Guyana to Distribute Oil Wealth, Offering £370 to Each Citizen Amid Economic Boom

 

The government of Guyana has announced a one-time cash distribution of about £370 per person, aiming to share its immense oil wealth with citizens at home and abroad. Since beginning crude oil production in 2019, Guyana's economy has tripled, driven by significant growth in oil revenues.

Under the program, all citizens aged 18 or older, holding a valid passport or ID, are eligible for the grant of 100,000 Guyanese dollars. Diaspora members must be physically present in Guyana to collect the payment. Originally, the plan was to allocate funds per household, but this was adjusted to include young people and other individuals not officially heading a household.

President Irfaan Ali explained, "This per-person approach responds to concerns from young people who feared being excluded if they weren’t household heads." This shift is expected to benefit hundreds of thousands within Guyana’s population of 800,000 and its diaspora, estimated at 400,000.

Guyana's rapid economic transformation follows the discovery of massive oil reserves in 2015. Previously one of the region’s poorest countries, it is now considered one of the fastest-growing economies globally. Local media analyst Alex Graham noted, “While we still need time for growth to translate fully to quality of life, we are already seeing new infrastructure and initiatives that improve living standards.”

Keanu Thomas, a teacher and Indigenous community leader, welcomed the grant, especially for its potential impact in rural and Indigenous communities. "For many families, this funding supports agricultural expansion and local food security," he explained.

Economist Richard Rambarran of the Georgetown Chamber of Commerce and Industry described the cash distribution as broadly beneficial. However, he suggested recipients use it wisely: “Investing in something long-lasting would be ideal rather than spending on short-term consumer goods.”

Opposition MP Ganesh Mahipaul argued the payout should be part of a broader, structured approach to ensure all citizens benefit from the nation’s £47 billion oil windfall. "We believe cash transfers should be regular and backed by accountability measures," he said.

With Guyana aiming to leverage its newfound wealth for long-term development, this initial cash grant marks a significant step in the country's journey to share its economic gains with its people.