GUYSUCO records highest weekly performance since 2009

Sep 29, 2015 News

The Guyana Sugar Corporation (GUYSUCO) has recorded its highest weekly production figure, some 10,539 tonnes for the week ending September 25, 2015, since March 2009.
This leaves the corporation, which is currently being managed by an interim team comprising Paul Bhim and Errol Hanoman, with production figures of 67,466 tonnes for the crop to date and 148,610 tonnes for the year to date.
According to a statement from the corporation, the Skeldon factory also had a record breaking performance of 2,662 tonnes of sugar, which surpassed its previous highest weekly return of 2,502 tonnes back in October 2012. The Uitvlugt sugar factory also recorded 1,125 tonnes of sugar for this week.
This goes against the backdrop of the projected 227,000 tonnes of sugar that the corporation expects to record by this year end, though it is a reduction of their initial projection.
The world price for sugar stands at approximately US$0.11 per pound, while Guyana’s cost of production is approximately US$0.40 per pound. In addition to the failure of the Skeldon factory and the industry’s below par production, the previous Government had plugged billions of dollars into GUYSUCO over the preceding years.
GUYSUCO has been under fire for producing sugar at costs double what it is being sold for. But with workers leaving in droves, Production had also fallen to a two-decade low.
Government, in the 2015 budget, allocated some $12B to the sugar industry. A Commission of Inquiry (COI) into the sugar corporation has also commenced to chart a course for the industry for the period spanning 2016- 2030. It had been projected that the Commission’s findings would be ready by month end.
The COI, which was chaired by Vibert Parvatan, was among the first actions taken by the new administration. The entire Board of Directors, headed by Shaik Baksh and Chief Executive Officer, Dr. Raj Singh was also sacked.
The placement of the industry into private hands has also been subject to debate, as GUYSUCO has continuously been granted massive subsidies. Government’s advisor on sustainable development, Dr. Clive Thomas, has repeatedly called for downsizing of the industry and the need to privatize it. He currently sits on GUYSUCO’s COI.
During the National Cane Farmers Conference, Government had not been averse to such steps, but during the parliamentary debates, the People’s Progressive Party (PPP) spoke out strongly against steps being taken to privatize the industry.

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GUYSUCO records highest weekly performance since 2009

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