Dear Editor,
Guyana’s rice production can reach greater heights, even one million metric tonnes, as Dr. Cheddi Jagan, a former president, had said.
This objective is very important today because the Guyanese economy needs to be more heavily dependent on sectors other than oil. Farmers’ capacity to increase output will require all available assistance. The geopolitical and COVID-19 crises have contributed to increasing connected expenses linked to the industry, which is a price taker, and the rice industry’s growth potential faces challenges from an unstable global economy. Despite the fact that there is an oil boom, farmers’ real incomes have declined.
The recent annual upward trend of production growth, which continued with an 8.1% expansion in 2022, is the rice subsector’s distinguishing feature. This was supported by fiscal measures by the government and credit from financial institutions. However, more needs to be done to assist the industry with a holistic development plan. More rice production lands should be developed, and farmers being able to own their land can improve their financial situation.
The rice industry can also benefit from deeper financial innovation to aid capital formation and the building of better products for risk resilience, such as crop insurance. Productivity gains in the industry will not only help to lower costs, which will necessitate a higher yield of 5.9 tonnes per hectare, improved drainage and irrigation, a diverse paddy variety, increased R&D and technological innovation, but will also serve as a catalyst for capturing profitable markets. While there is no doubt that the capitalists will increase their wealth from oil, and the farmers’ income will not be comparable, resources can be streamlined for the productivity and resiliency of the rice industry.
Yours faithfully,
(Name and address provided)
