ICYMI: Guyana to Launch $100,000 Cash Grant for All Adult Citizens Following Major Tax Abolishments

The Government of Guyana has unveiled plans for a $100,000 cash grant for every citizen aged 18 and above, a move aimed at sharing the nation’s booming oil wealth with its population.

President Mohamed Irfaan Ali announced the measure on October 16, emphasising the need to extend benefits to all adults rather than households alone.

My government will now expand this benefit by providing a one-off cash grant of $100,000 to every citizen of Guyana 18 years and above, as of the 1st of January 2024, with a simple means of clarification being possession of a national valid identification card and/or a valid passport.

The initiative follows feedback from thousands of citizens, including young professionals, who voiced concerns over the previous household-based system. Guyana’s government has been leveraging its newfound oil revenue, estimated at over 11 billion barrels, to fuel rapid economic growth and social programs.

The nation’s GDP soared by 62% in 2023, making it one of the world’s fastest-growing economies, and oil wealth projections indicate a substantial boost to income per capita in the coming years. With a small population of 800,000, Guyana is poised for a transformative period.

In addition to the cash grants, President Ali announced the abolition of tuition fees at the University of Guyana, effective January 2025, and an $8 billion student loan forgiveness program. Fees will also be eliminated at technical and vocational training institutions, benefiting thousands more nationwide students.

The government’s other initiatives include removing over 200 taxes and fees on essential services, such as Value Added Tax (VAT) on water, electricity, and key food items, and waiving the excise tax on fuel—a move that saves Guyanese consumers over $90 billion annually.

Additional programs include cost-of-living relief, a $25,000 grant for public sector workers, and increased mortgage loan limits for low-income citizens.

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