Former Ambassador, Economist and Professor Dr. Shamir Andrew Ally is calling on the Government to adopt a broader measure of national progress, arguing that Guyana’s record-breaking oil-fuelled Gross Domestic Product (GDP) growth masks a more important question: whether ordinary citizens are actually experiencing meaningful improvements in their quality of life.
In an open letter and his column dated June 27, 2026, to Senior Minister with responsibility for Finance, Dr. Ashni Singh, Ally proposed that Government publish a quarterly “Beyond GDP” Well-Being Dashboard alongside its GDP figures to measure not only economic output but also improvements in people’s quality of life.
The dashboard, he said, should include the Human Development Index (HDI), a localized Cost-of-Living Index and an Environmental Sustainability Indicator, providing policymakers and the public with a more complete picture of Guyana’s development.
“Guyana stands at a historic moment. Our growth in oil and gas has placed Guyana on the global map, and the Quarterly GDP figures rightly inspire pride,” Ally wrote.
“But GDP alone cannot tell us if a mother in Region 5 can feed her children, if a young graduate in Region 10 can afford a home, or if the air, rivers, and forests our children will inherit are being protected.”
Since commercial oil production began in 2019, Guyana has consistently recorded double-digit GDP growth and has become one of the world’s fastest-growing economies. The Government has repeatedly highlighted those figures as evidence of the country’s transformation, while also pointing to increased investment in infrastructure, education, healthcare and social programmes.
Ally, however, argued that headline economic growth does not necessarily reflect improvements in living standards.
“To truly lead as the fastest developing country, we must measure what matters to people lives.”
Rather than replacing GDP, he said, the proposed dashboard would complement it by tracking whether economic gains are translating into better health, education, affordability and environmental protection.
“We do not ask to replace GDP. We ask to complete the picture. Publish it quarterly, make it public, and let Guyanese see how policy decisions affect their daily lives.”
Central to Ally’s proposal is the Human Development Index, a United Nations measure that combines life expectancy, education and income. He argued that the index would help determine whether petroleum revenues are producing measurable improvements in people’s lives.
“GDP can boom from OIL while clinics and schools lag. HDI forces us to ask: ‘Is oil money turning into longer, healthier, smarter lives for Guyanese?‘”
He also called for the introduction of a quarterly Guyana Affordability Score, measuring the relationship between food, housing, transportation and utility costs against median wages.
“GDP growth means little if rent in Georgetown doubles faster than salaries in Linden or New Amsterdam. This index keeps policy focused on affordability.”
Ally further proposed an environmental indicator that would track forest cover, river water quality, carbon emissions and natural resource depletion, arguing that Guyana’s Low Carbon Development Strategy (LCDS) and carbon credit programme should be measured alongside petroleum production.
“Our LCDS 2030 and carbon credits are a national asset. If we grow GDP by depleting forests or fisheries, we are borrowing from our children.”
Under his proposal, the Bureau of Statistics would release four quarterly indicators: GDP growth, changes in the Human Development Index, an affordability score and a natural capital balance measuring whether Guyana’s environmental assets are being preserved or depleted.
Ally argued that the additional indicators would improve policymaking, increase transparency and strengthen Guyana’s international standing.
“Better Decisions: Ministers can see if a new policy helps people, not just profits.”
“Public Trust: Citizens see transparency — government is accountable for well-being, not just oil.”
“International Credibility: Guyana becomes a model for resource-rich nations. That attracts ethical investment and climate finance.”
To support his proposal, Ally pointed to countries including New Zealand, Scotland, Bhutan and Iceland, which have incorporated well-being measures into public policy after recognizing that GDP growth alone does not necessarily improve citizens’ quality of life.
He also cited research from the Federal Reserve Bank of St. Louis, which notes that GDP is an incomplete measure of economic health because it does not account for factors such as education, health, inequality or environmental degradation. The institution highlights complementary measures including the Human Development Index (HDI), the OECD’s Better Life Index (BLI), and the Genuine Progress Indicator (GPI), which adjusts GDP to account for social and environmental costs and benefits.
Ally believes Guyana has an opportunity to become a global example of responsible resource management.
“Guyana can be the first major oil producer to say: ‘We will not repeat the mistakes of the past. We will grow, and we will grow well.'”
Contrasting development models, he added: “Global Economic Models: YES to Singapore, Doha, and Dubai. NO, NO, NO, to Angola 2.0.”
He also offered the assistance of Guyanese professionals at home and in the diaspora in developing the proposed framework.
“We stand ready, along with many Guyanese Professionals at home and in the diaspora, to support the technical design of this dashboard for transparencies.”
Summing up his appeal, Ally argued that national prosperity should be judged not simply by the size of the economy, but by whether economic gains are improving people’s lives and safeguarding future generations.
“GDP tells us the size of the pie. HDI, Affordability, and Natural Capital tell us how the slices are shared, and if there will be pie for our grandchildren.”
“Let us build a Guyana that is not just rich but well.”
