Managers at the state-owned sugar company Guysuco, have been warned by President Irfaan Ali that it cannot be business as usual with the management of the industry as it continues to incur major financial losses while production remains low.
The Government has been pumping billions of dollars into the cash-strapped sugar company but has not seen any welcoming returns.
Sugar production continues to fall below target at the various estates.
During the meeting yesterday, the President said his government is not investing resources in GuySuCo for failure. He said the restructuring and strengthening of GuySuCo is not a joke and the government is serious about making the industry viable.
180 managers from across the sugar company attended the meeting along with senior officials of the Ministry of Agriculture.
The President reminded the managers that Guysuco does not belong to any individual or group, but rather it belongs to the country. He said success for the industry does not start with money, but rather starts with the teams and people at the company getting their job right.
He said there will have to be sweeping changes at the sugar company.
The People’s Progressive Party returned to the government in 2020 with a promise of making the sugar industry viable again. The government has started moves to reopen some of the estates that were closed by the previous government over their financial losses.
Two years into the government, the sugar company continues to incur heavy losses while feeding on billions in taxpayers’ money,