The problem plagued Guyana Sugar Corporation will be given another shot in the arm as part of the government’s recovery efforts for the sugar industry.
The Minister of Finance has announced the allocation of another $4 Billion to support Guysuco’s field and factory operations in hopes of turning around the industry.
This is despite a grim 2022 performance of the industry which recorded double-digits contraction.
For over a decade, GUYSUCO has been operating at a loss but billions of tax dollars continue to be pumped into the industry to bail it out of its financial woes.
The Finance Minister during his budget presentation today said the government’s commitment to the sugar industry remains. He said the Government has been proactive in focusing on reopening and recapitalizing the closed estates as well as rationalizing cost structures.
“We remain committed to the revitalization and restructuring of the industry to support a diversified and modernize sector, ensuring its sustainability and economic viability,” the Minister said.
The Finance Minister also said the continued investments in the sugar industry will be undertaken with the ultimate objective of ensuring that each estate is able to be back up and running in the future. He said billions have been already been expended to fields and factory to have them working again.
“This year sir, in support of the sugar industry and those who work in that industry our government has allocated in budget 2023 $4B for GUYSUCO, out of which we will see the commencement of the construction of the Albion packaging plant and the expansion of the capacity of the Blairmont packaging plant,” the Finance Minister said.
Since taking office, Dr. Singh said 1,479 sugar workers who were dismissed under the previous government have been re-employed.
The same workers who received their severance pay under the previous government received additional cash support from the PPP government last year.
Last year the industry, produced 47,011 tonnes sugar falling short 17,878 tonnes of its target.
GuySuco received over $10 Billion in government funding in 2022.