Opposition Leader Azruddin Mohamed has called for price controls on essential food items, challenging the People’s Progressive Party/Civic (PPP/C) government to explain why ordinary Guyanese continue to struggle with grocery bills while the country records some of the world’s fastest economic growth rates and billions of US dollars in petroleum earnings.
Speaking at a press conference on Monday, October 26, Mohamed called on major retailers, including Massy, to reduce mark-ups on basic goods, arguing that consumers should not be forced to bear the full burden of rising living costs.
“We need price control on items, we cannot allow Massy and these places to put on so high markup on items, at least basic food items and certain things our people need, they have to ensure they cut back on their profits, certain companies have to cut back on your profits,” Mohamed said.
His call comes against the backdrop of Guyana’s extraordinary economic expansion, driven largely by offshore oil production. The International Monetary Fund reported that real GDP grew by 19.3 per cent in 2025, following growth of 43.8 per cent in 2024. The government subsequently reported estimated growth of 33.3 per cent in the first half of 2026 and projected full-year growth of 20.8 per cent.
Yet the expansion has not eliminated pressure on household budgets. The government’s 2026 Mid-Year Report recorded a 6.7 per cent increase in food prices during the first half of the year, while overall consumer prices rose 4.4 per cent.
Billions in oil revenue, but food costs keep rising
Mohamed questioned why the country’s petroleum wealth has not translated into greater relief for families struggling to afford basic necessities.
“Every day we are producing 920,000 barrels of oil, we are a rich country but our people are poor, check the profit oil and royalty, Guyana is receiving just on oil approximately $8B Guyana dollars a day, and it is sad that public servants would reach out to me stating they can’t make ends meet because when they go to the market is $10,000 and $20,000 and we have speak about this so many times about basic food items skyrocketing and they don’t have a solution or plan,” he said.
The scale of the country’s oil earnings is substantial. According to the government’s mid-year figures, crude oil exports generated approximately US$15.05 billion in the first six months of 2026. However, export earnings are not the same as money received by the Guyanese state.
The government’s Natural Resource Fund received approximately US$1.9 billion in petroleum revenues during the first half of 2026. By June 30, the fund held about US$4.29 billion after withdrawals of approximately US$1.02 billion to finance the national budget.
These figures sharpen the political question at the heart of Mohamed’s criticism: how effectively is the government translating expanding national wealth into affordable living conditions?
Foreign exchange and farmers under pressure
Mohamed also blamed foreign-exchange constraints for contributing to business costs, alleging that customers seeking to transfer US$20,000 through commercial banks could face waits of two to three weeks.
“How can we expect the cost of living to drop when we have Ministers of government competing with our locals. Then, a major blow for us presently with this cost of living is the U.S dollar, presently if you go to the Banks and as for a wire transfer of USD $20,000, they have to line up for 2-3 weeks before our banks can send of a wire transfer, this is ludicrous,” he said.
The reported delays and their impact on prices have not been independently established. Mohamed also called for greater support for local farmers and stronger action against gold smuggling.
The government has introduced cash grants, tax measures, subsidies and agricultural programmes to address household costs. However, the persistence of food-price increases raises questions about whether existing interventions are sufficient or appropriately targeted.
The IMF has also urged Guyana to strengthen its medium- and long-term fiscal strategy, improve spending oversight and consider replacing broad price-mitigation measures with more targeted assistance for vulnerable households.
