THE Guyana Sugar Corporation (GuySuCo) does not fall under the remit of the Ministry of Finance but under that of Agriculture Minister Noel Holder, Finance Minister Winston Jordan has said.

“At no time did you hear the President or anybody say Minister of Finance will be responsible for GuySuCo or the agricultural sector. The official gazette clearly outlines my responsibilities and the Ministry of Agriculture’s responsibilities,” Jordan told reporters on Friday.

Jordan’s statement follows a letter to the editor dated April 12, 2018 from GAWU’s General-Secretary Seepaul Narine headlined, “Stop playing musical chairs with sugar”. The letter suggested that Jordan has taken over responsibility for the sugar industry.
But the finance minister explained that since the government decided to close the operations earlier this year, the National Industrial and Commercial Investments Limited’s (NICIL) Special Purpose Unit (SPU) took control of the Skeldon, Rose Hall, Enmore and Wales estates to maintain viability of the sugar industry.

“What you have now is a rump GuySuCo; that is a GuySuCo that has been stripped of all of the estates that will not form part of it anymore. All of the NDIA, health and welfare matters belongs to the Minister of Agriculture. What has been sent to NICIL belongs to me via NICIL-SPU,” explained Jordan.

The finance minister made it clear that the $30B syndicated bond secured by the SPU is essentially to keep “rump GuySuCo” afloat through re-investing in the factory and field to earn monies to keep its operations going and become competitive.

“A small part will be used to keep the other estates under NICIL in operation in time for the buyers. Monies that will come from the sale of these estates will be used to meet some of GuySuCo’s current or continuing operations, as well as pay off debts and other liabilities that are owed by GuySuCo,” he added.

Jordan made it clear that at no time will he be taking on responsibilities that are not his, stressing that the lines are not blurred as to his responsibilities and that of the agriculture minister.

“Absolutely what I am responsible for through NICIL and absolutely clear what Mr Holder is responsible for under what has been left back in GuySuCo,” he added.
He noted that through SPU’s head Colvin Heath-London, a silver lining is in sight where sugar is concerned.

“There is no fight for responsibilities and there are no differences in the Cabinet where these matters are concerned,” the finance minister assured.
Additionally, Jordan explained that prior to NICIL’s establishment, the Guyana State Corporation (GUYSTAC) had existed. GUYSTAC was a group set up to manage a set of corporations and with GUYSTAC there were a few independent corporations.
Among the independents were GUYMINE, GuySuCo and the Guyana National Newspapers Limited (GNNL).

“They were not under any arrangement – as more of those corporations were sold, GUYSTAC disappeared,” Jordan said.
He explained that NICIL was not established to take over GUYSTAC. The NICIL legislation, he explained, indicates that its role is to hold all government shares or other equities wherever they are.

“NICIL has been doing just that with the exception of GuySuCo. GuySuCo continues to remain independent,” said the finance minister.

He added: “Under NICIL are all the other corporations that may still exist. So, GNNL’s balance sheet is consolidated under NICIL, but I am not responsible for GNNL. Guyana National Printers is consolidated under NICIL’s balance sheet, but the definitive policy minister for National Printers is Dominic Gaskin [Minister of Business].”