GUYANA · ECONOMY

Published Saturday, 7 November, 1:30 p.m. ET · Source: Guyana Bureau of Statistics, statements by opposition MPs

An opposition lawmaker says Guyana’s record oil-funded budgets are not lowering what households pay for food, transport and electricity. Sharma Solomon, who speaks for the opposition APNU coalition on natural resources, demands proof that the spending has cut food prices.

Official data show food prices 3.8% higher in September than a year earlier. The opposition cites projected oil revenue of about US$6.5 billion this year.

What the Opposition Says

Sharma Solomon, an opposition member of parliament for the APNU coalition (A Partnership for National Unity), says the government’s record oil-funded budgets have not eased the cost of living. He says the average working-class Guyanese cannot pay a grocery bill with talk of economic growth.

He asks the government to explain why food prices stay high despite the spending, and to say by how much they have fallen. He also asks what share of oil revenue is committed to a long-term programme to cut food costs.

Solomon says the government points to a G$100,000 cash grant (Guyanese dollars, about US$480), farm subsidies, removed taxes and stable electricity tariffs. He argues that production has not risen and that savings from tax relief do not reach households.

What the Official Price Data Show

Guyana’s Bureau of Statistics reports that prices in Georgetown were 3.4% higher in September 2026 than a year earlier. Food prices were 3.8% higher, and transport and communication costs 4.2% higher.

The same release shows food prices down 0.3% from August. They remain 3.8% above last year’s level.

The Oil Money Behind the Debate

Guyana’s oil comes from offshore fields run by a consortium led by ExxonMobil, the US oil major. Solomon says output averages about one million barrels a day and cites projected oil revenue of about US$6.5 billion this year.

The 2026 budget is G$1.558 trillion, about US$7.5 billion at the Bank of Guyana’s official rate of about G$208.5 per US$. The government presented it in January and parliament passed it in February.

What It Means for You

For investors in US-listed oil companies, Guyana is a major source of production growth. Public debate over who benefits can shape future contract and tax terms.

Readers who track Guyana can follow the Bureau of Statistics’ monthly price index for Georgetown. Dollar figures in this article use the Bank of Guyana’s official rate of about G$208.5 per US$.

What Is Not Known

Solomon cites a 6.7% rise in food prices from the government’s mid-year report, a figure we could not reconcile with the Bureau’s 3.8% for September. We also found no official electricity or transport tariff data to test his claims on those costs.

We have not seen the government answer his questions in public. We will update this article if it does.

More: Guyana news in English; Guyana Weighs Local Content Act Change; Guyana Population and Ethnic Groups Explained.

Frequently Asked Questions

What does the Guyana opposition say?

Opposition MP Sharma Solomon says record oil-funded budgets have not eased grocery, transport or electricity costs. He wants the government to show how much food prices fell.

How fast are prices rising in Guyana?

The Bureau of Statistics says Georgetown prices rose 3.4% in the year to September, with food up 3.8% and transport and communication up 4.2%.

How much oil money does Guyana earn?

The opposition cites projected oil revenue of about US$6.5 billion this year. We could not confirm the figure against the government’s report.

Sources: Guyana Bureau of Statistics, consumer price index for September 2026; Guyana Ministry of Finance; statements by opposition MPs, 7 November 2026.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error

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