In a contentious parliamentary session during Guyana’s 2026 National Budget debate, Opposition Leader Azruddin Mohamed asserted his former enterprises played a vital role in stabilizing the nation’s gold and foreign exchange markets prior to U.S. sanctions imposed in 2024. Mohamed, who leads the We Invest in Nationhood (WIN) party, claimed his operations previously supplied commercial banks with millions of U.S. dollars nightly, contrasting sharply with current shortages causing extended wire transfer delays and a depreciating Guyana dollar.
The opposition leader faced frequent interruptions from ruling party officials, including Public Affairs Minister Kwame McCoy who labeled him an ‘alleged transnational criminal.’ Mohamed maintained his innocence regarding U.S. charges of wire fraud, mail fraud, and money laundering linked to gold trading, suggesting the sanctions resulted from his refusal to abstain from the 2025 elections.
Mohamed presented data indicating a 21.5% decline in licensed gold declarations to 121,000 ounces since his exit from the market, questioning Natural Resources Minister Vickram Bharrat about the whereabouts of unaccounted gold. He simultaneously advocated for improved security measures for small-scale miners and increased access to viable mining lands.
The WIN leader outlined alternative economic policies including temporary subsidies for utilities, established food banks, VAT reductions, and community agricultural projects. Finance Minister Dr. Ashni Singh challenged Mohamed to prove his innocence in court rather than ‘ensnare innocent Guyanese,’ while Attorney General officials pressed for answers regarding ongoing financial crime investigations.