Guyana rice farmers receive first crop insurance payout
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In Guyana, 2,068 rice farmers received nearly US$128,000 in insurance claims after experiencing above-normal rainfall during the first crop of 2026.
The payout marks the first time farmers have accessed the crop insurance program, launched last year through a collaboration between the Government of Guyana, UPL Costa Rica, and Philip Morris International. This program provides premium-free insurance coverage for an initial three-year period.
In addition to the insurance payouts, the government provided direct cash subsidies to 5,106 rice farmers to address rising production costs and challenges in the global market. Farmers with smaller landholdings received $15,000 per acre, while those with larger farms received $10,000 per acre, totaling $2.8 billion in support for 234,920 acres. The government recognizes that declining world market prices and increasing production costs pose ongoing threats to rice farmers in Guyana, a key non-oil export.
To mitigate these challenges, the Ministry of Finance detailed plans to construct a large drying and storage facility on the Essequibo Coast, budgeting $1 billion for climate-controlled silos with a 10,000-tonne capacity. The government is also investing in improved rice varieties, pest control, and the digitization of rice plots to enhance productivity and track field operations.
