The Grenadian government has initiated a significant transformation in its agricultural sector by replacing the long-standing Marketing and National Importing Board (MNIB) with a new entity, Import-Export Agromart (IMEXA) Ltd. This move comes after years of financial mismanagement and inefficiencies within the MNIB, which had necessitated repeated government bailouts. Prime Minister Dickon Mitchell highlighted the absence of financial statements as a major obstacle in securing a private partner for the MNIB. ‘The MNIB was so poorly run that there were no financial statements for many years,’ Mitchell stated during an interactive talk show, ‘DMs with the PM.’ The government has since taken decisive steps to address these issues, including the payment of severance and termination benefits totaling $2,667,892.73 to all 87 MNIB staff members recorded as of 28 February 2023. In August 2023, the government successfully refinanced approximately EC$5 million of debt owed by the MNIB to a local commercial bank, consolidating all outstanding principal balances at an interest rate of 4.0% to be repaid over 10 years. Finance Minister Dennis Cornwall announced in March 2025 that the MNIB would cease operations before the third quarter of 2025, with IMEXA Ltd. established as its successor. Legal and financial experts are currently developing a prospectus and legal agreements to engage a suitable strategic partner for the new entity, aiming to have it operational by the end of the third quarter of 2025.
Lack of financial statements showing MNIB history delaying its transformation
