GRPA advises rice farmers to scale back investments to increase profits as global prices fall

With global prices for paddy on the decline, the President of the Guyana Rice Producers Association Lekha Rambrich, urged farmers to scale back their investments in order to boost their earnings despite the challenging market conditions.

In an interview with reporters, he noted that India has produced a staggering 154 million tons of rice, with over 20 million tons entering the international market, which is driving prices down as rice cultivation expands worldwide.

“We can’t say when rice will go back up, but for protection, farmers need to stop renting lands at those high costs. Try your best to bring down your cost of production, which is important,’’ he explained.

As a rice farmer himself, he encouraged fellow farmers to make a concerted effort towards mechanizing their operations.

He also addressed millers, emphasizing the importance of their continued support by purchasing paddy from farmers.

Currently, with assistance from the Government of Guyana, millers are buying paddy at a rate of $3000 per bag.

“Based on what is happening globally, we have to accept the price,’’ he said.