Tuesday 08/10/2024 - 🪙Guyana $Rev To Grow 37.4%

⏱️ 5 - 6 minute read

Hi, reader

Today we explore the latest opportunities in Guyana's booming economy, from agriculture tech and poultry farming to high-end tourism, driven by the country's rapid oil-fuelled growth.

Here’s what you can expect:

Today's Proverb: 

"If you want to go quickly, go alone. If you want to go far, go together." - African

Meaning: Success in long-term ventures often requires collaboration and teamwork, as opposed to short-term gains which might be achieved solo.

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Tunnel Houses for Climate-Smart Poultry Farming in Guyana 

The government of Guyana plans to introduce climate-smart tunnel houses for poultry farming across the country. These enclosed structures will maintain optimal temperatures for chickens, reducing mortality rates and boosting production. A single tunnel house can produce up to 45,000 birds per batch, with minimal labor requirements. This initiative aligns with the government's focus on agricultural modernization and food security, as part of its "Vision 25 by 2025" program to reduce food imports by 25%.

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New Agriculture Information System Launched to Modernize Guyana’s Farming Sector 

Guyana’s Ministry of Agriculture has launched the Agriculture Information System (AIS) to modernize the country’s farming sector through advanced data management. The system will create a comprehensive database of farms and georeference farm locations, improving decision-making and efficiency. Developed by Intellect Storm and funded by the Inter-American Development Bank, the AIS aims to streamline agricultural processes, boost productivity, and support the government's efforts in ensuring food security.

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Guyana’s Revenue Expected to Climb by 37.4% in 2024 

The Bank of Guyana projects a 37.4% increase in the country’s revenue for 2024, driven by expanding industries and improved tax collection. Revenue is expected to reach over GYD 820 billion, supported by oil-related growth and increased taxation. However, the central government is forecasted to face a deficit due to increased spending on infrastructure and energy projects, such as the new Demerara River Bridge and the Gas-to-Energy project. These projects are part of Guyana's long-term economic strategy aimed at capitalizing on the country's oil wealth.

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Business Opportunities Based On Today’s Developments

1. Small Enterprises

A. Sustainable Farming Products and Services

  • Opportunity: The government's rollout of climate-smart tunnel houses for poultry farming presents an opportunity for small enterprises to offer supporting services or products. This could include selling climate control equipment, organic feed, or providing installation services for tunnel houses.

  • Notes: Small farmers can capitalize on government programs and subsidies aimed at boosting local food production, aligning with the push towards agricultural modernization.

B. Agriculture Tech Solutions

  • Opportunity: With the launch of the Agriculture Information System (AIS), small tech firms could develop supplementary apps, offer data integration services, or provide training for farmers on digital tools for farm management.

  • Notes: Partnering with the Ministry of Agriculture or local cooperatives could create demand for these solutions.

C. Lottery and Promotional Event Support

  • Opportunity: The Lotto Supa 6 Christmas Spectacular promotion provides small businesses the chance to collaborate in event marketing, product placement, or as suppliers for promotional materials (e.g., branded merchandise, gift hampers).

  • Notes: Consider offering digital marketing or event management services to increase visibility for such campaigns.

2. Medium Enterprises

A. Poultry and Livestock Equipment Manufacturing/Distribution

  • Opportunity: The government’s climate-smart tunnel houses initiative opens opportunities for medium enterprises to manufacture or import poultry rearing equipment. This includes automated climate-control systems, specialized feeding equipment, or durable tunnel house structures.

  • Notes: Establish partnerships with the Guyana Livestock and Development Authority (GLDA) and local farmers to supply and maintain equipment. Offering finance options or leasing models for farmers could further boost sales.

B. Audit and Compliance Consulting

  • Opportunity: With the government set to approve the third cost oil audit for ExxonMobil, medium-sized audit and consultancy firms have an opportunity to offer expertise in oil and gas accounting and compliance services. These firms could partner with local or international audit consortiums.

  • Notes: Compliance with the expanding regulatory framework in the oil and gas sector is essential, especially with growing scrutiny on expenditures. There is potential to provide specialized training and support for Guyanese firms involved in oil-related audits.

C. Construction and Maintenance for Capital Projects

  • Opportunity: The government's focus on large infrastructure projects like the Demerara River Bridge and Gas-to-Energy project opens opportunities for medium enterprises in construction, maintenance, and ancillary services (e.g., logistics, equipment leasing).

  • Notes: Medium-sized construction firms can specialize in civil works, subcontracting, or providing materials such as steel and concrete. Offering sustainable building solutions could attract government contracts in line with green initiatives.

D. Agribusiness Processing and Packaging

  • Opportunity: The Agriculture Information System (AIS) and tunnel houses for poultry farming indicate a growing demand for value-added agricultural products. Medium-sized enterprises could expand into poultry processing, meat packaging, or high-tech agriculture operations (e.g., vertical farming).

  • Notes: Consider setting up processing plants for locally sourced poultry and vegetables, benefiting from real-time data provided by the AIS to optimize supply chains.

3. Large Enterprises

A. Oil and Gas Service Providers

  • Opportunity: The third cost oil audit and ongoing scrutiny over ExxonMobil’s expenses present opportunities for large firms to provide comprehensive oil and gas services, including exploration support, equipment provision, logistics, and legal arbitration services for disputed costs.

  • Notes: With ExxonMobil under intense review, large businesses with expertise in international arbitration, energy finance, or advanced auditing have a unique space to operate. Partnering with local firms to enhance capacity building and ensure compliance would be crucial.

B. Infrastructure Development

  • Opportunity: Large construction companies can bid on major capital projects such as the new Demerara River Bridge and the Gas-to-Energy initiative. These projects, with multi-million-dollar budgets, are geared toward improving long-term infrastructure and energy independence.

  • Notes: Forming joint ventures with international firms could strengthen bids, while securing contracts for subprojects (e.g., energy grid modernization, road construction, or housing development) will create long-term revenue streams. Large firms should also explore project financing through global investment funds given the large scale of infrastructure.

C. Agriculture Technology and Investment

  • Opportunity: The launch of the AIS and tunnel houses for agriculture presents opportunities for large-scale enterprises to invest in smart farming technology. This could involve providing large-scale agribusiness software, satellite technology for farm monitoring, or owning large poultry operations with a tech-driven approach.

  • Notes: Establishing tech-driven poultry farms could provide economies of scale in production while addressing climate impact. Leveraging data from the AIS to create predictive analytics services for farmers would ensure a competitive edge in agriculture.

D. Private-Public Partnerships in Energy and Housing

  • Opportunity: With increased revenue from the oil sector, the government is pushing for strategic infrastructure like housing projects and renewable energy developments. Large enterprises can propose public-private partnerships (PPP) to build affordable housing or renewable energy systems like solar farms.

  • Notes: Enterprises should consider diversifying into energy-efficient housing developments, leveraging oil revenues to finance large-scale urban projects that will support Guyana's growing population and industrialization efforts.

Additional Notes and Considerations

  • CSR and Community Projects: Large enterprises, especially those in oil and gas, should consider contributing to Corporate Social Responsibility (CSR) initiatives, particularly in areas like agriculture, healthcare, and environmental protection. This would align with public sentiment and government expectations.

  • Agri-tech and Sustainability: As sustainability becomes a central theme in both agriculture and infrastructure, businesses of all sizes should integrate sustainable practices into their operations. Medium and large enterprises, in particular, can capitalize on growing demand for green and eco-friendly products and services.

  • Digital Transformation: The adoption of systems like the AIS indicates a government push towards technology in traditionally non-tech industries. This is an opening for digital transformation firms to introduce cutting-edge solutions across sectors, from agriculture to energy, enhancing productivity and tracking.

By tapping into the latest developments in oil, infrastructure, and agriculture, businesses at all levels can find new growth avenues in Guyana's rapidly expanding economy.

Side Hustle Ideas Based On Today’s Developments

1. Small-Scale Poultry Farming Using Climate-Smart Tunnel Houses

  • Opportunity: The government's rollout of climate-smart tunnel houses for poultry farming opens up the chance to start a small-scale poultry business right at home. You can manage a small flock of chickens with minimal overhead by taking advantage of the tunnel house technology that reduces the mortality rate and boosts efficiency.

  • How It Works: Start small by investing in a climate-smart tunnel house, which could hold a few hundred chickens. These tunnel houses keep the temperature controlled, so you don’t need to constantly manage the farm. The chickens grow faster, and you can sell them locally or supply small grocery stores.

  • Why It’s Realistic: You don’t need a massive investment to start this. With the right setup, you could easily run this as a part-time side hustle while keeping your day job. Poultry farming is always in demand, and with better technology, it’s easier to get good returns on your time and money.

2. Agriculture Data Services for Farmers

  • Opportunity: With the introduction of the Agriculture Information System (AIS), there's an opportunity for you to offer simple consulting services to local farmers who might not be tech-savvy. You could help them make sense of the data the government is providing, helping them improve their farming decisions.

  • How It Works: You could start by learning how the AIS works, then offer services to farmers in your community to help them track their crops, predict yields, or manage farm operations more efficiently. Even something as simple as setting up spreadsheets or offering data-based advice could be valuable to farmers who are less familiar with these tools.

  • Why It’s Realistic: This side hustle doesn’t require heavy investment or technical skills—just a basic understanding of data and agriculture. You could start by offering your services part-time, and as you build your knowledge, you could help more farmers and expand your business.

3. Luxury Travel and Experience Planner for Expatriates and Tourists

  • Opportunity: With oil production attracting more expatriates and tourists, there's a growing demand for tailored travel experiences in Guyana. You could create personalized travel and leisure packages for expatriates, visitors, or even locals looking for something unique.

  • How It Works: As a side hustle, you could work with local hotels, tour guides, and transport services to offer everything from adventure trips (like rainforest tours or wildlife expeditions) to organizing small private events for high-end clients. You don’t need to start big—you could offer weekend packages or guided tours based on what people are interested in.

  • Why It’s Realistic: You don’t need much capital to start this side hustle—just a strong local network and good organizational skills. You can operate online via social media or even word of mouth, organizing trips and experiences that cater to people who want a unique taste of Guyana. With more people coming into the country, there’s real potential to make good money on the side.

Why These Ideas Work in Real Life

  • Small-scale poultry farming: Practical, easy to start, and profitable with the government’s push for better agriculture technology.

  • Agriculture data services: Farmers need help with modern technology, and offering simple, understandable solutions is a low-cost way to get started.

  • Luxury travel planning: Tourism is booming thanks to the oil industry, and there’s money to be made by catering to higher-end travelers or providing niche, curated experiences.

These side hustles are all realistic and achievable for someone in Guyana looking to earn extra money without quitting their full-time job. They’re flexible, don’t require massive investment, and can grow over time.

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