Jamaica Agricultural Society (JAS) president, Senator Norman Grant, says that a reorganisation of the society’s debt portfolio has enabled it to settle an outstanding debt of $85 million owed to the Financial Sector Adjustment Company (FINSAC). Senator Grant says that a final payment of $7.5 million has been made by the society from the surplus generated from the staging of the 2014 Denbigh Agricultural and Industrial Show in Clarendon.

Speaking at the JAS 120th Annual General Meeting (AGM) at the Denbigh showground, May Pen, Clarendon, on July 8, Grant advised the meeting that as a result of the settlement titles for both the 52-acre Denbigh showground and the JAS property at Great George Street, Savanna-la-Mar, Westmoreland, have been released by FINSAC to the society.

FINSAC was established by the Government of Jamaica in January 1997, with a mandate to restore stability to the country’s financial institutions, following the 1990s financial meltdown which took down a number of Jamaican banks and insurance companies, as well as their clients including investors.

Grant told the meeting that the society’s net assets have grown by 20 per cent over the last 12 years, to $443 million at the end of 2014/15.

He said that the figure represents an average annual growth of approximately 1.7 per cent on the society’s asset base, which stood at $370 million in 2003. It is also $8 million, or two per cent higher than the $435 million recorded in 2014.

Grant also pointed out that total year-on-year investments improved from $32.3 million in 2012, to $34.2 million last year.

He said that improvements were evidence of the solidifying of the society’s financial position, through a vigorous process of organisational re-engineering.

“This has been achieved through aggressive strategic debt re-structuring, re-engineering of membership, which is still underway, and focusing on income generation through grants, contributions, and self-financing projects,” he stated.

The Denbigh Showground will be the venue for the staging of the 63rd Denbigh Agricultural, Industrial and Food Show, July 31 to August 2, this year. The event, which is organised annually by the JAS, is expected to attract more than 120,000 patrons. The show will form part of the society’s’ year-long 120th anniversary celebrations from May 2015 to May 2016.

“We will highlight how the JAS has empowered our farmers and contributed to the building of a strong agricultural sector over last the 120 years,” he said.

The main objectives of the Denbigh Agricultural, Industrial and Food Show are: to promote the agricultural sector; display the best foods produced in Jamaica; and highlight the importance of agriculture to food security, business development and nation building.

Governor General, Sir Patrick Allen, is expected to attend the July 31 opening while Minister of Agriculture, Fisheries, Labour and Social Security, Derrick Kellier, will be present on August 1 and Prime Minister Portia Simpson Miller on August 2.

Gates will open daily at 8 a m each day and admission is $800 for adults and $300 for children.