Over US$40M to be invested in corn & soya bean development in Guyana by 2026 – Pres Ali

President Dr Irfaan Ali on Friday announced that in another three years, Guyana’s burgeoning corn and soya bean industry will see over US$40 million in investments that will help catapult the country into self-sufficiency and aid in realising the Region’s objective of reducing its food import bill by 25 per cent by 2025.
“As of the first half of 2023, Guyana has cultivated over 3000 acres of soya beans and over 1200 acres of corn. We are committed to ensuring that by the end of 2026, we will have 50,000 acres of land cultivated in corn and soya,” the Head of State revealed whilst delivering remarks at the launch of the 17th Caribbean Week of Agriculture.
“This is a co-investment between the developers and the Government. When this project is fully matured by 2026, it will be one of the largest agricultural investments in the Region, with over US$40 million invested in the development of corn and soya beans.”
At present, there is a consortium that includes Guyana Stockfeed 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.
President Ali has already disclosed that there is a huge international interest in joining the local industry.
In the feed industry, Guyana imported close to US$30 million in products annually. The aim is to not just attain self-sufficiency but also establish the country as a net exporter of soya.
The key stakeholders in the massive corn and soya bean project include the Government, farmers, and private companies. 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, 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.