creek before mid-2026 to further combat leakage.
The reform agenda includes mandatory local bank accounts for miners, compulsory personal record updates, and intensified audits. These measures, welcomed by the Guyana Gold and Diamond Miners Association, aim to formalize the sector and improve traceability.
With gold prices projected to average US$3,575 per troy ounce in 2026, the government anticipates declarations reaching 510,450 ounces. Non-oil exports are expected to grow by 8.6% to US$2.5 billion, largely driven by gold and bauxite exports, which increased 63.4% and 52% respectively in 2025.
Budget incentives supporting miners include removal of duties on all-terrain vehicles and outboard engines up to 150 horsepower, reduced taxes on double-cab pickups, maintained zero-percent excise tax on petroleum products, and investments in hinterland infrastructure and airstrip upgrades.