The Ministry of Agriculture in Guyana is set to receive a substantial boost with an allocation of $97.6 billion in Budget 2024, aimed at accelerating the development of the agriculture sector.
Finance Minister, Dr. Ashni Singh, highlighted that this significant investment will primarily focus on transformative Drainage and Irrigation (D&I) infrastructure.
The largest portion of the agriculture budget, totaling $72.3 billion, is earmarked for D&I works, emphasizing the government’s commitment to strengthening this crucial aspect.
This allocation encompasses the construction of two models of the Hope canal in Regions 5 and 6, accompanied by the acquisition of 40 mobile pumps to complement ongoing efforts to enhance D&I systems nationwide.
The plan also includes the continuous rehabilitation and maintenance of canals throughout the country.
Dr. Ashni Singh emphasized the pivotal role of this investment, stating that it would play a key role in driving agricultural development in the coming years.
A substantial amount of $6 billion has been allocated to bolster the sugar industry, specifically targeting improvements in GuySuCo’s production and operational efficiency.
This strategic allocation aims to revitalize the sector and contribute to its overall sustainability.
In addition to the focus on D&I and the sugar industry, Budget 2024 allocates $1.3 billion to enhance productivity in the rice industry, $2.6 billion to promote the development of the other crops subsector, and $100 million for the distribution of planting materials for spices, among other initiatives.
Despite a budgetary allocation of $33.2 billion in 2023, the Agriculture sector saw a total expenditure of $60.4 billion, signaling the government’s proactive approach to ensuring that allocated funds are effectively utilized for the sector’s growth and resilience.
This substantial budgetary allocation underscores the government’s commitment to advancing the agriculture sector, promoting sustainability, and fostering economic growth in Guyana.