President Ali: “Oil Brings Revenue, Not Wealth” – Focus Must Be on Creating Prosperity for All Guyanese
Antonio Dey | HGP Nightly News
At a People’s Progressive Party/Civic (PPP/C) fundraising dinner on Monday night, President Mohamed Irfaan Ali made a striking declaration: Guyana’s true wealth is not oil and gas, but the potential to create lasting prosperity through the wise use of the revenue it generates.
“We don’t have wealth with oil and gas. We have revenue,” the president told attendees, recounting a conversation with a global leader who remarked on Guyana’s vast oil reserves. “Wealth is created when we utilize that revenue to create opportunities that improve lives.”
Guyana is estimated to hold over 11 billion barrels of oil in the Stabroek Block. Yet, critics have long argued that the ExxonMobil-led contract gives away too much, offering tax-free incentives to operators while shortchanging the country of its fair share of profits.
Despite calls for renegotiation, the government has held firm to the existing agreement, instead promising to channel the oil revenue into nation-building projects and wealth creation for ordinary Guyanese.
President Ali outlined his vision to co-invest with citizens, emphasizing that massive infrastructure projects—like new roads—will increase land values, giving Guyanese the leverage to secure low-interest loans and build wealth independently.
“Five years ago, a $30 million home loan might’ve cost you 9% in interest. Today, that’s down to 5%,” he explained, noting that economic growth is directly tied to government investments in infrastructure and improved access to capital.
Ali’s message was clear: Guyana’s future lies not in what lies beneath the soil, but in how smartly the country leverages its newfound income to empower people at all levels of society.
