MINISTER of Agriculture, Mr. Robert Persaud has lauded the Private Sector Commission (PSC) for recognising agriculture as an important vehicle in national development.

Speaking at its 17th Annual General Meeting (AGM), convened at Duke Lodge, Duke Street, Kingston, Georgetown, he said the PSC leadership and business acumen, combined with a stable macro-economic framework, has been positioned on the path of a robust economy to handle the challenge of the global meltdown.

Agriculture Minister Robert Persaud makes a point to PSC Chairman Mr. Gerald Gouveia, left, and Vice-Chairman Mr. Ramesh Dookhoo. (Cullen Best-Nelson photo)

Alluding to this country’s macro-economic status, he reported that the World Bank New Country Assistance Report for 2009/2010, issued in May, said Guyana has made significant progress in laying the foundation for macro-economic stability and high pro-poor growth.

Persaud said the documentation also commended Guyana for its macro-economic performance over the past decade and recognised the progress made in improving fiscal display.

He said, inter alia, it emphasised the importance of accelerated broad-based and shared growth.

Critical
Against this backdrop, Persaud said broadening of the economic base remains critical and entails the PSC examining other avenues of investment.

In that context, he said the recent formation of the PSC Agriculture Sub-Committee is a positive movement.

A section of a gathering at the 17th PSC AGM.

“If we do not continue to give agriculture the importance it deserves, both privately and publicly, we can see this having some sort of deleterious effects on our national economy,” he warned.

Persaud said, while Guyana is in the midst of the global economic downturn, it has not recovered from the food crisis as some of the factors including the issue of climate change and cost of inputs, among others, still remain.

He said, on the basis of trends, increase in global population will result in greater demand for food but resources for the production will decline.

Persaud said Guyana, which has tremendous natural resources, is well placed to capitalise on such an opportunity and should not take its eyes of this prize.

“The prize is not only what we can do to position and prepare ourselves to maximise the opportunities before us but also those that will be opening up, in terms of what we predict and expect to happen globally,” he posited.

Persaud said investment in agriculture has been more stable, compared with other sectors, notably in the area of financial assets.

“Investment in agriculture is safe. It has its risk but it is safe compared with other sectors,’ he assured.

Return
The Minister said the Food and Agriculture Organisation (FAO) has predicted that investing in agriculture will reap the desired return.

The United Nations agency has forecast that, while food prices have come down from the 2008 high, they will not reach the 2006 depressed level, he said.

“In fact, it is predicted that, overtime, food prices will move up by as much as 20 per cent and other commodities in the range of between 30 and 40 per cent,” Persaud said.

He added that the World Bank 2008 report has identified agriculture and its development as a key driver in national development globally, moreso in positioning countries to attain some of the Millennium Development Goals (MDGs).

Persaud maintained that long term investment in agriculture will not only be safe but worthwhile.
The forum was also addressed by Gouveia and Dookhoo.