Guysuco’s new board coming into effect next week

Jul 28, 2014 News

President Donald Ramotar yesterday disclosed that the new Board of Directors for the Guyana Sugar Corporation (Guysuco) will be announced and installed next week.

The life of the present board was extended to June and the new Board’s appointment was scheduled to come on stream from July 1. The board is expected to, with the support of management, lead the industry’s turnaround.

According to a GINA release, President Ramotar also recommitted his government’s support and confidence in the industry’s turnaround. “Even though the situation might look tough, I have confidence that we can overcome these and move ahead and it is worthy to support them at this point in time, because the industry has a great future in Guyana,” he said.

Just last week it was revealed that the company’s cost of production was double that of world market prices, however, President Ramotar noted that whilst this is true for the moment, it may not be cause for concern, due to the reason that the world market prices fluctuate.

The President noted that this is the first time that the company has experienced such a situation, as generally it is a price taker on the international market.

In response, the sugar company has been seeking to minimise the amount of sugar that it sells on the world market and has been looking at other sources of revenue, President Ramotar said.

The company is also trying to compensate for the prices on the world market by doing some value added. There is movement to outfit the plants with cogeneration facilities, so as to have another source of renewable energy and income. The sugar company already has a demonstration bio-ethanol plant at its Albion estate and is at present testing its e-10 fuel in 20 vehicles (Guysuco and the Ministry of Agriculture.)

The company is also experimenting with a new kind of fertiliser that if proven successful will be a huge saving for the industry, the President said.

In spite of its many challenges, the industry remains viable and in this regard, the government continues to support it. This sustenance is also based on the consideration that the company provides employment for thousands of people and many more who depend on it indirectly.