The report stated that year 2008 saw an annual rainfall recorded as the highest in 53 years, and this led to a significant loss of revenue in the industry. However, despite the challenges, the corporation was able to meet its export market obligations.

As pointed out in the report, in June 2008, the National Cane Farming Committee (NCFC) was resuscitated with a committee comprising Government agencies, farmers, GUYSUCO and Institute of Private Enterprise (IPED) to provide technical support to farmers across the industry.

According to the report, 2008 saw completion of the new Skeldon Factory which has the capability to grind 1.2 million tonnes of cane and will account for over 30 percent of the sugar being produced by GUYSUCO. The factory was registered under the Kyoto Protocol Clean Development Mechanism to sell Certified Emissions Reduction through the World Bank in an effort to help preserve the environment. To complement this, the Blairmont factory and Marketing Department were re-certified as ISO 9000:2001 compliant.

The reported production achieved for 2008 was 226,268 tonnes of sugar compared to the 226,482 tonnes in 2007. The high level of rainfall affected worker turnout, caused damage to crops, and affected completion of the field programme for 2008.

Despite the cash flow difficulties experienced, contribution from operating cash to the Skeldon Modernization Project amounted to $839 M and $1.761B which was expended on routine capital programmes. Working capital was obtained from the ING Bank of the United Kingdom, which continues to reflect its confidence in the Corporation by providing short- term financing for funding for four consecutive years.

The Corporation received an additional sum of $3.2B which was provided by local financial institutions, and used to fund the end of the year deficit.

GUYSUCO posited that sugar remains a vital contributor to the agriculture sector and continues to play a significant role in the lives of all Guyanese. The industry is the largest single employer and makes a considerable contribution to the country’s Gross Domestic Product (GDP). (GINA)