Rising food prices underscore the national importance of the Intermediate Savannahs soya bean and corn project, according to investor and Bounty Farm Director David Fernandes, who says the venture represents a long-term solution to the country’s reliance on imports.
“This COVID-19 situation has caused freight and everything to go up. The grain prices have been ridiculous as of recent and we are not sure where it would end up. Rice has increased by 71.4%, feed corn by 24.76%, the soya prices by 35% and feed grade fats or oils by some 25%,” Fernandes, one of the nation’s leading poultry producers, told Stabroek News in an interview.
“Chicken prices, on the other hand, have had a 3% increase. How long will that be sustainable? This project gives us the opportunity to be self-reliant but it would not have an impact until about the next three years, if all goes well,” he added.
