Reduction of bank interest rates will alleviate the hardships faced by producers – GPPA


See below for a statement by the Guyana Poultry Producers Association on the recent announcement by President Dr Irfaan Ali this morning of a 3% reduction in the interest rates on loans from at least four commercial banks in Guyana.

Statement by Guyana Poultry Producers Association

The Guyana Poultry Producers Association wishes to acknowledge the measures announced and implemented by His Excellency President Dr. Mohamed Irfaan Ali to support the Poultry Industry and, thereby, to support the production, availability, and affordability of poultry meat products to the consuming public.

Most recent amongst these measures, is the initiative announced earlier this morning to facilitate banks lowering the interest rate on financing provided to the sector, comprising a lower interest rate of 5 percent to borrowers in the sector and a further lower interest rate of 3½ percent for loans below a specified size.

These latest measures are in addition to the measures previously announced by His Excellency following his meetings with the sector on 28 June and 7 July 2023. Those included: the procurement of vaccines to support poultry farmers to improve the medical condition of their stock and to reduce their cost of production; importation of frozen chicken geared at allowing small farmers to acquire chicken at cost price to facilitate reselling to their respective customers; equipping the GLDA’s nutrition laboratory with
additional instruments; equipping the quarantine and surveillance unit with the necessary tools and equipment; training technical staff in good poultry production, health and laboratory practices; and installing additional hatcheries within the production zone; just to list a few elements of the comprehensive action plan agreed with the industry.

The Association is greatly appreciative of His Excellency’s swift action to address the concerns of the industry and to alleviate the hardships being faced by poultry producers. These actions are a tangible demonstration of the Government’s commitment, under President Ali’s leadership, to address in a meaningful manner the issues that are critical to ensuring adequate production and affordable availability of essential food items for the Guyanese people.

The Association reiterates its commitment to work closely with His Excellency President Dr. Mohamed Irfaan Ali and his Government in pursuit of the country’s food security agenda.