Guyana Leads Caribbean in Reducing Food Import Bill by 15%

Guyana is making significant strides in reducing the Caribbean Community's (CARICOM) food import bill, achieving a 15% reduction as part of the '25 by 2025' initiative. Ambassador Leslie Ramsammy informed the World Trade Organization that Guyana is spearheading efforts to cut food imports by 25% by 2025, a goal originally proposed by President Dr. Irfaan Ali. The country has increased its agriculture budget to nearly $120 billion and is on track to boost rice production to over 700,000 tonnes in 2024. Additionally, Guyana plans to become self-sufficient in soya and corn by 2026 and start exporting these crops by 2028. The initiative has garnered support from regional leaders and international organizations, positioning Guyana as a leader in food security and agricultural development in the Caribbean.

Auditor General Reports Recovery of Contract Overpayments in Guyana

In a move toward enhanced financial accountability, Auditor General Deodat Sharma announced that all overpayments flagged in last year's contracts have been fully recovered. Presenting the 2023 Auditor General’s report to Speaker of the National Assembly Manzoor Nadir, Sharma highlighted the government's commitment to transparency and fiscal responsibility.

The report, which will be laid before the National Assembly, underscores ongoing efforts to strengthen public sector financial management. Sharma also emphasized the importance of performance audits, noting that 142 public sector officers participated in recent workshops to improve efficiency and accountability. Business leaders and stakeholders are encouraged to review the findings once the report becomes public, as it provides valuable insights into government spending and areas for potential collaboration.

Business Opportunities Based On Today’s Developments

1. Guyana's Gas-to-Energy (GtE) Project and Energy Transition

Overview: Guyana is advancing its Gas-to-Energy project, aiming to reduce electricity costs by half and lower carbon emissions by up to 50%. The project has significant U.S. investment and support, positioning Guyana as a leader in sustainable energy in the region.

Opportunities:

• Renewable Energy and Energy Efficiency Services

  • Small and Medium Enterprises (SMEs): Provide solar installations, energy auditing, and efficiency consulting to businesses and households.

    • Notes: With a national focus on energy transition, there's growing demand for renewable energy solutions and energy-saving technologies.

• Manufacturing Expansion

  • Medium and Large Enterprises: Establish or expand manufacturing facilities that can leverage reduced energy costs, such as food processing or construction materials.

    • Notes: Lower operational costs improve competitiveness locally and for export, aligning with regional trade initiatives.

• Infrastructure Investment

  • Large Enterprises: Invest in energy infrastructure projects like grid modernization, energy storage, and smart grid technologies.

    • Notes: Opportunities exist for public-private partnerships, supported by government incentives and international financing.

2. Agricultural Development and Food Security Initiatives

Overview: Guyana leads CARICOM's '25 by 2025' initiative, achieving a 15% reduction in the regional food import bill. The government is heavily investing in agriculture to become self-sufficient and expand exports.

Opportunities:

• Commercial Farming Ventures

  • Small and Medium Enterprises: Cultivate high-demand crops like soya, corn, millet, beans, potatoes, onions, and new introductions like quinoa and grapes.

    • Notes: Government support may be available in the form of subsidies, training, and infrastructure development.

• Agro-Processing Facilities

  • Medium and Large Enterprises: Invest in processing plants for packaging and exporting local agricultural products.

    • Notes: Adding value to raw produce opens new markets and supports the goal of reducing imports.

• Supply Chain and Logistics Services

  • SMEs and Large Enterprises: Develop cold storage, transportation, and distribution networks to improve efficiency from farm to market.

    • Notes: Enhances the agricultural ecosystem, reduces waste, and ensures product quality.

3. Sustainable Tourism Development with the Launch of Urban Eco-Lodge

Overview: Guyana opened its first state-of-the-art urban eco-lodge, emphasizing sustainability, local culture, and community involvement.

Opportunities:

• Eco-Tourism Services

  • Small Enterprises: Offer guided tours, cultural workshops, and adventure activities for lodge guests.

    • Notes: Focus on authentic experiences that showcase Guyanese culture and natural beauty.

• Artisanal and Craft Businesses

  • SMEs: Supply souvenirs, artworks, and crafts to the eco-lodge gift shops.

    • Notes: Products should reflect Guyanese heritage and sustainability principles.

• Sustainable Hospitality Investment

  • Medium and Large Enterprises: Develop additional eco-friendly accommodations and amenities in strategic locations.

    • Notes: Tap into the growing market for sustainable tourism and align with government initiatives.

Final Thoughts:

• Alignment with National Goals: These opportunities align with Guyana's strategic focus on energy transition, food security, and sustainable tourism.

• Government Support: Enterprises should explore incentives, grants, and partnerships offered by the government.

• Sustainability and Innovation: Emphasizing sustainable practices and innovative solutions will enhance competitiveness and appeal to both local and international markets.

By capitalizing on these key opportunities, businesses can contribute to Guyana's growth while achieving their own strategic objectives.

Side Hustle Ideas Based On Today’s Developments

1. Eco-Tourism Experience Provider

Leverage the launch of Guyana's first urban eco-lodge and the growing interest in sustainable tourism.

What You Can Do:

• Weekend Tour Guide: Offer guided tours to tourists focusing on local attractions, culture, and natural beauty.

• Cultural Workshops: Conduct workshops on traditional Guyanese cooking, crafts, or music for visitors.

• Online Experience Host: Provide virtual tours or experiences for international audiences interested in Guyana.

Why It's High-Value:

• Tourists seek authentic local experiences and are willing to pay premium prices.

• Flexible scheduling allows you to operate on weekends or evenings.

• Minimal upfront investment if you use existing knowledge and resources.

Notes:

• Partner with eco-lodges and hotels to get referrals.

• Obtain necessary permits or certifications if required.

• Promote your services on social media and travel platforms.

2. Small-Scale Specialty Farming

Capitalize on Guyana's push to reduce food imports by growing high-demand, niche crops.

What You Can Do:

• Organic Vegetable or Herb Gardening: Use your backyard or a small plot to grow organic produce.

• Cultivate Exotic or In-Demand Crops: Grow items like mushrooms, peppers, or herbs that are imported or in short supply.

• Urban Hydroponics: Set up a small hydroponic system to grow plants efficiently in limited space.

Why It's High-Value:

• There's a growing market for locally sourced, fresh produce.

• Restaurants, especially those in eco-lodges, may be eager to buy unique local ingredients.

• Potential for high margins with specialty or organic products.

Notes:

• Start small to manage risk and scale up as you gain experience.

• Explore government programs supporting small-scale agriculture.

• Network with local chefs and markets to sell your produce.

3. Renewable Energy Consultant or Installer

Align with the national focus on energy transition and sustainability initiatives.

What You Can Do:

• Energy Efficiency Advisor: Offer assessments to help homeowners and small businesses reduce energy consumption.

• Solar Equipment Sales or Installation Coordination: Facilitate the purchase and installation of solar panels or solar water heaters.

• Educational Workshops: Host sessions on energy-saving techniques and renewable energy options.

Why It's High-Value:

• With rising energy awareness, there's a demand for cost-saving solutions.

• You can earn commissions from suppliers or installers for referrals.

• Flexible work that can be scheduled around your main job.

Notes:

• Gain basic knowledge of renewable energy products and benefits.

• Partner with reputable suppliers or installers.

• Market your services through community groups and social media.

Final Thoughts:

• Leverage Your Strengths: Choose a side hustle that aligns with your skills and interests for greater satisfaction and success.

• Stay Informed: Keep up with local developments and government incentives that may support your side hustle.

• Time Management: Ensure that the side hustle is manageable alongside your full-time job to maintain work-life balance.

By tapping into these opportunities, you can contribute to Guyana's growth while boosting your personal income.