President Ali calls on private sector to turn oil revenues into jobs and commerce

President Dr. Irfaan Ali has highlighted the vital role of the private sector in translating Guyana’s oil wealth into economic opportunities and improved standards of living.

During his address at the GCCI Energy Insights Breakfast earlier today, the President told business leaders that oil alone cannot drive development; a collaborative approach between government and private industry is essential.

“The beating heart of any economy is the business community. Oil is opening doors, yes, but we must not be content with simply walking through those doors. We must build new ones,” he said.

He further emphasized that the wealth generated from oil requires careful planning, discipline, and vision to ensure it results in tangible benefits for citizens.

“Oil alone won’t cook our food, won’t educate our children, won’t provide the best health care possible, won’t build our businesses. It takes planning, discipline, and vision to translate oil wealth into development,” President Ali added.

Guyana’s private sector has seen growth alongside the expansion of the oil industry, particularly in services, construction, and energy-related businesses.