ST. GEORGE, Grenada, May 9th, 2012  --  Prime Minister Hon. Tillman Thomas is encouraged that the Grenada Cooperative Nutmeg Association (GCNA) is refocusing on the capitalization of the Association.

“This is crucial to the future development of an industry that has served our farmers and our economy well for many years,” the Prime Minister said Wednesday, following statements by the GCNA Chairman, Denis Felix, that capitalization is once again on the front burner.

“This is overdue and should be pursued as a matter of urgency,” Prime Minister Thomas said, as he maintained his call on the GCNA management to explore the opportunities that will give farmers ownership of the Association and a greater share in the industry.

He suggested the need for “certain deliberate steps”, including a revision of the governing ordinance to allow for a more balanced management mechanism of the nutmeg industry, in order for nutmeg production to be made a major foreign exchange earner once again.  He said that that mechanism must also involve farmers and technical experts.

The Prime Minister had previously recommended that the “Support for the Process of Merging and Refocusing the Nutmeg and Cocoa Associations in Grenada” report, which details the process towards capitalization and the eventual merger of both entities, be reviewed and implemented. 

Prime Minister Thomas also welcomed the GCNA’s thrust to modernise the industry and stabilize the price paid to farmers.  He commended the work of the Ministry of Agriculture and the GCNA to expand the nutmeg industry and to increase the benefits to farmers.

“We have seen an increase in the production of raw material, we must now move to adding value through processing, so that we can increase the sector’s foreign exchange contribution to the country,” the Prime Minister said.

He agreed with the GCNA Chairman on the need for an increase in research and development to drive the Industry to greater financial gains.

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