Over US$100M generated by rice sector so far for 2024, as production increases

Agriculture Minister Zulfikar Mustapha recently revealed that Guyana’s rice sector has generated a whopping US$127 million already for the year. The minister made this announcement on Tuesday during the closing ceremony for the Enhancing Precision Farming Practices in rice production for Guyana’s small farmers using drone technology programme, which was conducted by the subject Ministry in collaboration with Guyana Rice development Board (GRDB) and The Food and Drug Organisation (FAO).
“When you look at the rice industry, we are seeing a lot also for a revenue coming in for example in 2023 the rice industry brought in US$212 million for this year almost US$127 million have already been generated by this industry so rice is an important part of our country’s development” the minister stated.

Moreover, the minister revealed that the Guyana Rice Development Board (GRDB) has been making significant strides in rice production, as such he noted that the GRDB has managed to surpass its half year rice production goal for 2024.
“We have seen production increase every single year for example in 2022 we had a production of 610,00 tons of rice that we produce, in 2023 that increased to 653 710 and this year our target is 710 000 tons of rice for the first half of the year we have already achieved our target, surpassed our target and we achieved a production of 362,030 metric tons,” the minister asserted.
On this point, the minister noted, that the Agriculture Ministry, has been committed towards enhancing agricultural productivity, as such he highlighted that through the Guyana Rice Development Board the ministry has implemented several high yielding varieties of rice to commercial farmers.
“Over the last few years we have witnessed almost nine high-yielding rice varieties that have been released for commercial production boosting productivity and sustainability of the rice industry recently as last year when we had the agri investment expo we launched one of the most exciting variety a more nutritious variety a variety that can attract preferential prices the biofortify rice we have collaborated with ICA to launch that variety and now that variety has been made for commercial use too in our country” he stated.
Meanwhile the exploration of new rice varieties and export markets aligns with the government’s commitment to advancing the agricultural sector and ensuring sustainable development.
In 2023, the rice sector recorded an increase of seven per cent with a production of 653,706 metric tonnes. This signifies an increase of 43,111 metric tonnes in 2023 as compared to 610,595 in 2022. Guyana earned approximately $45.2 billion in exports in 2023, over $3 billion more than in 2022.
This year, $1.3 billion was budgeted to be expended by the GRDB to support increased production and productivity of the rice industry.
Mustapha explained that the government would continue to implement various measures to bring immense relief to the farmers.
Farmers have also benefited from the distribution of seed paddy and availability of more farmlands to increase yields, and a number of facilities have been built and upgraded to aid in the nation’s rice production.