Guyana’s Minister of Natural Resources, Vickram Bharrat, says the rapid growth in vehicle registrations signals increasing purchasing power among Guyanese, fueled by the country’s booming economy. Speaking at the Guyana Energy Conference and Supply Chain Expo, Bharrat highlighted that over 10,000 vehicles were registered in just five months, a very notable shift from previous years.
“Only recently, I saw in the newspaper that in the last five months, we have registered over 10,000 vehicles in this country,” Bharrat stated. “In a country [where] we were struggling to register 10,000 people [vehicles] in two to three years, we’re doing it in four to five months now. Now that is real wealth. That is real progress.”
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Guyana’s economic growth has consistently outpaced global trends, with the country being recognized as the world’s fastest-growing economy for multiple consecutive years. The minister attributed this success not just to oil revenues but also to growth in non-oil sectors. The government has been keen on ensuring that the latter stays afloat and not falter while oil dominates.
“It simply means that our plan is coming to fruition,” he added.
Bharrat said that the economic transformation is allowing more Guyanese, including young professionals and students, to afford their own means of transportation.
“It might not serve as a big achievement to some people, but to us, it is a big achievement,” he added.
The minister also linked the rise in vehicle ownership to broader economic expansion and investor confidence. “We have seen today many, many companies, not only in the oil and gas sector, but also in mining and logging. And their biggest issue, their biggest problem towards increasing production, is a shortage of labor,” Bharrat noted. “A few years ago, we had a very high unemployment rate. Our people were leaving, going to other countries in search of jobs and a better life. Today, we have a labor shortage because of the expansion of the economy.”
According to Bharrat, this shift is driven by local and foreign investors feeling secure in Guyana’s economic environment. “Investors feel safe to invest in Guyana. Our private sector trusts the government to take risks, to expand, and to reinvest in their operations. That is why we’ve seen the success that we’re seeing today.”
The oil minister maintained that Guyana’s economic trajectory is proof of the government’s effective management of oil revenues and its commitment to improving the lives of citizens.
“It definitely means that we are doing something right,” he said.
