At the graduation ceremony for the Guyana Online Academy of Learning (GOAL) on Tuesday, Vice President Dr Bharrat Jagdeo made an unplanned but welcome appearance, using the opportunity to reaffirm the government’s commitment to broad-based development, and to announce a major initiative poised to stimulate local entrepreneurship: the establishment of a development bank offering zero-interest financing to small and medium-sized businesses.
Dr Jagdeo’s message, though wide-ranging, was anchored in the vision of a rapidly modernising Guyana—one where education, entrepreneurship, and equitable opportunity form the cornerstone of national growth. Addressing the graduates, he recalled the early ambitions of the GOAL programme, which initially promised 20,000 online scholarships. That target, he proudly noted, has already been nearly doubled, with 39,000 scholarships awarded to date.
The Vice President reflected on the country’s challenging economic past, comparing the decline from the “Singapore of the Caribbean” to a state poorer than Haiti by the early 1990s, weighed down by unsustainable debt and policy missteps. Now, he said, Guyana’s debt-to-GDP ratio stands at a healthy 16%, and only 6% of revenue is being used for debt servicing—one of the lowest figures in the world. This, he explained, creates space to invest more in citizens and infrastructure, rather than repaying burdensome debts.
Dr. Bharrat Jagdeo
Against this backdrop of macroeconomic stability, Dr Jagdeo highlighted the importance of long-term thinking and warned against populist economic measures that may seem attractive but ultimately threaten sustainability. “We are determined that prosperity in Guyana will not be ephemeral,” he said, referencing other oil-rich nations where boom has quickly turned to bust due to poor resource management. Guyana, he insisted, is pursuing a different path—one focused on careful planning, local empowerment, and economic diversification.
The local content law, passed two years ago, was cited as a success story. Thanks to that law, more than 1,000 Guyanese companies have collectively secured over US$700 million in procurement opportunities from the oil and gas sector. The law restricts foreign companies from dominating key service areas, such as transportation and catering, thus reserving those opportunities for locals. The result, according to Dr Jagdeo, has been thousands of jobs and a growing ecosystem of homegrown businesses.
It is within this same spirit that the Vice President introduced the idea of a new development bank, dedicated to offering zero-interest loans to small and medium enterprises. This institution, he said, will be a game changer for aspiring entrepreneurs who may lack access to traditional financing but are brimming with ideas and ambition. He encouraged graduates and young professionals alike to take advantage of this opportunity and to explore business prospects not only in the oil and gas industry but also in emerging sectors such as agriculture, technology, and hospitality.
As Guyana continues its transformation, Dr Jagdeo noted, massive investments are being made in agriculture, healthcare, education, and infrastructure. Twelve new hospitals are being constructed, along with 12 new hotels around Georgetown alone—each demanding thousands of skilled workers. He emphasised that the government’s focus is not just on providing jobs but on building a society where Guyanese can thrive, own property, and build generational wealth.
Digital transformation is also on the agenda. Plans are in motion to digitise national records, introduce facial recognition technology to improve public safety, and modernise traffic systems—all of which will open up new job markets and business opportunities for tech-savvy citizens.
Dr Jagdeo concluded by urging graduates to seize the moment. “You’re graduating into a country that’s rapidly changing. Don’t limit yourselves to government jobs—create companies, pursue opportunities, and build the future,” he said. He also reiterated the government’s goal of making land ownership accessible to every Guyanese, encouraging all to apply for land and take steps toward building stable, independent lives.
“Enjoy life,” he said in closing. “Don’t get caught up in the negativity. This country is yours to inherit. Celebrate our diversity—it’s our greatest strength—and build something unique and lasting.”
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