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Guyana’s food import bill in three-year climb
…Bank of Guyana says bill increased significantly to US$144.9M at mid-year
Guyana’s food import bill in three-year climb
Kaieteur News- With Guyana leading discussions on the regional push to reduce the Caribbean Community’s (CARICOM’s) food import bill by 25% by 2025, the nation has itself struggled to reduce its own food importation bill.
This is according to statistics in the Bank of Guyana (BoG) Half Year Report. Central Bank figures indicate that Guyana’s food import bill has continuously climbed at the half-year mark over the past three years.
Between January to June 2022, Guyana’s food import bill totaled US$101.7M. This did not include beverage and tobacco which accounted for another US$30.3M.
President of Guyana and CARICOM Chair, Dr. Irfaan Ali
During the same period in 2023, the country’s total food importation bill rose to US$122.2M while beverage and tobacco imports reached US$30.9M.
This year, the Bank of Guyana report stated that the food import bill climbed significantly to US$144.9M. The bill for tobacco and beverages also increased to US$42.3M during the period.
The Bank explained, “In the consumption goods sub-category, imports amounted to US$492.7 million, 28.6 percent or US$109.6 million more than the 2023 corresponding level. This was due to increases in the sub-categories of other durables, food for final consumption, motor cars, beverages & tobacco, other non-durable goods, other semi-durable goods and clothing and footwear by US$38.8 million, US$22.7 million, US$19.1 million, US$11.4 million, US$9.6 million, US$6.6 million and US$1.4 million, respectively.”
Since Guyana began producing oil, the economy has grown consecutively over the past four years by double digits. Although efforts have been made to increase food production locally, it is clear that the growing demand in the country, as a result of increased foreigners, cannot be met by local farmers.
On October 16, Guyana joined in observing World Food Day, as the Minister of Agriculture, Zulfikar Mustapha emphasized the vital role of food security in international development.
The Department of Public Information (DPI) reported him saying, “access to nutritious food and sustainable food, is a cornerstone of the development of human dignity.”
In a press release issued back in February this year, CARICOM said “food and nutrition security is a critical goal of the initiative which aims to reduce the Region’s high food import bill, in the vicinity of $6B, by 25 percent by the year 2025. Specific objectives include the removal of barriers to intra-regional trade; improving logistics and transportation; greater cross-border investments in the agriculture sector; and the provision of alternate financing and insurance.”
Former Chairman of CARICOM, Prime Minister of Dominica, Roosevelt Skerrit reported at the time that the region remains on course to achieve the goals identified under the 25 by 2025 Initiative. He was addressing the opening ceremony of the 46th Regular Meeting of the Conference of Heads of Government of CARICOM, on February 25 at the National Cultural Centre in Georgetown, Guyana.
Skerrit said that the Community took specific steps last year towards self-sufficiency through the continued implementation of the Community Agricultural Policy (CAP), fostering innovation and collaboration among farmers.
The progress included increased budgetary allocations to the agricultural sector in Member States; the introduction of new crops; improved cross-border investments and collaborations; development and implementation of new agriculture trade policies and guidelines; and the identification and agreement on possible insurance products to benefit farmers in the Region. “It means that we remain on course to meet our 25 by 2025 Food Security Initiative targets, with the most critical one being to reduce our food import bill and advance food and nutrition security for the Community,” he said.
(Guyana’s food import bill in three-year climb)
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