THE Guyana Sugar Corporation (GuySuCo) has been allocated some $2B for capital works to be carried out at the various sugar estates across the country.
Senior Minister within the Office of the President with the responsibility for Finance, Dr. Ashni Singh, made this disclosure during his presentation on the 2021 Budget on Friday at the Arthur Chung Conference Centre (ACCC). According to the minister, the funds that are being allocated to the industry will see the strengthening of the ongoing operations at the functioning sugar estates across the country. He explained that the sugar industry plays a pivotal role in the country’s economy; hence, in 2021, the Government of Guyana will remain committed to working along with all stakeholders and investors to sustain the industry. “Given the importance of sugar in the domestic sugar economy and the manner in which this sector affects overall socio-economic conditions in rural Berbice and rural Demerara, we shall work with all stakeholders including the private sector in ensuring that the viability of this industry is preserved. Budget 2021 provides an allocation of $2 billion for critical capital works at GuySuCo,” he told the House.
He stated that beyond the other sectors, agriculture is considered as a massive industry that will be an important anchor in the country’s non-oil economy.
Additionally, he highlighted that agriculture is an ever-expanding sector that will see the reduction of food imports and create jobs for citizens across the country.
In 2017, the former A Partnership for National Unity + Alliance For Change (APNU+AFC) Coalition Government announced the closure of several sugar estates across the country; the move saw four sugar estates being closed, and 7,000 sugar workers losing their jobs.
However, in 2020, the corporation was allocated a sum of $7 billion. A sum of $3 billion was used to recapitalise the Rose Hall, Skeldon, and Enmore sugar estate while the remaining $4 billion was allocated to support rehabilitation works at the Uitvlugt, Blairmont and Albion sugar estates.
The government has also begun rehiring sugar workers who were laid off following the closure of sugar estates, as of present, some 8,200 persons are employed in the sugar industry.
Recently, during a visit to the Blairmont sugar estate, GuySuCo’s Chief Executive Officer (CEO), Sasenarine Singh, highlighted that the corporation will be to focusing on expanding its sale of packaged sugar in Caribbean Community (CARICOM), North America and the local markets.
Additionally, the corporation has set a target to produce approximately 97,420 metric tonnes of sugar by year-end and breathe new life into the country’s sugar industry.
