The government is pouring more money into the local sugar company, GuySuCo, as it continues with its efforts to turn around the fortunes of the company.

Another $1.5 Billion has been allocated to the company as part of the government’s latest supplementary budget. The Government is hoping that the money will boost production and assist in the management of the company.

On Wednesday, Agriculture Minister, Zulfikar Mustapha, told the Committee of Supply of the National Assembly that there has already been an increase of 14% in the sugar production target and more lands are being prepared to increase added production.

Further, the Minister said money will also be set aside to assist with the reopening of the Rose Hall estate which was closed in 2017.

Over $ 1 Billion was approved late last year to fast track works to reopen the Rose Hall Estate.

“I want to report to this House that in the next month by the end of September Rose Hall (Estate) will start and smoke will come out of that chimney again and that is one of the promises that we have made to the people of this country and we are bringing that to reality,” Mr. Mustapha told the House.

The Minister noted that over 1,100 workers have been re-employed at the Rose Hall estate and that the government is confident of a turn around for the industry.

However, with the massive injection of funds into the Industry, Mr. Mustapha said he would not rule out needing more funds for Guysuco by the end of the year.

“We will continue to rehabilitate Guysuco because Guysuco is one of the most important organizations in Guyana and we will continue do it until Guysuco reach its peak, then we will stop,” Mustapha noted.

If Guysuco meet its production target this year, it will rake in some $12 Billion.

The sugar Corporation has set itself an ambitious production target of 60,000 tonnes for this year, but eight months into the year, only 10,000 tonnes of sugar have been produced so far.

Since taking office, the government has expended over $12 billion on machinery and plants, repaired sugar cane fields at all factory locations, and promoted private-sector partnerships by giving cane farmers in Uitvlugt loans to increase the amount of land they can cultivate.

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