Guyana implements multi-billion dollar agricultural expansion strategy

The Government of Guyana is implementing a multi-billion dollar strategy to transform its agricultural sector into a major economic pillar. President Irfaan Ali announced that the administration is negotiating with commercial banks to secure more favorable credit terms for farmers and agribusinesses. Republic Bank has pledged funds for agricultural loans, while Demerara Bank is already providing poultry loans at a 5 percent interest rate.

Agriculture Minister Zulfikar Mustapha emphasized efforts to diversify the economy, particularly in the Essequibo Coast, by expanding beyond traditional rice production into poultry, high-value crops, and coconut cultivation. The government aims to attract more investment and change negative perceptions of agriculture among the youth.

Since 2020, Guyana has seen significant growth in several sectors: coconut production increased by nearly 250 percent, poultry by over 110 percent, rice by 18 percent, and vegetables by approximately 21 percent. The Guyana Development Bank reported that nearly 30 percent of its recent loan applications have originated from the agricultural sector.