For centuries, nations blessed with abundant natural resources have faced the same troubling question: who truly profits from their wealth? Along with other resource-rich countries, even before independence sixty years ago, leaders have bemoaned our status as remaining exporters of raw minerals while the greatest profits are earned elsewhere through refining, trading, finance, and international markets. The lesson should be clear: owning the resource is only the first step. Capturing its full value is the real challenge.
Gold has long been one of Guyana’s most important exports-starting as far back as the 1890s-and generates foreign exchange while providing livelihoods for thousands of miners, suppliers, transport operators, and hinterland communities. Yet, despite this contribution, much of the industry’s highest-value activities still occur outside our borders.
Raw gold leaves Guyana. The refining, international certification, bullion trading, financial services, and investment products built around that gold largely benefit other economies. Guyana earns from extraction, but others often profit from transformation. That does not have to remain our reality.
Several African nations-including Ghana, Tanzania, and Guinea-are adopting policies designed to retain more value from their gold sectors. Their strategies vary, but the objectives are remarkably similar: encourage domestic refining, formalize small-scale mining, strengthen oversight, reduce smuggling, increase transparency, and build national gold reserves. Rather than viewing gold solely as an export commodity, these governments increasingly regard it as a strategic national asset that can strengthen economic resilience and financial sovereignty. These reforms have been accompanied by debates about how to balance stronger state participation with maintaining investor confidence. Governments that provide clear rules, regulatory stability, and meaningful consultation tend to be better positioned to attract investment while increasing domestic benefits. Guyana can do worse than pursuing a similarly balanced path.
The Government, represented by President Irfaan Ali, has already signaled support through incentives for internationally accredited gold refining within Guyana beyond the start initiated by the GGMC. Every ounce refined locally would create skilled jobs, develop technical expertise, and keep more economic activity at home.
Our financial institutions could also play a greater role. The Bank of Guyana could consider gradually increasing its holdings of locally produced gold as part of its reserve management strategy, strengthening national financial resilience while providing an additional stable domestic market for miners. Gold has re-emerged as a strategic reserve asset in an increasingly fragmented global economy. Unlike fiat currencies, it is widely seen as retaining value during periods of inflation, geopolitical tension, and financial uncertainty. Across the Global South, central banks have increased gold accumulation in recent years as part of efforts to diversify reserves and reduce exposure to external financial systems.
Guyana must also continue transparency initiatives. As with oil, there must be formal reports on gold production, exportation, royalties collected, and how those revenues are spent. Transparency builds trust, deters illegal activity, and reassures responsible investors that Guyana operates under predictable, rules-based governance.
Environmental stewardship has been pioneered by the government. Responsible mining practices, stronger land reclamation requirements, mercury reduction initiatives, and partnerships with Indigenous communities have become central pillars of a modern mining policy. Sustainable mining is not only an environmental necessity-it is increasingly a competitive advantage in global markets.
Importantly, pursuing greater national benefit does not require hostility toward private investors or international companies. Guyana’s success has always depended on partnerships. The objective is not to discourage investment but to ensure that investment creates broader opportunities for Guyanese businesses, workers, engineers, financiers, and communities.
As our petroleum sector transforms the national economy, it would be easy to overlook gold. That would be a mistake. Gold remains one of Guyana’s oldest and most resilient industries, with enormous potential to support economic diversification long after commodity cycles change. The question is no longer whether Guyana possesses valuable resources. We undoubtedly do. Guyana should not simply mine more gold.
We should ensure that more of its value stays where it belongs: here at home.
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