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Mystery over shortage… GuySuCo: Where is the sugar disappearing to?
GuySuCo has threatened to drop any suppliers from its list who have been found hoarding or smuggling.
The state-owned Guyana Sugar Corporation (GuySuCo) says that a recent sugar shortage on the market has been caused by deliberate hoarding by suppliers and a cutting of the local quota by half to meet shipments to the Corporation’s customer in the European Union.
According to GuySuCo’s Deputy Chief Executive Officer (CEO), Raj Singh, from all indications what ensued was an artificial shortage created by a number of businesses to drive the prices upwards.
Questioned about the shortage during a press conference yesterday, Singh explained that some time back, GuySuCo decided to slash by half, quotas to local suppliers in order to meet the European Union demands.
It was expected that suppliers would have delved in their stock to meet the demands but clearly this did not happen.
According to GuySuCo’s Chief Executive Officer, Paul Bhim, it is a mystery where the sugar goes. And he was speaking specifically about the loose sugar.
Currently, the officials explained, Guyana is supplying enough sugar to the local market to allow each person to consume around 13 pounds daily.
So where is the sugar going?
GuySuCo does not have enough information to determine whether the sugar is being smuggled or hoarded.
There were reports that the sugar was being smuggled to Suriname and Venezuela and Trinidad.
World prices for sugar have risen dramatically with prices overseas more profitable for some suppliers, this newspaper has been told.
This week, to stabilize the supply, GuySuCo has gone back to the full supply.
Bhim made it clear that there was enough packaged sugar on the market from the Enmore Packaging Plant but with the absence of hard information to determine which supplier was hoarding, GuySuCo’s hands are tied.
The Corporation yesterday again threatened to drop any supplier found hoarding or smuggling from its list.
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