President Irfaan Ali has boasted that more Guyanese are now owning their own homes and cars, despite the high cost of living that citizens continue to complain about.

In an interview with Aljazeera News, the President acknowledged that the cost of living is high in Guyana, but said that it is a problem that is also affecting a number of other economies.

He told Al Jazeera despite the high price of food and other items, the net asset base for citizens has been increasing.

“And yes we have the problem of imported inflation and spending pattern is changing with improved living condition spending pattern changes and that too has an impact on day-to-day cost at the household and at the national level, notwithstanding that, what we have to do is ensuring that we increase productivity,” the President stated

The President said the cost of living issue must be examined in totality, stressing that the cost if transportation and logistics and other factors have increased significantly.

He said despite the country’s increase in revenues and economic fortunes, it has not been spared from the impact of the global rise in the cost of living.

“The cost of all of these inputs have escalated worldwide and that has consequential effect on every economy whether you are an oil economy or not, you have that consequential effect, so yes we have had increased revenue, we have had more revenues coming in, but we have also had the shocks in world is facing in all the other sectors and this is driven by conflict, the war, the disruption in supply and in transpiration routes,” the President said.

Mr. Ali also addressed the question of management of the country’s oil and gas resources, rubbishing criticism that the revenues are not being properly managed.

According to him, all revenue from the oil sector is managed through the national budget and a parliamentary process. 

“In terms of transparency and the use of oil gas revenue there is a clear system that is announced when revenue comes in and is audited, so the reality is much different than the propaganda,” the President stated.

The political opposition has been calling for more transparency on the Government’s spending of oil funds, as it increases its spending on several major projects across the country, with ongoing claims of corruption and mismanagement.

President Ali said his Government has been to build out and diversify the economy to cater for any impact that might come from a reduction in oil earnings.

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