$97.6B to be pumped into agriculture; sector grew by 7% in 2023

Finance Minister Dr Ashni Singh has announced that Government plans to pump $97.6B into agriculture in 2024.
The sector performed exceedingly well in 2023, and recorded a growth of seven percent after the sum of $60.4 billion was spent therein for its stimulation and invigoration. The performance is attributed to increases across all sub-sectors; namely, other crops, rice-growing, livestock, fishing, sugar-growing, and forestry.
In delivering his budget presentation on Monday, the Finance Minister noted that huge investments would be made in the subsectors of sugar, rice, other crops, corn and soya, coconut, citrus, and spices; as well as agro-processing, livestock, fisheries and aquaculture.
In giving a breakdown of the Government’s plans for the agriculture sector in 2024, the Finance Minister said Guyana is slated to target premium markets for sugar, while $1.3 billion will be expended by the GRDB to support increased production and productivity in the rice industry.
He also pointed out that 2.6 billion has been allocated to promote the development of the other crops subsector, and a further $1.5 billion has been budgeted for livestock development, while $1.2 billion has been allocated for fisheries and aquaculture development initiatives in 2024. A further $100 million is budgeted for interventions which will see an increased production of citrus and spices.
“In 2023, to support the production of citrus and spices, the Government distributed over 51,000kg of planting materials for spices and 133,000 plantlets for citrus. Additionally, we invested in improving the processing capacity at Hosororo, Parika, and Port Kaituma, slated to be completed in 2024.
“In 2024, we will distribute over 58,000kg of planting materials for spices, and 250,000 plantlets for citrus. Moreover, we will be introducing, for the first time, the distribution of planting materials for spices such as nutmeg, black pepper, and cinnamon,” he disclosed.
Meanwhile, $527.4 million is budgeted to assist with the development of ago-processing. “In 2024, there will be the establishment of 60 new Guyana Shop Corners throughout the country,” he disclosed.
He pointed out that Government’s objective is to support development of the agro-processing industry, including value-chain development and market expansion for produce and products, while creating opportunities for sustainable livelihood for small entrepreneurs and communities.
“In 2024, the Government will continue to accelerate coconut production by investing in 39,000 high-yielding seed nuts, targeting 500 additional farmers. Additionally, we will continue to pursue the conversion of coconut waste into value-added products,” the Finance Minister said in explaining how the sums with be spent to further develop the coconut industry.
“In 2023, GuySuCo expanded its storage capacity to 3,500 tonnes at the ISO-certified Blairmont Packaging Plant in anticipation of the commencement of production of new lines of packaged sugar, including sugar sticks, which are slated to target premium markets. Also, works commenced on the construction of the new Albion Packaging Plant,” he divulged.
Meanwhile, rice production moved from 610,595 metric tons in 2022 to 653,706 metric tons in 2023, which represents a 7 percent increase. Speaking about rice, Minister Singh said that in 2024, the Government will continue to invest in the improvement of the quality and quantity of seed paddy available to the rice farmers, and provide enhanced best practices in the cultivation of paddy.
“We will continue to research and develop high-yielding varieties with good milling and cooking qualities, and varieties that are both salt-tolerant and resistant to major rice diseases. The G14-10 high-yielding variety will be evaluated in farmers’ fields in 2024,” he pointed out.
Government is again aiming to improve its services to the poultry industry, and Singh said this will be done through decentralised support facilities and production zones, and the establishment of a modular duck processing facility.
Livestock production is also seeing a boom; and in 2024, there will be developed 60 five-acre plots for pastures to enhance sheep production.
“The Government promised to revive and expand the livestock sector through the provision of concessions for large-scale livestock farming, improvement of the breeding stock, enhancement of the preparation and storage of meat for the market, establishment of modern abattoir facilities, incentivising investments in dairy plants and dairy processing facilities,” he added.
Over $600 million is being spent to support the fisheries and aquaculture sub-sectors, and the Finance Minister pointed out that these sub-sector continue to play a major role in Guyana’s economy.
“It is a significant contributor to the food security objectives of our country, and a vital part of our culture. Government will continue to offer its unwavering support to our fisherfolk through a multi-faceted approach to expand growth and productivity within the sector,” he added.
The 2024 National Budget was presented under the theme, ‘Staying the Course: Building Prosperity for All’ to the tune of $1.146 trillion. (G4)