GEORGETOWN, Guyana, (DPI) – President Dr Mohamed Irfaan Ali has issued a strong call for Guyana’s private sector to take the lead in navigating mounting global economic pressures, urging businesses to play a central role in stabilising prices, sustaining growth, and protecting consumers.
Addressing the 136th annual general meeting of the Georgetown Chamber of Commerce and Industry on Thursday at the Guyana Marriott Hotel in Kingston, Georgetown, the president said the time had come for a deeper partnership, with the business community stepping forward as co-drivers of national resilience. He stressed that with government measures already stretched, particularly through fuel subsidies and tax adjustments, the private sector must now act decisively in the national interest.
“When the state has maximised its tools, the private sector must support,” President Ali said, noting that companies enjoying profit margins as high as 30–35 percent should consider adjustments to ease the burden on consumers.
The president painted a sobering picture of the global economic climate, linking rising costs in Guyana to escalating tensions in the Middle East and disruptions to critical energy infrastructure. He pointed to the strategic importance of the Strait of Hormuz, through which up to a quarter of the world’s seaborne oil passes, warning that its instability has already triggered sharp increases in freight, fuel, and fertiliser prices.
“These are not short-term shocks,” he cautioned, explaining that damage to energy facilities in Gulf states could take years to repair, prolonging global supply chain disruptions. The fallout, he said, is already being felt worldwide, with rising transport costs, increased insurance rates, and surging input prices for manufacturing and agriculture.
Against this backdrop, president Ali underscored that Guyana’s government has already exhausted many of its fiscal tools, including removing excise taxes on fuel and absorbing billions in subsidies to cushion households and businesses. He emphasised that maintaining economic stability now requires shared responsibility.
“This is what true partnership looks like,” he said, noting that “Difficult conversations, but necessary ones.”
The president urged businesses to lead through pricing decisions and by helping to educate the public on national development initiatives, including energy and infrastructure projects.
Looking ahead, president Ali outlined key investments aimed at insulating Guyana from global volatility, including the gas-to-energy project, expanded storage capacity, and plans for a refinery and deep-water port; and that these initiatives are critical to reducing dependence on imported fuel and strengthening national energy security.
Guyana to revisit oil refinery establishment as global tensions rise, says president Ali
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