The Guyana Sugar Corporation will be given another shot in the arm as part of the government’s recovery efforts for the sugar industry with another $6 Billion budgeted for the industry this year, as part of the allocations for Agriculture.
During the presentation of the 2024 National Budget, the Minister with Responsibility for Finance, Dr. Ashni Singh, said the additional injection is part of Government’s continued efforts to revitalize the sugar industry.
The $6 Billion is expected to support Guysuco’s field and factory operations with the hope of turning around the industry.
The Finance Minister said the investments being made to the sugar industry is already yielding results as the industry saw a 28% increase in its production last year when compared to the 2022 figures.
Over 60,000 tonnes of sugar was produced.
Dr. Singh boasted that in just under three years, the government was able to re-open the Rose Hall Estate which recommenced operations last September.
In its retooling efforts, he said government has realized the mechanization of 2,740 hectares of land for mechanical harvesting at Rose Hall, Albion and Blairmont estates.
“And since September 2020, we have invested in the rehabilitation and modernization of factories and cane fields. And over 4,600 workers were rehired, bringing total employment to over 8,100 employees across the industry,” the Finance Minister stated.
Government plans to continue to convert lands for sugar production this year with a target of over 7,000 hectares.
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.
“Mr. Spekaer in 2024, the budget will contribute $6B to Guysuco to further improve operation efficiency at the industry,” the Finance Minister noted.
Guysuco has received over $20B from the Government over the last three years.
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