Ferguson Raises Alarm Over Rising National Debt Amid Oil Windfall

Former Minister within the Ministry of Public Infrastructure and former APNU+AFC Member of Parliament, Annette Ferguson, is calling on the government to account for its growing appetite for debt, despite Guyana’s unprecedented oil earnings since becoming an oil-producing nation.

In a public letter, Ferguson expressed grave concern over what she described as “massive” and escalating borrowing by the People’s Progressive Party/Civic (PPP/C) administration since taking office in 2020. She highlighted the contradiction between the country’s booming oil revenues—estimated at US$7.5 billion since 2019—and its rising debt levels.

“As a concerned citizen of Guyana, I am deeply alarmed by the scale of borrowing undertaken by the PPP/C government… raising serious questions about fiscal prudence and the long-term burden being placed on future generations,” Ferguson wrote.

According to Ferguson, by mid-2025, Guyana’s public and publicly guaranteed debt had surged to approximately G$1.5 trillion, raising questions about how oil revenues are being utilised and whether the country’s long-term fiscal health is at risk.

She cited several significant loans contracted during the PPP/C’s current term:

• €160.8 million from the Bank of China (December 2022) for the New Demerara River Bridge;
• US$526 million from the U.S. Export-Import Bank (December 2024) for the Gas-to-Energy Project;
• US$156 million from the World Bank (October 2025) under the Integrated Transport Corridors Project (ITCP) to upgrade road infrastructure.

While Ferguson acknowledged that these are major infrastructure initiatives, she questioned the government’s decision to finance them through external borrowing rather than from oil revenues.

“Why is Guyana borrowing so heavily when oil revenues could finance these initiatives? Are these funds being managed with transparency and efficiency in the best interest of the people? Or are we entrenching a cycle of fiscal dependency and future debt servicing obligations?” she asked.

Ferguson’s concerns come at a time when Guyana is experiencing record-breaking economic growth, primarily driven by oil production in the Stabroek Block, operated by ExxonMobil and its partners. Since first oil in December 2019, Guyana has been ranked among the world’s fastest-growing economies, with real GDP growth reaching double digits annually.

Despite this, critics have raised persistent concerns over the management of oil revenues, transparency in government spending, and the country’s mounting debt obligations.

Although the government has argued that borrowing is necessary to support urgent development goals, Ferguson argues that future generations may inherit a nation burdened by debt, with limited fiscal space for critical services like healthcare, education, and social welfare.

“The implications of this trajectory could be severe,” Ferguson warned. “There is an urgent need for accountability, fiscal discipline, and transparent management of both borrowed funds and oil revenues.”

To that end, she issued a direct call for public transparency, urging the PPP/C administration to publish a comprehensive listing of all loans contracted since 2020, detailing their terms, purposes, and current disbursement status.

“Guyanese citizens deserve clarity on how these debts align with national development priorities,” Ferguson said. “The choices made today will define our nation’s fiscal sovereignty and developmental prospects for decades to come.”

Ferguson’s comments add to a growing chorus of voices from the opposition and civil society who are demanding greater transparency and parliamentary oversight of the country’s fiscal strategy in the era of oil wealth.