Venezuela, Kenya among new markets being explored as paddy prices climb to $3500 – Mustapha

Agriculture Minister Zulfikar Mustapha has announced that paddy prices have climbed to $3,500 per bag, offering renewed optimism for Guyana’s rice farmers as the Government intensifies efforts to secure additional export markets, including the possible revival of the once-lucrative Venezuelan market.

The Minister, speaking on the sidelines of a meeting with farmers at Big Biaboo, Region Five (Mahaica-Berbice), attributed the improvement to international market conditions and expressed hope that prices would continue to increase.

The development follows a challenging period for rice farmers, during which depressed prices prompted Government interventions aimed at supplementing their earnings and easing financial pressures.

Mustapha said the Government was continuing its efforts to identify new buyers for Guyanese rice while exploring opportunities to strengthen trade with traditional markets. “The price for rice has increased … the price has gone up to $3,500, and I am hoping that it can increase further,” he told farmers.

Among the markets being considered is Venezuela, which previously provided significant export opportunities for Guyana’s rice industry through the PetroCaribe arrangement.

Mustapha recalled the benefits of that arrangement, which existed before 2015, describing Venezuela as one of the country’s most lucrative rice markets at the time.

“I am hoping that we can revive the market in Venezuela, too,” the Minister stated.

Although he expressed optimism about restoring trade with the neighbouring country, Mustapha did not announce any new agreement or indicate when exports under a revived arrangement might commence.

The Government is also exploring opportunities to expand rice exports within the Caribbean while pursuing potential markets farther afield.

Mustapha disclosed that he had met with Kenya’s ambassador as part of the Government’s efforts to explore additional agricultural trade opportunities.

The search for new markets comes as Guyana’s rice industry continues to record increased production, with Mustapha reporting that the country had already produced more than 830,000 tonnes of rice in 2026.

According to the Minister, rice production stood at just under 500,000 tonnes in 2020 before increasing to between 810,000 and 825,000 tonnes in 2025.

He said the latest production figures reflected the industry’s continued expansion, supported by Government investment and measures aimed at improving agricultural productivity.

However, increased production has also reinforced the importance of securing reliable export markets capable of accommodating Guyana’s growing output.

The Minister acknowledged that farmers had faced difficulties over the past two years as international market conditions affected the prices they received for their paddy.

He pointed to several Government interventions introduced to provide financial relief during that period. Mustapha said further assistance was provided this year following consultations involving President Dr Irfaan Ali and rice farmers.

Under that intervention, financial support was calculated according to the acreage cultivated, with the Minister referring to payments of $10,000 and $15,000 per acre.

He explained that the payments were made in addition to the money farmers received from millers for their paddy.

The Minister maintained that the Government remained committed to supporting rice farmers, rejecting the notion that rice cultivation should be regarded exclusively as a private-sector undertaking.

He pointed to the financial assistance and investments made over the years as evidence of the administration’s efforts to sustain production and protect farmers’ livelihoods.

With paddy prices now reaching $3,500 per bag, Mustapha expressed optimism that stronger international demand and the identification of additional export markets could create more favourable conditions for the industry.

The Minister’s remarks signal a continued focus on expanding Guyana’s overseas rice trade as production increases, with the potential revival of the Venezuelan market and efforts to identify new buyers forming part of the Government’s approach.