Guyana holds election amid oil boom, tensions with Venezuela DW 09/02/2025

"Nearly 750,000 people voted for their preferred presidential candidate from among the candidates of six political parties. However, most of the ethnically diverse country sees the poll as an electoral bout among three parties the incumbent Indo-dominated People's Progressive Party of President Irfaan Ali; the Afro-backed main opposition A Partnership for National Unity; and newcomer mixed-race party We Invest In Nationhood, headed by US government-sanctioned, Guyanese businessman Azruddin Mohamed. Results from the elections are not expected before Thursday."

"The party that clinches victory in the election will manage $10 billion (8.6 billion) in annual revenue from Guyana's offshore oil and gas production, which began in 2019. The third-smallest Latin American country possesses one of the world's largest shares of oil per capita. Once traditionally dependent on gold, sugar, rice, bauxite and timber, Guyana is producing nearly 900,000 barrels of oil daily."

"But even as Guyana rides the oil boom, it remains one of the poorest countries in the region. About 58% of Guyanese citizens lived in poverty despite oil income having quadrupled the state budget to $6.7 billion in 2025 compared to before oil production started, according to a 2024 estimate from the Inter-American Development Bank The rising cost of living was one of the prime concerns among voters during Monday's election."

Nearly 750,000 Guyanese voted among six parties, but the race is widely seen as a contest among three main forces: the Indo-dominated People's Progressive Party, the Afro-backed A Partnership for National Unity, and the newcomer We Invest In Nationhood led by Azruddin Mohamed. Election results were not expected until Thursday. The winning party will oversee roughly $10 billion in annual offshore oil and gas revenue from production that began in 2019, with output nearing 900,000 barrels per day. Despite a quadrupled state budget reaching $6.7 billion by 2025, about 58% of citizens lived in poverty per a 2024 Inter-American Development Bank estimate, and rising living costs were a chief voter concern. A long-standing territorial claim by Venezuela over much of Guyana adds regional tension.

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