GEORGETOWN: Guyana holds a pivotal election today to determine leadership of South America’s fastest-growing economy following its transformation into an oil superpower.
The nation’s economic fortunes changed dramatically after ExxonMobil discovered massive offshore crude deposits in 2015.
Guyana achieved world-leading economic growth of 43.6% in 2024 driven entirely by surging oil revenues.
The government aims to nearly double current crude production from 650,000 barrels per day to over one million within five years.
This economic bonanza comes with significant challenges including Venezuela’s renewed claim over the oil-rich Essequibo territory.
Professor Neville Bissember from the University of Guyana emphasised the distinction between growth and development.
“We don’t need to reinvent the wheel to do this,“ Bissember said, citing Botswana, Singapore and Malaysia as successful models.
Approximately 750,000 voters will elect parliament members with the winning party selecting the next president.
The election features a three-way contest between incumbent President Irfaan Ali, opposition leader Aubrey Norton and billionaire newcomer Azruddin Mohamed.
Voting patterns traditionally follow ethnic lines with Indo-Guyanese supporting the PPP/C and Afro-Guyanese backing the PNCR.
Ali campaigns on his government’s record of strong growth, tax cuts and expanded social programs.
Norton accuses the government of corruption and failing to address the soaring cost of living.
Mohamed promises direct cash transfers to citizens despite facing US sanctions for alleged tax evasion and bribery.
Market trader Ani Charles expressed frustration that ordinary citizens haven’t benefited from the oil boom.
“The cost of living keeps increasing. The rich get richer and the poor get poorer,“ she said.
Businessman Halim Khan defended the government’s management of oil wealth and praised Ali’s handling of the Venezuela dispute.
The territorial conflict over Essequibo remains before the International Court of Justice. – AFP