The forestry sector in Guyana has shown a significant recovery since the current government took office, according to Finance Minister Dr Ashni Singh and he said that two large-scale investments are expected this year.
Delivering the 2024 budget on Monday, Singh said that significant progress has been made with the forest inventory for the country completed in 2023. The final validation of this inventory is expected to be completed by the end of the first quarter of this year.
The Minister added that this inventory not only provides valuable data for forest management but new species suitable for construction purposes have also been identified. One of these species is currently being reviewed as a substitute for greenheart, which is a highly sought-after but less readily available wood variety. This discovery, Singh said, will help reduce investment costs for both existing and new investors in the forestry sector.
Guyana’s Timber Legality Assurance System is also on track to qualify for certification under the European Union Forest Law Enforcement Governance and Trade Programme. This certification will further enable Guyana to demonstrate its commitment to sustainable forest management and responsible trade practices.
In terms of land distribution, an additional 22 claims were issued in 2023, bringing the total number of small foresters occupying 2.5 million hectares to 550. Additionally, there are 22 medium-scale foresters occupying 2.7 million hectares. These allocations aim to promote participation and inclusivity within the forestry sector.
Looking ahead to this year, Singh said that there will be two large-scale investments totaling 250,000 hectares issued to support expanded production and value-added activities in the sector. Already, several investors have expressed their intention to expand capacity for kiln-dried wood, with an estimated production of approximately 300,000 more board feet of kiln-dried wood expected in 2024. These investments will contribute to the growth and sustainability of the forestry industry.
Furthermore, the government has approved access to $30 million from the S900 million revolving fund for 11 individuals, with the aim of boosting production and value-added activities through low-cost financing. This initiative aims to support individuals and enterprises within the forestry sector, fostering economic growth and job creation.
