With the Sunday morning sun shining down, President Irfaan Ali was sworn-in as President for a second term this morning by acting Chancellor of the Judiciary, Justice Roxane George.

At State House, moments after taking the oath of office, President Ali said the People’s Progressive Party/Civic (PPP/C) Administration will pursue new exploration under a stronger Production Sharing Agreement (PSA), even as it works to strengthen the traditional sectors, and further diversify the country’s economy through the advancement of new and emerging sectors.

“In the next five years we will convert ambition into action, and action into transformation. We will not speak in half-measures; we will not hesitate. We will deliver. Yes, our oil and gas sector will continue to grow, expanding production and revenue for our people. But why stop there? We will press forward with new exploration under a stronger Production Sharing Agreement, ensuring that the benefits are greater, the gains are wider, and the wealth is truly for the people,” the President said to loud rounds of applause.

Ali’s Government in 2024 had finalized its new model Production Sharing Agreement (PSA). However, despite repeated announcements that the new PSAs would be signed with the companies that had participated in the 2022 bidding round, no agreement was signed.

Noting that Guyana will not be a one-sector nation, the President said his Administration will continue to build a diversified economy that will generate jobs, raise incomes, and secure prosperity.

As part of its commitment to economic diversification, the new Ali Administration intends to strengthen the traditional pillars of the economy—mining, agriculture, fisheries and forestry—to ensure that they continue to provide jobs, wealth, and stability for Guyanese.

Ali said his Administration will also create new growth poles that drive the economy through world-class tourism, a thriving blue economy, competitive manufacturing, cutting-edge information and communications technology, and dynamic knowledge-based industries.

‘Guyana’s economic future depends not only on the ambitions and policies of government but also on the private sector –a private sector ready to drive wealth and job creation. Success will come when businesses pursue growth while ensuring fairness to their workers, upholding social responsibility, and contributing to the broader well-being of our society. It is this partnership between government and a responsible forward-looking private sector that will propel shared prosperity,” the President said.

The President assured that his Administration will put the infrastructure in place to advance the work of Private Sector, and to remove the red tapes that often act as a hindrance to its growth. He said Government will “invest boldly” in the infrastructure that underpins growth, creates jobs, and unlocks opportunities for citizens. 

“In the next six weeks,  planning and preparation begin for a suite of major projects: a brand-new Berbice River Bridge; a bridge across the Corentyne River with Suriname; a second gas-to-energy plant in Region Six; the establishment of an Economic Zone in Berbice; the construction of a deep-water harbour; the expansion of the Demerara Harbour; the building of our national digital backbone through the Digital Guyana Project; and fertilizer and natural gas plants that will make Guyana an industrial powerhouse in the region. The next 6 weeks will see these projects advancing on track,” the President said.

The State House ceremony was open to the public and it was followed by a Sunday brunch and concert at the Kingston seawall.

Related posts:

Non-oil economy also recording significant growth -says Pres. Ali President invites Indian private sector to invest in Guyana’s booming economy Government will continue to craft business sector driven budgets -Finance Minister tells PSC Economy records 14.5% growth in first half of 2021; Non-oil economy see 4.8% growth