Bank of Guyana’s 2024 Half-Year Report reveals that Guyana’s agriculture sector is reaping the rewards of strategic investments, showing strong performance across most subsectors.
According to the report, the sugarcane industry experienced a significant contraction of 60.4 percent, producing only 6,739 tonnes compared to 17,034 tonnes for the first half of 2023. This decline was primarily due to prolonged dry weather conditions caused by El Niño, which adversely affected the growth and yield of the sugarcane.
Additionally, labour shortages compounded the challenges faced by the sector. In response, technical experts are exploring mechanization and improved agro-crop management practices to boost future production and productivity.
In stark contrast, the rice industry recorded a remarkable growth of 19.8 percent, with production reaching 362,029.5 tonnes. The expansion was driven by increased acreage under cultivation and higher yields, supported by innovative technologies like drones and Geographic Information Systems (GIS), as well as the introduction of high-yielding, bio-fortified, zinc-enriched rice varieties. These advancements have solidified rice as a crucial component of Guyana’s agricultural success.
The fishing sector also performed exceptionally well, with a 27.7 percent increase in output. A key contributor was the significant rise in prawn production, which jumped by 153 percent due to the government’s investment of $100 million aimed at boosting industry productivity. Fish catches also rose by 39.1 percent, driven by favourable breeding conditions and enhanced sustainability efforts. This growth underscores the value of targeted investments in revitalizing the fishing industry.
While the livestock industry saw a decline of 7.8 percent in overall output, mainly due to reductions in poultry meat and milk production, other areas within the subsector showed promise. Notable increases were observed in the production of mutton, pork, beef, and table eggs, indicating the potential for focused growth even amid broader challenges.
The “Other Crops” sector also thrived, expanding by 10.0 percent thanks to favourable weather and strategic measures like fertilizer distribution and technical support to farmers. Substantial gains were reported in cocoa and coffee production, beans and cereals, vegetables, and root crops, reflecting the sector’s vital role in ensuring food security and agricultural diversity.
The forestry sector rounded out the positive trends with a growth of 13.2 percent, largely due to increased output in total logs and roundwood production. This uptick aligns with rising demand for lumber fueled by the country’s active construction sector. However, declines in charcoal and plywood production suggest areas that may need more attention moving forward.
Overall, the Bank of Guyana’s report paints a promising picture of Guyana’s agricultural sector, where strategic investments and innovative practices are leading to significant gains across most subsectors. While the sugarcane and livestock industries face hurdles, the outlook for the broader agriculture landscape remains robust, signaling a strong foundation for future growth and sustainability in the nation’s economy.
