The expansion of Guyana’s oil and gas sector has resulted in a new dilemma for its government – a deficit in housing, according to the subject Minister Collin Croal.
Guyana launched the second edition of its massive Building Expo on August 24 at the National Stadium in a ceremony that showcased the country’s transformational direction. There, Croal used the opportunity to highlight major plans and some challenges faced by the Housing Ministry.
“The Housing Sector has its fair share of challenges, inadequate buildings… migration… the formation of new families…and the existing deficit has been further exacerbated by new demands brought on by the accelerated growth of the oil and gas industry,” he told the gathering.
Guyana has only been producing oil for under five years but the industry has ballooned tremendously; there has been an influx of corporations looking to establish a base in the South American nation, meaning more lands need to be made available. Guyana through its housing programme provides affordable lots and ready-to-move buildings for its citizens. And currently, it is faced with a backlog of 57,000. To address this, Guyana’s President, Dr. Mohamed Irfaan Ali said the country would need to invest GY$170 billion (more than US$800 million).
Considering the current land availability, President Ali explained that the government can provide 43,000 house lots, which falls short by 14,000 compared to what exists in the system. He said achieving the additional 14,000 poses challenges as it involves encroaching on wetlands.
Additionally, there are 700 proposals in the system for industrial and commercial lots, some of which included requests, for up to 20 acres of land.
“The reality is that we do not have enough lands available in the system now to service even 50% of the demands for industrial lots and commercial lots,” he revealed.
The oil boom is also heralding the need for innovation in Guyana’s construction sector and this is what the Building Expo aims to foster. From a cursory examination of booths, patrons get a taste of new advancements and styles they can adapt when constructing.
The expo runs until August 27.
Check out a few scenes from the expo here:
