With rice production for 2025 targeted at a record-breaking 804,000 metric tonnes, General Secretary of the People’s Progressive Party / Civic (PPP/C), Dr. Bharrat Jagdeo underscored the need to secure new markets with higher prices. During a press briefing at Freedom House today, the official said this is a priority for government as prices on the world market are forecast to decline by almost 10 percent.
The official also noted that more needs to be done to promote greater domestic use of rice for industrialization.
Jagdeo said, “…you can use the rice to do a number of things for more value-added activities. And then here, if we continue to assist the farmers by helping them with some of the input costs, like fertilizers and pesticides, and they have good drainage and irrigation etc., then the (rice production) venture becomes more profitable.”
The General Secretary stressed that even if prices on the world market dip, the support offered by government to ensure higher yields would help to offset any significant loss. He also noted that the government is working on additional assistance that can be provided to farmers. “…we have already started counting the numbers to see what could be done for this crop. So very soon, the rice farmers and the rice millers are going to hear from us on that matter,” he added.
In his presentation of the 2025 budget, Senior Minister with responsibility for Finance, Dr. Ashni Singh said the price of rice had increased by 6.3 percent last year to US$588.4 per metric tonne. For 2025, he said prices are expected to decline by 9.9 percent, averaging US$530 per metric tonne as global output ramps up and India eases export restrictions. With the rice industry serving as one of the primary drivers of Guyana’s non-oil growth, the government is adamant on taking a multi-pronged approach to increase production while providing aid to farmers to help cushion the financial blow from external market forces.
