Turning Guyana’s Boom into Lasting Prosperity: People, Innovation and the Diaspora
Terrence Richard Blackman, Ph.D. April 7, 2025
📢 Support the Guyana Business Journal and Magazine.
Introduction
Guyana stands at the precipice of an unprecedented economic boom fueled by recent oil discoveries. Once considered a relatively quiet economy, it has rapidly transformed into the world’s fastest-growing economy over the last two years. In 2022, Guyana’s GDP surged by an astonishing 62–63%, followed by a further 38% growth in 2023. This meteoric rise is a testament to the nation’s newfound oil wealth. Still, it also raises a critical question: How do we turn this short-term boom into lasting prosperity that benefits all Guyanese? The answer lies not only in barrels of oil but in our people, our capacity for innovation, and the power of the diaspora to bridge Guyana’s present with a sustainable future.
Guyana’s Economic Boom and Its Discontents
The oil windfall has unquestionably reshaped Guyana’s economic landscape. Since the discovery of the massive offshore Liza-1 well in 2015 and the commencement of oil production in 2019, national output has surged significantly. Major international partners have recognized the Stabroek Block’s potential, thereby elevating Guyana’s profile on the world stage. Projections suggest that by 2028, Guyana’s GDP could grow by an additional 115%, outpacing that of every other country.
Yet, amid the celebration of double-digit GDP growth, there is a sober recognition that economic growth does not automatically equal widespread prosperity. President Dr. Mohamed Irfaan Ali himself has warned of the need to avoid the pitfalls of the so-called “Dutch disease” – the pattern where a commodity boom stifles other sectors and fails to improve everyday life. Indeed, despite swelling national revenues, many ordinary Guyanese still face high costs of living, limited job opportunities, and inequality in the distribution of wealth. This paradox is evident in the nation’s continued reliance on remittances from citizens abroad, even as oil dollars flow onshore. In short, the oil boom’s benefits must be deliberately steered toward inclusive development, or else the moment may pass without fundamentally improving the lives of the Guyanese people.
The Diaspora Dividend: Remittances and Beyond
If Guyana’s oil is powering its economic rise, then the Guyanese diaspora has long been the lifeline sustaining its people. The contributions of overseas Guyanese – in finances, skills, and support – are both extraordinary and indispensable. In 2019, remittances from the diaspora amounted to about US $380 million; by 2023, this had swelled to US $549–550 million, a 44% increase in just four years (Village Voice, 2024). To put this figure in perspective, remittances in 2023 were roughly on par with Guyana’s entire education budget and exceeded many other sources of foreign exchange. These funds have been a critical lifeline for families – easing poverty, funding education, supporting small businesses, and generally keeping the economy afloat at the grassroots level. As
one op-ed starkly observed, the rising tide of remittances in the oil era reflects “not prosperity but desperation,” highlighting how many Guyanese households still lean on overseas relatives to make ends meet.
President Ali has openly acknowledged this reality, expressing profound gratitude for the diaspora’s role in “breaking the barriers of extreme poverty” during tough times (Kaieteur News, 2021). He noted that without the steady flow of funds and goodwill from abroad, countless Guyanese would have struggled to overcome economic hardships. In essence, the diaspora has been a silent partner in Guyana’s development, long before the first barrel of oil was ever lifted. Any vision of lasting prosperity, therefore, must treat the diaspora not as bystanders, but as central stakeholders in the nation’s future.
Beyond sending money, the Guyanese diaspora represents an untapped reservoir of human capital and innovation. It is estimated that nearly 40% of all Guyanese citizens reside outside the country, including a disproportionately large proportion of its skilled talent (Kaieteur News, 2023b). In fact, according to the Migration Policy Institute, approximately 90% of Guyanese with tertiary (university-level) education, and about 40% of those with secondary education, emigrated from Guyana between 1965 and 2000 (Kaieteur News, 2023b). This staggering statistic is often cited as evidence of “brain drain,” the loss of skilled workers to foreign shores. However, it also illuminates a tremendous opportunity: these expatriate professionals form a global network of expertise and experience in fields ranging from engineering and healthcare to finance, education, and technology. They are professors and scientists, entrepreneurs and executives, artists and public servants, all carrying a piece of Guyana with them. As one commentator put it, this diaspora is a “wellspring of talent and resources” – a living extension of the nation whose potential contributions far exceed the value of the remittances they send (Kaieteur News, 2023b). The challenge and the promise for Guyana is to harness this diaspora dividend in a structured, strategic way, converting brain drain into “brain gain” or even “brain circulation” (Gaillard & Gaillard, 1997). In other words, by engaging our overseas compatriots to contribute their skills (whether by returning home or collaborating from afar), we can leverage knowledge transfer, investment, and networks to accelerate development at home (Kaieteur News, 2023b). Countries like China, India, and Ireland have demonstrated how diaspora engagement can drive technology transfer, industry growth, and even national branding – lessons that Guyana can apply to its own unique context.
President Ali’s Call: One Guyana, Here and Abroad
Recognizing the power of the diaspora, the Guyanese government, under President Irfaan Ali, has made diaspora engagement a key pillar of its development agenda. “Diaspora support is key in building a new Guyana,” President Ali declared in 2021, underscoring that his government is “vigorously pursuing policies and plans to ensure [overseas Guyanese] are integrally involved in the process” (Kaieteur News, 2021). From his first days in office, Dr. Ali’s message to Guyanese abroad has been one of partnership and unity. He often praises the diaspora’s contributions to upholding democracy, for example, the vocal advocacy by overseas Guyanese during the tumultuous 2020 elections, and acknowledges their steady contributions to social progress through remittances and philanthropy. In Ali’s vision, the diaspora’s “influence, finances and expertise” must join hands with domestic efforts to create what he calls “One Guyana”, a nation unified in purpose and opportunity regardless of geographical location. This “One Guyana” platform is not mere rhetoric; it translates into concrete action.
A Diaspora Affairs Unit has been re-established within the Ministry of Foreign Affairs to serve as a formal bridge between the government and the diaspora (Ministry of Foreign Affairs and International Cooperation, 2021). This unit’s mandate reads like a blueprint for brain circulation: strengthening communication channels, mapping the skills and locations of the Guyanese diaspora, and creating one-stop facilitation for those who wish to return or invest in the homeland. Through this framework, the government has launched initiatives, including virtual diaspora conferences and outreach tours. For instance, in September 2023, President Ali held town-hall-style meetings in New York with the Guyanese-American community, directly addressing questions about Guyana’s development and inviting feedback from the diaspora (Kaieteur News, 2023a). These engagements have yielded tangible results – from streamlined passport and documentation services for expatriates, to tailored incentives for those
willing to return and contribute. The Administration’s approach recognizes that inclusion must extend beyond borders: if every Guyanese abroad feels they have a stake in the nation’s prosperity, they are more likely to invest their time, skills, and capital in national development. “We want the hands of the diaspora to be a key element in the new Guyana… The unification of the Guyanese people is paramount to the prosperity we will achieve,” Ali affirmed, emphasizing mutual trust and consistent engagement (Kaieteur News, 2021). Under this ethos, the diaspora is no longer seen as lost talent but as an integral part of Team Guyana’s journey to lasting prosperity.
Diaspora-Driven Innovation in Technology and Education
Nowhere is the impact of the diaspora more evident than in the realms of technology and education. Guyanese innovators abroad are increasingly turning their success into opportunities for the next generation at home, planting the seeds of a high-tech, knowledge-driven economy. A shining example is Dr. Jason Mars, a Guyanese-born computer science professor and tech entrepreneur who has gained renown in the United States for his breakthroughs in artificial intelligence. Dr. Mars co-founded Clinc, a leading AI company that created one of the world’s most sophisticated conversational AI platforms. But even as he reached the pinnacle of tech innovation abroad, Jason Mars kept his eyes on Guyana. In 2018, he launched a graduate scholarship program enabling top Computer Science graduates from the University of Guyana to pursue PhDs at the University of Michigan, his academic base (Stabroek News, 2018). He also forged partnerships with local tech firms and arranged for Guyanese software engineers to train on cutting-edge projects (such as automotive AI with Ford Motor Company), thereby transferring skills and opening international career pathways. Mars’s commitment reflects a powerful idea: by investing in human capital development in Guyana, diaspora professionals can multiply their impact, creating many more innovators beyond themselves.
In 2022, Dr. Mars further developed this vision by collaborating with Guyana’s Ministry of Education to launch an Artificial Intelligence and Leadership Training Programme for secondary school students nationwide (Department of Public Information, 2022). Over eight weeks, 136 students from various regions were mentored directly by Dr. Mars and colleagues in an immersive crash course on AI coding and entrepreneurship (Department of Public Information, 2022). The goal was not just to teach programming, but to ignite creative leadership – to show young Guyanese how to build real AI products that could compete globally and generate value for Guyana (Department of Public Information, 2022). “These creations themselves can turn into real products sold to the world… funneling economic outcomes from the global market into Guyana,” Mars explained, highlighting how local youth, armed with the right skills and mindset, can attract international revenue and opportunities back home (Department of Public Information, 2022). This initiative exemplifies “brain circulation” in action: instead of a one-way drain of talent out of Guyana, we see knowledge and mentorship flowing into Guyana from the diaspora, setting the stage for homegrown innovation. The broader impact is profound – today’s teenagers in Georgetown or Berbice can envision themselves as tomorrow’s tech CEOs and inventors, thanks in part to the inspiration and concrete support from diaspora champions like Jason Mars.
Another transformative diaspora-led venture is STEMGuyana, co-founded by Ms. Karen Abrams, a Guyanese-American tech advocate. Abrams left a successful career in the U.S. to return to Guyana in 2016 with a mission to bridge the digital divide for Guyanese youth, especially girls and marginalized groups. In just a few years, STEMGuyana has established robotics clubs, coding workshops, and technology summer camps across all ten regions of Guyana. By 2021, more than 20,000 Guyanese students had directly benefited from STEMGuyana’s programs – an incredible outreach that has elevated national awareness of STEM (Science, Technology, Engineering, and Math) (FIRST Global, 2021). The initiative garnered international attention when Guyana’s youth robotics team, nurtured by STEMGuyana, competed admirably at the First Global Challenge, showcasing the country’s budding talent on the world stage. A key aspect of STEMGuyana’s success is its strong diaspora linkages. Abrams actively partnered with other diaspora professionals and organizations to source equipment, expertise, and funding. In November 2020, for example, STEMGuyana partnered with Guyanese diaspora groups and the government’s Department of Youth to launch the STEMGuyana International Academy, a virtual program connecting students of Guyanese heritage worldwide (Stabroek News, 2020). Seventy-plus students from Guyana, the United States, and the Caribbean participated in a shared curriculum that blended Guyanese school syllabi with hands-on tech projects. Notably, 15 students from under-resourced Guyanese communities received scholarships funded by a New York-based diaspora association (Stabroek News, 2020). This model, where diaspora philanthropy and local initiatives intersect, is elevating a new generation of innovators. Abrams often emphasizes finding the “hidden Einsteins” in every village – the tinkerers and dreamers who, if given the tools, could become inventors and problem-solvers for Guyana. Thanks to diaspora-supported STEM education, many such young minds are now being kindled. The ripple effects for inclusive growth are apparent: as more youths gain high-tech skills and confidence, Guyana can cultivate a diversified economy less dependent on oil, and more driven by local ingenuity.
Diaspora Investment in Entrepreneurship and Agriculture
Innovation isn’t limited to laptops and code; it also involves applying knowledge and capital to diversify the economy, particularly in areas such as agriculture and agro-processing, which help build resilience and ensure food security. Here too, diaspora members are at the forefront, marrying global expertise with local opportunity. Consider the case of Omkaar Sharma, a Guyanese entrepreneur who spent nearly twenty years in Canada before deciding to return home. Seeing the booming economy and recognizing gaps in the local market, Sharma invested approximately
$150 million (GYD) – about US $750,000 – to establish the Amaya Milk Company, an expansive dairy farm and processing operation in Berbice (Guyana Chronicle, 2024). From its inception, this venture has been about more than just business; it’s a proof-of-concept that Guyana can reduce its heavy reliance on imported dairy and bolster food self-sufficiency. Sharma’s farm now produces some 600 gallons of fresh milk daily, which is pasteurized and sold in local supermarkets. This single investment is helping to shrink Guyana’s annual US$ 25–30 million dairy import bill, keeping wealth circulating within the country and providing jobs to local farmers and technicians. It exemplifies how diaspora returnees can bring not only capital but also international quality standards and new products, such as fine cheeses or yogurts, to the domestic market.
Sharma has been vocal about the role of the diaspora in Guyana’s next chapter. “If you’re looking to come back and invest, there’s no better time to do it–do it!” he urges fellow overseas Guyanese, noting the government’s active encouragement of agricultural investments and the overall pro-business climate (Guyana Chronicle, 2024). Of course, entrepreneurship in any frontier market comes with challenges – from bureaucratic hurdles to infrastructural bottlenecks – and Sharma faced his share of them. But he emphasizes that patience and perseverance can overcome these obstacles, just as they would in developed markets. Others increasingly echo his story: we see diaspora investors in eco-tourism, in renewable energy projects, in housing development, and more. Each returnee or diaspora-backed startup not only fills a market need but also infuses new skills and international connections into the local economy, whether it involves cutting-edge farming techniques, global supply chain links, or export expertise. Over time, these contributions help build a more diversified economic base. This is crucial for inclusive prosperity, because a diversified economy means opportunities spread across regions and skill levels – from high-tech urban jobs to skilled trades and farming in rural communities. In leveraging diaspora entrepreneurship, Guyana is effectively importing global best practices and adapting them to local realities, accelerating the country’s learning curve in various industries.
Toward Brain Gain and Inclusive Growth: Lessons and Strategies
The emerging pattern in Guyana’s development narrative is clear: diaspora engagement coupled with innovation is a catalyst for broad-based progress. We are moving from the old paradigm of “brain drain” to a new paradigm of “brain gain” and “brain circulation,” where knowledge flows bi-directionally between homeland and diaspora (Gaillard & Gaillard, 1997). This approach aligns with international best practices. Around the world, countries that have successfully turned brain drain into opportunity have done so by embracing what scholars call the “diaspora option” (Gaillard & Gaillard, 1997). Instead of focusing solely on reversing emigration, they focus on building networks with their expatriates, encouraging temporary returns, virtual contributions, and diaspora- driven initiatives that benefit the home country. Guyana is now actively pursuing this option. The government’s One Guyana strategy, diaspora conferences, and the Diaspora Affairs Unit are policy-level efforts to institutionalize these links. Meanwhile, the on-the-ground examples of diaspora-led projects – in tech, education, agriculture, and beyond – are demonstrating proof of concept that engaging the diaspora yields tangible dividends in human development.
To further solidify these gains, Guyana can draw lessons from international case studies. For instance, small countries like Ireland have successfully issued diaspora bonds and created formal networks for overseas alumni, which have helped channel billions of dollars in investment during Ireland’s economic revival. India and China leveraged their vast diaspora communities in Silicon Valley to spark domestic tech industries through mentorship programs, venture capital flows, and even returnee entrepreneurship zones, such as Bangalore’s IT boom, which was fueled partly by Indian-American returnees. Closer to home, Jamaica and Barbados have established “diaspora desks” within their governments and hold regular diaspora summits, which have led to initiatives in tourism, healthcare, and education. These examples reinforce a key point: diaspora engagement is not merely charity or nostalgia; it is a strategic development approach. The diaspora often has what the home country needs – be it specialized expertise, investment capital, or access to international markets – and is typically eager to contribute if given viable pathways to do so. Guyana’s task is to continue converting that goodwill into structured programs. Some strategies could include:
- “Return of Talent” initiatives include offering short-term fellowships for diaspora professionals to work in Guyana’s public sector or universities, sharing skills in critical areas such as healthcare (e.g., training specialist doctors to work with local medical staff) or public administration. This builds local capacity without requiring permanent relocation.
- Diaspora venture capital and innovation hubs: creating funds or incubators where diaspora investors partner with local entrepreneurs, particularly in sectors outside of oil, to foster start-ups and small businesses. This can be incentivized through tax breaks or public co-investment.
- Education and exchange programs: scaling up scholarship schemes (like the one by Dr. Mars) and twinning Guyanese institutions with overseas counterparts. A “Global Guyana” online mentorship network could connect students and young professionals in Guyana with diaspora mentors in their fields, sustaining the knowledge exchange year-round.
- Recognition and reintegration support: simplifying bureaucratic procedures for returnees (streamlining work permits, property purchase, business registration) and celebrating diaspora achievers as heroes of national development, to nurture a culture of pride and collaboration.
At the same time, focusing on inclusive development at home will ensure that diaspora contributions benefit all citizens, not just elites or urban areas. This means continuing to make heavy investments in education, healthcare, and infrastructure using oil revenues – essentially converting oil wealth into human and social capital. President Ali’s administration has initiated this process with initiatives such as expanded public scholarships (the GOAL program), new hospitals and schools, and infrastructure projects that connect remote regions. When diaspora investors like Omkaar Sharma see these improvements – better roads, a more educated workforce, transparent governance – they gain confidence that their contributions will have an impact. Moreover, inclusive growth reduces the push factors for future brain drain; as opportunities grow at home, fewer young Guyanese will feel compelled to leave solely due to economic necessity. In this virtuous cycle, diaspora engagement and domestic development mutually reinforce one another.
Prosperity for the Next Generation
In concluding this keynote vision, let us remember that the accurate measure of prosperity is not the height of our GDP graph, but the breadth of opportunities available to every Guyanese. We stand today on the cusp of history. The petroleum boom has given Guyana a once-in-a-lifetime financial windfall and the attention of the world. But it is our people – both at home and abroad – who will determine whether this windfall becomes a foundation for lasting prosperity or a footnote in economic reports. By empowering our youth with education and technology, welcoming the knowledge of our diaspora, and fostering an environment where innovation and entrepreneurship can thrive, we are planting the seeds of a Guyana that can compete globally while uplifting its local communities. This is the essence of turning a boom into a sustainable bloom of development.
President Ali encapsulated this hope by assuring the diaspora and citizens alike that his government is “building a country where every Guyanese can prosper” (Kaieteur News, 2023a). Achieving that vision requires all hands on deck – the entrepreneur in Georgetown, the teacher in Lethem, the scientist in New York, the farmer in Berbice, the student in Linden, and the policymaker in Parliament. It calls for unity of purpose, the very spirit of One Guyana, where geographical distance diminishes in the face of shared national pride and ambition. If we continue on this path – investing in people, embracing innovation, and partnering with our global Guyanese family – then the current boom will be remembered not as a fleeting blaze, but as the spark that lit the way to decades of equitable growth and national renewal. The story of Guyana will not be just about oil. It will be about how a small nation with big dreams rallied its diaspora, its innovators, and its everyday heroes to build a diversified, knowledge-based, and inclusive economy – a prosperity that endures for generations.
References
Department of Public Information. (2022). Over 100 students complete AI training programme. Department of Public Information, Guyana. https://dpi.gov.gy/over-100-students-complete-ai-training-programme/
FIRST Global. (2021). Team Guyana at FIRST Global Challenge. FIRST Global Challenge Report. https://first. global/archive/fgc-2021/teams/guy/
Gaillard, J., & Gaillard, A. M. (1997). The international mobility of brains: Exodus or circulation? Science, Tech- nology and Society, 2(2), 195–228.
Guyana Chronicle. (2024). Diaspora investor brings dairy production back to Berbice. Guyana Chronicle. https:
//guyanachronicle.com/2024/01/14/diaspora-investor-brings-dairy-production-back-to-berbice/ Kaieteur News. (2021). Diaspora support key in building a new Guyana – President Ali. Kaieteur News. https:
/ / www. kaieteurnewsonline . com / 2021 / 05 / 23 / diaspora – support – key – in – building – a – new – guyana – president-ali/
Kaieteur News. (2023a). President Ali meets with Guyanese diaspora in New York. Kaieteur News. https://www. kaieteurnewsonline.com/2023/09/26/president-ali-meets-with-guyanese-diaspora-in-new-york/
Kaieteur News. (2023b). Turning brain drain into brain gain: Guyana’s diaspora potential. Kaieteur News. https:
//www.kaieteurnewsonline.com/2023/06/11/turning-brain-drain-into-brain-gain/
Ministry of Foreign Affairs and International Cooperation. (2021). Diaspora affairs unit established. Government of Guyana Official Portal. https://www.minfor.gov.gy/diaspora-affairs-unit/
Stabroek News. (2018). Michigan professor introduces scholarship programme for UG computer science gradu- ates. Stabroek News. https://www.stabroeknews.com/2018/11/23/news/guyana/michigan- professor- introduces-scholarship-programme-for-ug-computer-science-graduates/
Stabroek News. (2020). STEMGuyana launches international academy. Stabroek News. https://www.stabroeknews. com/2020/11/15/news/guyana/stemguyana-launches-international-academy/
Village Voice. (2024). Remittances to Guyana rise to US$550 million in 2023. Village Voice News. https : / / villagevoicenews.com/2023/12/31/remittances-to-guyana-rise-to-us550-million-in-2023/
