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Missed EU deadline… GuySuCo in a very peculiar financial situation – Agri. Minister

Sep 11, 2008 News

The loss of $300M in revenue from the sugar industry is of grave concern to Government, Agriculture Minister Robert Persaud emphasized yesterday.
In an invited comment on the issue, Persaud said that he is very concerned about any loss of actual or potential revenue.
At present, he added, the Guyana Sugar Corporation (GuySuCo) is in a very peculiar financial situation.
According to the Agriculture Minister, the sugar protocol is coming to an end next year. He said that this should be a reminder to the management and workers of GuySuCo of the need to ensure maximum production and productivity.
At the same time, the Minister said, there should also be better management of cost of operation and utilization of opportunity days (harvesting days).
Due to climate change, Persaud explained, the opportunity days have dwindled from 120 days to about 60 to 70 days presently.
An official from the sugar company told Kaieteur News yesterday that the $300M loss is equivalent to two percent of wage increases.
“Each percent increase puts on $150M on the wages cost,” the official noted.
On Tuesday, Chief Executive Officer of GuySuCo, Nick Jackson, told Kaieteur News that the revenue has been lost as a result of the sugar industry missing the targeted 55,000 tonnes required in a contractual obligation with its European Union market.
The agreement stated that the corporation had a commitment to provide the aforementioned quantity of sugar by September 5, which was last Friday.
Only 45,000 tonnes were shipped. Whilst Guyana will still supply the remaining 10,000 tonnes, the price will vary, Jackson said.
The CEO added that the industrial actions during the year gravely affected production of the company.
Technically, Jackson added, Guyana did not fall short on its quota but instead only missed out on the high price. The $300M in revenue includes the demurrage on the vessels that was paid.
This means that the corporation had to pay a fee for the ships which were hired, to stay longer than expected in Guyana.
The arbitration tribunal established to deal with the wages dispute between the GuySuCo and the Guyana Agricultural and General Workers Union (GAWU) will meet again today.
The preliminary dialogue between the two parties will be hosted.
Soured wage negotiations between the company and the GAWU resulted in workers taking industrial action, which has to date, lasted for almost three weeks.

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