Commodity prices remain stable countrywide −GMC

Prevailing retail prices as projected by the Guyana Marketing Corporation (GMC) for the period January 17 -23, 2023, indicate that non-traditional agricultural commodities are showing ease in price pressure at municipal markets across the country.

GMC carried out checks at Kumaka, Anna Regina, Parika, Vreed-en-Hoop, Diamond, Stabroek, Bourda, Mon Repos, Mackenzie, Rosignol, and Skeldon markets.

Price checks on average in the markets for beef saw a reduction of three per cent across regions when compared to the period December 19-22, 2022.

Notably, price ease also saw chicken selling at five per cent less and eggs 11 per cent lessthan the corresponding period in December.

Staple produce such as cassava, eddoes, plantains, potatoes, and yams remain unchanged or have reduced significantly at the markets.

Notably, seasonal vegetables such as bora saw a 32 per cent reduction in cost per bundle on an average compared to what it was in December.

Overall other vegetables remained under $500 per parcel and/or lb respectively at the various markets.

In this year’s budget, government allocated $2 billion towards food security as it moves ahead with plans to increase food production to become a regional food hub.

In addition, $200 million has also been earmarked for innovative agriculture that will improve food production.

Meanwhile, Guyanese can look forward to the continuation of this stable trend as farmers encounter more favourable weather conditions in the coming months, which is expected to incentivise increased production.

In 2022, food production received some $38 billion which saw an increase in climate-smart agriculture as well as an increase in agro-processing facilities and training.

Moreover, food security continues to be a paramount policy initiative for the Government of Guyana, which holds lead responsibility for agriculture, agricultural diversification, and food security in CARICOM – spearheading the regional body’s quest to reduce its food import bill by 25 per cent by 2025.

Guyana continues to increase food production which will meet its objective of producing above 7,000 tonnes at the end of five years.

According to the World Bank, “Guyana’s economy is expanding at an extraordinary rate, … and is expected to remain one of the world’s fastest-growing economies in the medium term.”