The establishment of the Guyana Development Bank presents a critical test of whether the country’s expanding wealth will create opportunities across society or remain concentrated among those with political, economic or institutional connections, veteran trade unionist and Guyana Trades Union Congress (GTUC) General Secretary Lincoln Lewis argues.
In his September 20 weekly Eye On Guyana column, Lewis says the bank must be more than another financial institution. Its success, he argues, should be measured by whether ordinary Guyanese, workers, farmers, entrepreneurs, cooperatives and communities can gain meaningful access to the capital needed to build sustainable livelihoods.
Lewis places the new institution against the backdrop of Guyana’s history of development financing, recalling initiatives established under previous administrations, including the Guyana Agricultural and Development Bank (GAIBANK), which was closed by the People’s Progressive Party (PPP) Government in 1995.
With Guyana now benefiting from substantial oil revenues, Lewis argues that the country has an opportunity to broaden economic ownership and participation. He also acknowledges concerns among citizens that the Development Bank could become vulnerable to political influence or benefit those aligned with the governing party.
Since first oil in December 2019, Guyana has received approximately US$9.28 billion in petroleum revenues through the Natural Resource Fund by March 2026, underscoring the scale of the wealth now at the government’s disposal and the growing debate over who ultimately benefits from it.
Lewis’ central message is that the resources must be accessible to the entire population.
“We must ensure that access to the bank is inclusive and representative of the diversity of sectors in this society.”
Lewis is calling on the trade union movement, cooperatives, religious organisations, non-governmental organisations and civil society to take an active role in demanding transparency and equitable access.
He argues that national development cannot be measured simply by the size of the economy or the volume of wealth being generated. The real measure, he says, must be whether that wealth improves the lives and opportunities of the population.
Lewis places particular emphasis on workers, including those who have yet to enter the labour force, arguing that they cannot remain passive observers while the country’s natural-resource wealth expands.
“Collective development demands that access to land, education, employment, housing, natural resources and economic opportunities is not concentrated in the hands of a few.”
He also calls for greater transparency in how Development Bank resources are allocated. Lewis proposes a database that would track beneficiaries and provide information that could help determine whether different sections of society are receiving equitable access to financing.
Such transparency, he argues, would allow citizens to identify disparities and demand corrective action where necessary.
Lewis also places the debate within Guyana’s history, referencing the contributions of Indigenous peoples, Africans and indentured workers to the development of the country. While acknowledging the role of managed migration, he argues that Guyanese citizens must not be displaced from economic opportunities created by the country’s newfound wealth.
He therefore calls for strict oversight of the bank and greater public scrutiny of its governing board and management.
“We must demand strict oversight and a database showing how people are benefiting based on unique characteristics.”
Lewis ultimately frames access to economic opportunity as a matter requiring active citizenship rather than passive expectation.
“If we knock on the door and don’t get in, we must push it down to ensure we get in.”
His commentary places the Guyana Development Bank at the centre of a broader question about the country’s oil era — whether unprecedented national wealth will translate into broad-based economic participation or whether access to that wealth will remain concentrated in the hands of a limited few.
