The Hope Coconut Industries Limited (HCIL) has a bright financial future, given that it raked in $36M in 2019. This represents a 47% increase when compared to 2015, says Agriculture Minister, Noel Holder.
In a letter to the media, Holder said that as a direct result of “prudent management” of its resources and systems put in place by his ministry, the annual income of the estate has leaped from G$17 million in 2015 to G$36 million in 2019.
“I am both pleased and impressed that the new management of Hope Coconut Industries Limited (HCIL) took advantage of the favorable environment that was created by the MOA to work towards making the estate sustainable and less dependent on Government’s subvention for its day to day management,” he said.
The minister noted that the estate was made to suffer “major setbacks” by the former regime.
“The estate was hemorrhaging badly and almost went bankrupt. Staff at one time were not paid their monthly salaries for months. All the basic infrastructures were in a state of total collapse and corruption was rampant. However, we should put these unfortunate occurrences behind us and look positively towards the future,” he said.
Minister Holder said that it was the Coalition administration that embarked on initiatives to save the entity.
“In its wisdom, the current government over the past 4 years, invested significant financial and human resources to improve the crippling infrastructure at Hope Estate. The aim of this intervention was to better serve farmers’ needs, most of whom are small producers and risk takers,” the minister said.
He added that as a direct result of these interventions, the tides have turned for the better.
“Several bridges, dams, main access road, the entire drainage and irrigation system, extension and repairs of the main office building, establishing of a vibrant coconut nursery and coconut demonstration plot – to name a few, are now up and running for the benefit of stakeholder of Hope Estate,” the minister reported.
He noted too, that the year 2019 was good for HCIL. Much needed improvements were made, especially in the area of improving its infrastructure.
“It is important to mention that the estate has embarked on projects that are economically smart, environmentally safe and agronomically sound. Its highly successful coconut nursery, which continues to serve farmers’ needs and is currently one of HCIL’s main income streams as well as the extension of its Head Office Building, should be commended. The estate is expected to perform even better in 2020,” the minister said.
He informed that his ministry will be moving to provide the HCIL with a few critical pieces of equipment as well as an excavator, which will be used full time to improve the drainage and irrigation systems that are critical for production.
In addition, a mechanical pump, which is currently under construction at a cost of over G$200 million is expected to become fully operational in the first quarter of 2020. This is expected to reduce the occurrence of flooding at Hope Estate.
