The recent inauguration of a new Sugar Cane Growers Fund (SCGF) office in Lautoka signifies a significant advancement in fortifying assistance for sugarcane farmers and rejuvenating Fiji’s sugar industry. Charan Jeath Singh, the Minister for Multi-Ethnic Affairs and the Sugar Industry, officially launched the office, emphasizing its alignment with the National Development Plan and commitment to long-term sustainability.
Minister Singh highlighted that this strategic investment aims to ensure sustainable income for farmers, with profits directed back to them through reduced borrowing costs and enhanced financial safeguards. He shared that the Fund has successfully returned approximately one million dollars to farmers from total revenues of four-point-five million dollars. This includes half a million dollars through lowered interest rates and an equal amount through mortgage protection cover.
“This is a clear example of a grower-centric institution in action. This investment will generate sustainable income and ensure returns are passed directly to our sugarcane growers,” remarked Minister Singh. He commended the SCGF Board and management for their exemplary governance and leadership, attributing these successful outcomes to accountability and strategic foresight.
The SCGF currently supports over 4,300 growers and oversees more than 5,000 loan accounts, with a total loan portfolio valued at around 39 million dollars. An estimated 2,000 additional growers may expand this portfolio by a further 20 million dollars. Looking ahead, the SCGF aims to underwrite over 34 million dollars in new loans within the next three years, targeting a portfolio growth to 50 million dollars. This anticipated growth is linked to an increase in cane production, which is expected to surpass two million tonnes, with initial signs of recovery projected for 2025.
SCGF Chairman Ahmed Bhamji emphasized that this investment is part of a long-term strategy aimed at sustainable growth, robust governance, and a durable balance sheet, with more than 60 percent of the Fund’s exposure remaining within the sugar sector. The establishment of this office represents a hopeful step forward for Fiji’s sugarcane farmers, reinforcing the industry’s stability and potential for future prosperity.
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