Gold Industry Brings Nearly $1 Billion to Guyana in 2024

Gold mining in Guyana saw a boost in 2024, earning $989.9 million from 434,067 ounces produced. The government is working to support small and medium-scale miners, who achieved recovery rates of only 40-45% compared to the 95% achieved by larger operators. With new mining lots allocated and initiatives to enhance recovery and monitoring, the government is aiming for even higher returns in 2025.

Quarrying Sector Booms Amid Increased Construction Demand

Guyana’s quarrying sector recorded a significant increase in production of stone, sand, and loam in 2024, attributed to heightened investor confidence and infrastructure projects. Stone aggregate production alone jumped from 1.85 million tonnes in 2023 to over 3.33 million tonnes in 2024—a 180% rise. The number of operational quarries has grown from seven in 2020 to 17 in 2024, with additional facilities set to open in 2025 to meet the growing demand for construction materials.

Business Opportunities Based On Today’s Developments

Small Enterprises (SEs)

1. Tourism and Hospitality Support in Rockstone
   Opportunity: Develop small eco-tourism ventures, such as guided fishing tours, handcrafted souvenirs, or food stalls offering local cuisine.
   Notes: With the government investing in tourism development and training in Rockstone, SEs can complement these efforts by creating niche offerings tailored to eco-tourists and adventure travelers. Collaboration with local private sector initiatives could enhance market reach.

2. Mobile Services for Remote Communities
   Opportunity: Provide mobile services such as Wi-Fi hotspots, mobile banking kiosks, or solar charging stations in areas like Chenapau where ICT infrastructure is being developed.
   Notes: The ICT hub in Chenapau signifies a push for digital connectivity. Small enterprises can fill the gaps in related services, making digital solutions accessible to underserved communities.

3. Affordable Handicrafts and Local Goods
   Opportunity: Partner with the sewing and craft centers in Chenapau to produce and market indigenous crafts and eco-friendly products to tourists and urban markets.
   Notes: By leveraging the newly established craft centers, entrepreneurs can help artisans access larger markets, creating a win-win for local culture and economic empowerment.

Medium Enterprises (MEs)

1. Affordable Housing Solutions
   Opportunity: Provide construction services, prefabricated housing, or eco-friendly building materials for government housing projects targeting young professionals.
   Notes: With 1,500 homes under construction, MEs can align with government housing initiatives by offering cost-effective solutions or green technology to enhance appeal and sustainability.

2. Smart Agriculture Solutions for GuySuCo
   Opportunity: Develop and deploy precision agriculture technologies, such as soil monitoring systems, automated irrigation, or crop health analytics for sugarcane fields.
   Notes: GuySuCo’s focus on doubling yields and efficient operations presents opportunities for agritech companies to pilot innovative solutions and secure long-term contracts.

3. Local Content Services for Tourism Development
   Opportunity: Offer training programs, eco-lodge construction, or event management services for tourism-focused government initiatives in Rockstone and other regions.
   Notes: MEs with expertise in hospitality and project management can tap into the increasing demand for high-quality tourism infrastructure and training.

Large Enterprises (LEs)

1. Renewable Energy for Housing and Industrial Use
   Opportunity: Invest in solar farms, energy-efficient housing solutions, or hybrid energy grids for large-scale residential projects and industrial sites like sugar estates.
   Notes: With housing projects scaling up and GuySuCo aiming for operational efficiency, LEs can secure significant contracts in renewable energy installation and maintenance.

2. Maritime Security and Vessel Management
   Opportunity: Establish services in vessel tracking, compliance consulting, and maritime security to address the growing concerns of fraudulent vessel registrations.
   Notes: The MARAD situation underscores the need for robust vessel management and legal compliance solutions, which could be offered to local and regional clients.

3. Integrated Tourism Experiences
   Opportunity: Create destination management companies (DMCs) that offer full-service packages combining eco-tourism, cultural tours, and hospitality solutions in regions like Rockstone and Linden.
   Notes: With government-backed eco-tourism initiatives, LEs can lead in developing luxury and mid-tier tourism infrastructure, leveraging partnerships with local businesses for community inclusion.

General Notes

1. Cross-Sector Opportunities: Many initiatives involve collaboration between government and private sectors. Businesses can explore Public-Private Partnerships (PPPs) for funding and scaling operations.

2. Sustainability Focus: Environmental sustainability and community impact are central to several projects, creating opportunities for businesses to align with global ESG (Environmental, Social, Governance) standards.

3. Government Alignment: Aligning with national priorities such as housing, tourism, and agriculture could unlock incentives, grants, and subsidies.

By strategically positioning themselves in these areas, enterprises across all scales can effectively capitalize on Guyana's dynamic and rapidly expanding economy.

Side Hustle Ideas Based On Today’s Developments

1. Eco-Tourism Micro-Ventures

Description: Start small eco-tourism experiences such as guided fishing, hiking, or bird-watching tours in areas like Rockstone and Chenapau, where tourism development is gaining momentum.
Why It Works:

• Government is investing in training and infrastructure to boost tourism, creating opportunities for locals to monetize their knowledge of the region.

• High demand for authentic, local experiences from both tourists and expatriates.

• Minimal startup cost: a boat for fishing tours, a partnership with a local craft center for souvenirs, or basic camping equipment.
  Potential Earnings: Charge $50–$100 USD per tour group.

2. Home-Grown Agri-Processing

Description: Produce value-added products such as locally sourced spice blends, dehydrated fruits, or organic herbal teas for urban and diaspora markets.
Why It Works:

• Guyana’s agricultural richness combined with growing demand for high-quality, locally sourced, and packaged goods.

• Minimal startup requirements: basic dehydrators, grinders, or food-safe packaging sourced locally.

• Alignment with government focus on developing agro-processing industries and local farming communities.
  Potential Earnings: Sell products at $5–$10 USD each, targeting supermarkets, online marketplaces, and tourists.

3. Mobile Professional Services

Description: Offer mobile tech repair, hairstyling, or home car wash services targeting busy professionals and communities in underserved areas.
Why It Works:

• Growing middle class in Guyana due to oil wealth means increased demand for convenience-based services.

• Low initial investment: tools or equipment specific to the service, such as a portable car wash kit or hairstyling tools.

• Flexible hours that allow side hustlers to operate outside their full-time jobs.
  Potential Earnings: $20–$50 USD per service depending on complexity and frequency.

General Notes

1. Digital Presence: Utilize social media to market services locally and connect with customers. Platforms like TikTok and Instagram have high engagement in Guyana.

2. Customer Experience: Emphasize reliability and quality to stand out, as these are highly valued in Guyana's emerging consumer market.

3. Sustainability: Lean into eco-friendly practices (e.g., biodegradable packaging, minimal water use) to appeal to a socially conscious customer base.

These ideas align with the current trends and opportunities in Guyana's rapidly expanding economy, allowing individuals to tap into lucrative niches while maintaining their full-time employment.