Guyana’s Oil Boom Secures President Ali’s Clear Electoral Win

Guyana’s Elections Commission confirmed that President Irfaan Ali’s People’s Progressive Party won 56 percent of votes and carried eight of ten districts.

Voters cast a single ballot that elects both parliament and president. The newcomer WIN party gained 24 percent and surpassed the traditional opposition’s 17 percent, but its leader, Azruddin Mohamed, challenged the results without evidence.

Since offshore production began in 2019 at the Stabroek block run by ExxonMobil, Chevron, and CNOOC, Guyana’s economy surged. In 2024, its GDP grew by 44 percent—Latin America’s fastest rate—and oil revenues swelled the state budget to US $6.7 billion.

The government used these funds to provide free university tuition, build schools and hospitals, and expand cash-transfer programs. Despite this prosperity, critics warn that rapid growth fuelled corruption and left major projects delayed.

Officials rushed to complete the Demerara River bridge before the vote, yet its access road remains unfinished. The Inter-American Development Bank reported that 58 percent of Guyanese still live in poverty despite the oil windfall.

Meanwhile, Venezuela renewed its claim on two-thirds of Guyana’s territory, including the Essequibo oil fields. President Ali vowed to defend national sovereignty and negotiate resource-sharing agreements.

His re-election strengthens his hand in these high-stakes border talks. Looking ahead, Guyana plans to raise oil output from 650,000 barrels per day to over one million by 2030.

International energy investors will watch closely as the country balances its newfound wealth with the challenges of governance and equitable growth.