Guyana Elections: Management of Oil Revenues at Stake

Guyana, the world's newest 'petrostate,' is facing a crucial election on September 1st, focusing on the management of oil revenues. The election will determine how billions of dollars from the burgeoning oil industry will be allocated.

President Irfaan Ali is seeking a second term, proposing investments in infrastructure, while the opposition focuses on social welfare. A third candidate, Azruddin Mohamed, promises populist economic benefits.

The discovery of oil by ExxonMobil has transformed Guyana, with GDP quintupling between 2019 and 2024, reaching $25 billion. Government oil revenues are projected to reach $41 billion in the next five years.

Despite the growth, many citizens have not seen an improvement in their living standards, with the cost of living rising. Mohamed and opposition leader Aubrey Norton have pledged to renegotiate the agreement with ExxonMobil, while Ali's government rejects this possibility.