IsDB lauds Guyana for aspirations to become ‘El Dorado’ of agriculture

– Gov’t reiterates Guyana’s commitment to diversify agriculture

Reiterating Guyana’s commitment to a diversified agriculture sector, Finance Minister Dr. Ashni Singh on Monday led Islamic Development Bank (IsDB) President Dr Muhammad Sulaiman Al Jasser and a delegation on a tour of Guyana’s growing corn and soya fields.
Dr. Al Jasser and his delegation, currently in Guyana for a two-day visit, were taken to the Tacama Gold Incorporated’s corn and soya bean project in Region 10 (Upper Demerara/Upper Berbice). During the tour, Minister Singh informed of Government’s efforts to promote a strong and diversified non-oil economy. According to the Finance Minister, agriculture would continue to be a mainstay of the country’s non-oil economy.

“During the tour, Minister Singh highlighted to Dr. Muhammed Al-Jasser and the IsDB delegation Government’s efforts to promote a strong non-oil economy, and in particular one
that is diversified and resilient,” a statement from the Ministry of Finance said.
“He reiterated that agriculture will continue to be a mainstay of the country’s non-oil economy. Other sectors targeted for investment and expansion include tourism, non-oil extractives such as gold and bauxite, and Information Communications Technology (ICT).”
The importance of agriculture to Guyana has also been acknowledged by IsDB, with the bank writing on its social media page that Dr Al Jasser was left impressed by the corn and soya fields he and his delegation had inspected.
“Guyana is aspiring to become an El Dorado of crops and halal meat production and export. The country is now successfully producing the strategic crops that are necessary for livestock and poultry breeding,” IsDB said in its statement.
For the 2023 first half, Guyana’s non-oil sector recorded 12.3 per cent growth. According to the Mid-Year Report, the growth trend is expected to continue for the rest of the year. Corn and soya are two of the rapidly growing new crops being implemented in Guyana.
At present, there is a consortium that includes Guyana Stockfeeds Limited, Edun Farms, and Bounty Farm Limited. Other investors are Royal Chicken, SBM Wood, Dubulay Ranch, and the Brazilian-owned N F Agriculture, who are cultivating over 1000 acres of soya bean crop in the Tacama Savannah. The first cultivation trial was launched in 2021.

In the feed industry, Guyana imports close to US$30 million in products annually. The aim is to not just attain self-sufficiency, but to establish the country as a net exporter of soya.
Additionally, President Ali has already disclosed that there is a huge international interest in joining the local industry. Key stakeholders in the massive corn and soya bean project include the Government, farmers, and private companies. However, the Government has played a crucial role in supporting the growth of the industry with a commitment of over $1.2 billion to infrastructural development in the Tacama area of the Berbice River.
Last year, the Government improved access to the area by constructing 40 kilometres of road, with the remaining seven kilometres scheduled to be completed in 2023. Additionally, the Government invested in a drying and storage facility for corn and soya bean, which will be completed this year, establishing the first such facility in the country.
Plans are also afoot to start cultivating corn and soya bean in Moco Moco Village, North Rupununi. The Ministry of Agriculture is also assessing the capacity in other regions with the aim of taking the project there in the future.
Earlier this month President Dr. Irfaan Ali had revealed that as of the first half of 2023, Guyana cultivated over 3000 acres of soya beans and over 1200 acres of corn. President Ali had also indicated Government’s commitment to ensuring that by the end of 2026, Guyana will have 50,000 acres of land cultivated in corn and soya.