Invest less and earn more – GRPA urges rice farmers as the global price continues to drop
President of the Guyana Rice Producers Association, Lekha Rambrich, advised farmers to reduce investments to maximise profits, given the ongoing decline in global paddy prices.
Rambrich told reporters that India has produced 154 million tons of rice, with over 20 million tons entering the global market, leading to declining prices as more rice is cultivated worldwide.
He called on farmers to minimise rental costs and production expenses, emphasising the need for mechanisation in the rice industry.
Rambrich also encouraged millers to keep purchasing paddy from farmers, as they are currently buying at $3000 per bag with government support.
He recognised that global market conditions require accepting current prices.
