Transparency, accountability necessary for oil sustainability – President Ali

President Dr. Irfaan Ali has emphasized that the sustainability of Guyana’s oil wealth relies on transparency, accountability, and prudent governance.

He made the remarks on Thursday during the Georgetown Chamber of Commerce and Industry’s (GCCI) Energy Insights Brief.

While highlighting the importance of oil and gas for the Vision 2030 Plan, President Ali stressed that these principles are non-negotiable for securing the sector.

“Oil is not an end in itself. It is a means to an end. It is a means of accelerating, a catalyst, a stepping stone. If oil is the fuel, then sustainable development must be the destination. And yet, let us not fall prey to illusions. History is filled with nations that flock oil but lost their way,” he said.

The President warned that Guyana must guard against pitfalls experienced by other oil-rich countries to ensure this blessing does not become a “curse.”

“That is why transparency, accountability and prudent governance are non-negotiables. That is why the Natural Resource Fund exists. To ensure that this blessing does not become a burden. As we spend today, we must also save for tomorrow. Oil may enrich a nation, but if mismanaged it can impoverish us,” he added.

President Ali highlighted that the real test of good governance is how oil revenues are converted into growth across the wider economy. He added that the private sector plays a key role in transforming wealth into commerce and opportunities, while the government’s role is to create an enabling environment through policies that support business expansion.

He noted that the framework also encourages innovation, transformation, and the creation of quality jobs.

The President concluded that while oil is opening doors for Guyana, the country must not only walk through them but also build new ones—underscoring the government’s commitment to bold and innovative ideas.