Guyana: A Decade In Review On The 56th Anniversary As A Republic

 By Ron Cheong

News Americas, TORONTO, Canada, Mon. Feb. 23, 2026: Memories are short in Guyana as elsewhere.  In the daily churn of corruption allegations, political theatrics and partisan outrage, perspective is often the first casualty. But a country on the cusp of historic transformation cannot afford amnesia – especially as another charade unfolds, with the leader of the official opposition trying to block the US government’s extradition request on charges of fraud and gold smuggling.

The New Demerara River Bridge commissioned on Sunday, October 5, 2025 in Guyana. (DPI image)

So even as development is progressing at a whirlwind pace, it is worth pausing deliberately and unsentimentally to look back at the calamity avoided – to examine the past decade and the country’s remarkable comeback. Guyana could have continued along the 2015–2020 trajectory of stagnation, fiscal contraction, stalled growth and political deadlock. Instead, beginning in 2020, the country pivoted aggressively toward expansion, social investment, housing acceleration, infrastructure build-out and unprecedented economic output.

The difference is not rhetorical. It is measurable. 

The Years Of Stagnation And Regression

The coalition government was in power when oil production began in December 2019. The contract was inked on its watch – Guyana entered the petroleum age on its watch.

But even that milestone later revealed a failure of leadership that let down the Guyanese People’s interests.

The administration was resistant and unprepared to answer legitimate public concerns about the oil contract and revenue management. The creation of the Natural Resource Fund was necessary, but its structure left unresolved questions about transparency. When citizens demanded clarity, they received defensiveness.

From 2015 to 2020, when not inert, governance was ineffective.  Infrastructure expansion was modest. Social reform was limited. The controversial closure of sugar estates displaced workers without delivering a credible economic transition plan. Fiscal conservatism may have reflected limited pre-oil revenues, but strategic imagination does not require surplus cash.

Then came the defining failure.

The 2018 no-confidence vote and the protracted 2020 election crisis were not minor political scuffles. They severely tested the country’s democracy.  For five months, Guyana’s reputation teetered. At the exact moment when oil required institutional strength and investor confidence, the country projected instability and constitutional brinkmanship.  The conflict was finally resolved through the intercession of CARICOM countries, including Mia Mottley – Barbados, Ralph Gonsalves -St. Vincent, and Keith Mitchell – Grenada, the US, the UK, the EU and others.

Oil did not destabilize Guyana. Politics nearly did.

By the time the coalition left office, production had begun, but trust had eroded. The country had entered the oil era, but the government was without a plan or a strategic vision.

A Remarkable Recovery

When the current administration returned to office in 2020, it inherited both oil revenues and institutional strain. Unlike its predecessor, it did not hesitate.

From 2022 onward, Guyana recorded the highest GDP growth rates in the world – over 60 percent in one year, above 30 percent in another, and more than 40 percent in 2024. Oil production surged from under 100,000 barrels per day in 2020 to well above 600,000 barrels per day within a few short years.

But numbers alone do not tell the story.

The difference was visible. Roads expanded. Bridges rose. Housing schemes multiplied. Hospitals were commissioned. Pensions increased. Cash transfers were rolled out. Scholarships widened access to education. Public investment moved at a speed that would have seemed implausible during the previous administration.

This was not reticent governance. It was an assertive deployment of government potential.

Critics rightly warn about inflation and procurement oversight.  Oil wealth, if poorly managed, can distort institutions as easily as it builds infrastructure. But even critics concede the obvious: execution under the 2020-2025 administration has been faster, more coordinated, and more ambitious.

The Ali government did not merely preside over oil production. It operationalized it.

Yes, there are thorny issues to deal with on an everyday basis:  There is systemic corruption, the country is caught between a rock and a hard place geopolitically, the coast which is under sea level is even more prone to flooding with climate change, and the country is challenged by the large influx of Venezuelans fleeing their country and elements of associated crime – to name some of the issues.

Also, despite record GDP growth, poverty remains stubbornly high. Entire communities, particularly in rural and hinterland regions, still struggle. Oil has expanded the state’s balance sheet faster than it has equalized opportunity – an indictment of how difficult structural transformation truly is.  But the administration is working on these gritty issues.

Competence Is Not Partisan

Strip away party loyalties and the contrast is stark. The earlier period was marked by:  Historic opportunity met with limited strategic boldness, political instability that shook democratic credibility and Institutional inactivity bordering on paralysis

The latter period has been marked by: Aggressive scaling of production and spending, visible infrastructure transformation and decisive executive action

One government seemed reluctant to move. The other has moved rapidly. History will not treat these periods as equal.

The first government will be remembered for ushering in oil. It will also be remembered for allowing political miscalculation to overshadow that milestone.

The second government will be remembered for converting oil revenue into visible transformation. It will also be judged on whether that transformation becomes sustainable and equitable.  

Learnings That Inform Future Prosperity

Guyana’s first oil decade has revealed something uncomfortable: economic destiny can change faster than political culture.

Oil did not make Guyana great. Governance determined whether oil translated into momentum or mismanagement.

Between inertia and acceleration, the country has seen both the fragility and the force of political power. The lesson of 2015–2025 is that leadership matters. Guyana now stands richer than ever before. The question is no longer whether the country can grow. It is whether its leaders, present and future, can continue to build institutions and govern competently

The 2015-2020 experience and the current political distractions reinforce and make clear that democracy, competence, and people-centered governance are the crucial bedrock for the country’s continued development and prosperity.

EDITOR’S NOTE: Ron Cheong is a frequent political commentator and columnist whose recent work focuses on international relations, economic resilience, and Caribbean-American affairs. He is a community activist and dedicated volunteer with extensive international banking experience. Now residing in Toronto, Canada, he is a fellow of the Institute of Canadian Bankers and holds a Bachelor of Science degree from the University of Toronto.