President Ali addresses global rice glut, outlines support for Guyanese farmers
President Dr. Irfaan Ali says Guyana’s rice sector is heading into another strong crop, but falling global prices driven by record international production are creating challenges for farmers and millers at home.
Speaking at a press conference, the President explained that global rice production is at an all-time high, with major exporters like India, Vietnam and Brazil producing record stockpiles. The need to release these stocks onto the market has caused a glut, pushing prices down.
By the end of August, global white rice export prices averaged US$415 per ton- down US$14 from the previous month and US$228 lower than a year ago.
Despite this, Dr. Ali highlighted that the government has been providing substantial support to the sector. Farmers recently received $2 billion in price support to guarantee $4,000 per bag, along with $3.6 billion in fertiliser, flood relief and seed paddy assistance.
The administration has also launched a crop insurance programme, removed VAT and duties on agricultural machinery and chemicals, and secured the settlement of Panama’s outstanding $1.5 billion debt. Since March 2025, the Guyana Rice Development Board (GRDB) commission on sales has been reduced to zero.
Additionally, nearly 70 per cent of farmers have registered for crop insurance so far.
“We have, whilst looking at ways in which to confront this challenge, exhausted many of the tools available to assist farmers and millers,” the President said, noting that the government is still working closely with industry players.
Finance and agriculture ministers met with millers earlier this week and are expected to hold follow-up talks, as well as regional meetings with farmers, to find further solutions.
In more positive news, the second crop looks promising. More than 209,000 acres were cultivated, yielding an average of 40 bags per acre, resulting in an estimated production of over 8.3 million bags.
To strengthen resilience, 10 new weather stations are expected to arrive in Guyana by mid-October. These will provide farmers with data to help them manage crop production in response to shifting weather patterns.
Dr. Ali assured that the ministries of Agriculture, Finance and Public Service, along with government implementation units, will continue coordinating efforts to cushion the impact of falling global prices while supporting long-term sustainability in the rice industry.
