Guyana to save over US $80 M on imports

Guyana is projected to save more than US $80 million by 2027 by increasing local production of corn, soya, beans, and hatching eggs, and reducing the country’s reliance on imports.

President Dr Mohamed Irfaan Ali shared these projections during the International Business Conference 2024 at the Marriott Hotel in Kingston, Georgetown, on Tuesday evening. He said that the savings and earnings are expected by the end of 2027.

President Ali highlighted that Guyana is developing a competitive export sector aimed at expanding global partnerships.

He further elaborated that “We have to look at ways we will save the export utilisation of foreign currency. By the end of next year we will be producing right here in the country all the corn and soya that we import and that is a saving of about US $30 million.”

He also noted that by 2027, Guyana will produce all the hatching eggs it currently imports. Last week, Minister of Agriculture Zulfikar Mustapha reported that the country imports nearly 53 million hatching eggs annually.

In contrast, local production reached 27,000 last year and 94,000 during the first half of this year.

President Ali further projected that by the end of 2026, Guyana will produce all the beans it imports, contributing significantly to the country’s food security and sustainable development efforts.

He further noted that these advancements will help Guyana effectively manage challenges such as natural disasters.

“In the last five years, we weathered significant global shocks including COVID-19, two major floods and the highest transport and logistics cost globally. In the end, we have still been able to maintain stability,” President Ali said.

Agriculture remains a top priority for the government as it aims to reduce both Guyana’s and CARICOM’s food import bills by 25 per cent by 2025.