At an early morning breakfast meeting with members of the business community, President Irfaan Ali this morning promised prudent management of the country’s oil and gas resources, even as he said those resources will be used to fast-track development in key sectors in the economy.

Addressing the meeting, which was hosted by the Georgetown Chamber of Commerce, the President said while Guyana is cementing its place as an oil producing country, it has taken notes from other countries that were in a similar position and may have lost their way.

He said issues such as corruption, the Dutch disease and widening the income gap between the rich and poor, will be tackled head on to ensure Guyana does not suffer a similar fate.

“That is why transparency, accountability and prudent governance are non-negotiable. That is why the Natural Resources Fund exist, to ensure that this blessing does not become a burden and as we spend today, we must also save for tomorrow. Oil may enrich a nation, but if mismanaged, it can impoverish us,” the President noted.

The President said while the government has to play its part, the business community has a greater role to play in creating opportunities for Guyanese.

“No matter how well we save or how wisely we manage, it is  the business that transforms wealth into work, into commerce and into opportunity and the government’s role is to create that enabling environment, the government’s role is to develop the policy framework that support the expansion of businesses, that supports innovation and transformation and that supports quality jobs,” the President stated.

Mr. Ali said there must be greater collaboration between government and businesses to drive economic activity and create an environment for all citizens to thrive. He said government will support the creation and establishment of new industries and businesses that are sustainable and can drive the country’s economy.

“The beating heart of any economy is the business community. Oil is opening doors but we must not be content with simply walking through those doors we must build new ones. That is why we are embracing bold and innovative ideas like Silica City, developing a Tourism sector that will be second to none,” the President promised.

The President noted that while there are good signs and notable progress, the real test remains as to how the oil revenue will be converted into engines of growth for the wider economy.

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