标签： Guyana

Georgetown, Guyana – The Guyana Office for Investment (GO-Invest) has announced a landmark achievement in the nation’s economic development, reporting GY$157 billion in newly facilitated investments for the year 2025. This substantial figure contributes to a five-year cumulative total exceeding GY$1 trillion, marking a significant milestone in the country’s strategic diversification efforts beyond its oil sector.

Dr. Peter Ramsaroop, Chief Investment Officer of GO-Invest, provided a detailed breakdown of the 2025 investment portfolio, revealing robust international confidence alongside strong domestic participation. Foreign direct investment accounted for GY$86 billion, while local investments reached GY$64 billion, with joint ventures contributing an additional GY$5.9 billion. This investment distribution demonstrates a balanced economic growth model engaging both international and domestic stakeholders.

The investment agency emphasized that these capital inflows have accelerated economic diversification and regional development across multiple non-oil sectors. Between 2020 and 2025, GO-Invest executed more than 180 investment agreements that secured commitments for over 32,000 direct and indirect jobs, though the agency acknowledged that not all investments in Guyana necessarily pass through their office.

Substantial investment activity has been recorded across diverse sectors including agriculture, agro-processing, manufacturing, tourism, logistics, construction, housing, Information Communications Technology (ICT), energy services, health care, and education. These strategic investments have generated sustained employment, expanded local enterprise capabilities, strengthened export capacity, and anchored growth in communities across all regions of Guyana.

Dr. Ramsaroop highlighted the government’s commitment to continuing this accelerated investment trajectory under President Mohamed Irfaan Ali’s Vision 2030 framework, ensuring that economic growth remains broad-based, inclusive, and anchored in long-term national development priorities. “The people of Guyana can be confident: modernized diversification is real, the jobs are real, and the future we are building together is real,” he affirmed.

The reported investment figures and sectoral distribution provide tangible evidence of Guyana’s successful economic transformation strategy, positioning the country for sustainable growth beyond hydrocarbon resources.

The Guyanese government has announced a substantial GY$25 billion (Guyanese dollars) subsidy for the state-owned power utility Guyana Power and Light Inc. (GPL) to prevent electricity price hikes for consumers amid rising global fuel costs. The decision was formally disclosed by Public Utilities Minister Deodat Indar during Tuesday’s National Assembly session while reviewing the 2026 national budget expenditures.

Minister Indar explained that GPL’s financial planning operates on a breakeven basis when fuel prices remain at approximately US$70 per barrel. With current prices significantly exceeding this threshold, the utility faces substantial operational losses without government intervention. “For every dollar increase in fuel prices beyond our breakeven point, GPL incurs an additional GY$543 million in costs due to the massive volume of fuel required for power generation,” Indar stated.

The minister revealed that GPL’s annual fuel expenditure reaches GY$47 billion, with 93% allocated to Heavy Fuel Oil and the remainder to Light Fuel Oil. These fuel costs represent the dominant component of the company’s generation expenses. The government’s subsidy strategy ensures that consumers will not bear the burden of these increased operational costs.

In related energy developments, Minister Indar reaffirmed government plans to extend electricity supply from the forthcoming gas-to-energy plant to Linden and sections of the Linden-Soesdyke Highway, representing a significant expansion of the national power infrastructure.

In a landmark ruling with significant implications for banking customers, Guyana’s High Court has dismissed a legal challenge against Scotiabank’s account closure practices while simultaneously calling for legislative reform to protect consumer rights.

Justice Nicola Pierre ruled Tuesday that Scotiabank acted within its contractual rights when it terminated the account of Gobin Harbhajan, a political candidate for the We Invest in Nationhood (WIN) party. The judgment emphasized that the Personal Financial Services Agreement signed by all customers explicitly permits the bank to close accounts without cause provided 30 days’ notice is given.

“This constitutes an unqualified contractual right that does not require the decision-maker to form any judgment or evaluation,” Justice Pierre stated in her written decision, underscoring the bank’s legal position under current contract law.

The case emerged after Scotiabank closed Harbhajan’s account in August 2025 despite it being in good financial standing. The WIN candidate alleged political discrimination, claiming the closure resulted from his party affiliation and that all WIN members had similarly lost banking access.

However, the court found no substantiated evidence supporting these claims. Affidavits from Scotiabank’s representative Vibert Jones denied any knowledge of Harbhajan’s political affiliations or any systematic closure of WIN members’ accounts. Justice Pierre noted that “mere assertion or correlation is insufficient” to prove political discrimination.

The ruling addressed multiple legal dimensions, including:

1. Contract Law: The court affirmed that banking relationships remain primarily governed by private contract terms rather than public law principles

2. Procedural Fairness: Justice Pierre determined that banks owe no duty of procedural fairness in account closures as they administer private services, not government functions

3. Regulatory Compliance: Allegations of Anti-Money Laundering Act violations were dismissed as these obligations are owed to regulatory bodies, not individual customers

Despite upholding Scotiabank’s actions, Justice Pierre issued a compelling call for legislative reform, noting the critical importance of banking access in modern digital societies. She recommended the National Assembly consider establishing an independent financial services ombudsperson to investigate account closure complaints—a mechanism already implemented in other jurisdictions.

“The purely contractual nature of the banker-customer relationship that insulates banks from liability at common law is undesirable given the centrality of banking services in contemporary life,” the judge observed, highlighting the growing disconnect between contractual rights and societal needs.

The decision also clarified that unincorporated political parties like WIN lack legal personality, preventing collective claims, and found no evidence supporting claims of reputational damage or improper sanctions against the party or its members.

The Guyanese government has announced an ambitious five-year strategic plan aimed at revitalizing the financially troubled Guyana Sugar Corporation (GUYSUCO) and eliminating its dependence on state subsidies that currently amount to billions of dollars annually.

Agriculture Minister Zulfikar Mustapha revealed the turnaround strategy during parliamentary proceedings on Tuesday, February 10, 2026, in response to questioning from opposition parliamentarians. The plan represents a significant shift in approach for the wholly state-owned corporation, which has relied on government support for decades.

Central to the revitalization effort is an aggressive mechanization program that has already reached 41% implementation. Minister Mustapha detailed substantial investments in new agricultural machinery, including billet cutters, planters, and harvesters, scheduled for acquisition over the next five years. These technological upgrades are expected to dramatically improve operational efficiency and reduce production costs.

The corporation’s financial challenges are substantial. GUYSUCO currently owes approximately GY$1 billion to the National Insurance Scheme (NIS), while 81% of its GY$8.4 billion allocation will be directed toward covering part of its GY$20 billion wage and salary obligations.

Production statistics reveal the scale of the challenge. Sugar output has declined steadily over the past 15 years due to adverse weather conditions and industrial unrest, with 2025 production reaching only 59,200 metric tonnes against a revised target of 70,000 metric tonnes. The government has set an ambitious target of 100,000 metric tonnes for the current year, representing a 36% increase.

Minister Mustapha expressed confidence that factory rehabilitations, improved juice extraction rates, and increased use of plant cane would drive production improvements. He anticipates mechanization rates will reach 50-60% in the near future, significantly enhancing operational capabilities.

The political context adds complexity to the revitalization effort. The previous administration’s closure of four sugar estates and resulting mass layoffs became a central campaign issue in the 2020 general elections. The current government now faces the challenge of delivering on its promises to restore the industry while achieving financial sustainability.

Management accountability has been emphasized as a critical component of the turnaround strategy. Regular performance reviews and meetings with estate managers are being implemented to ensure progress toward the 2030 profitability target.