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GuySuCo’s employment costs exceed revenue at alarming rate

Aug 07, 2017 News

 

– Finance Ministry

The Finance Ministry recently expressed alarm that the employment costs at the Guyana Sugar Corporation (GuySuCo) significantly exceed its revenue.
This was noted in the half year report of the Ministry of Finance.
Officials there revealed that for the period under review, GuySuCo’s employment cost was 12 percent more than its revenue.
The officials said that at the end of the first half of 2017, the Guyana Sugar Corporation continued to have an operating deficit, recorded at $6.3 billion. It was further noted that the $7 billion outlay to GuySuCo by Central Government by the end of the first half, is a reflection of the Corporation’s continued inability to reform its cost structure and improve its competitiveness.
Additionally, the revised revenue forecast for GuySuCo this year is $27.1 billion, down from the budgeted $28.9 billion. Be that as it may, the Finance Ministry said that GuySuCo expects to realize increased revenue from land sales, but lower revenue from sugar sales.
With regard to expenditure, the Finance Ministry predicts that this will increase to $35.7 billion, putting the deficit at $8.6 billion. In 2017, Central Government’s financing to GuySuCo is budgeted at $9 billion. The closure of Skeldon Energy Inc. during the first crop, weather, strike action, and factory maintenance downtime were some of the factors that contributed to the lowering of sugar production targets and revenues.
It was also noted that the industry continues to be plagued by many problems, including an increase in the prices of several inputs such as fertilizers, and these have had a negative impact on the company’s ability to realize sufficient cash to cover its operating costs.
The sugar industry employs over 13,000 or over 75 percent of the total employment amongst the nation’s public enterprises.

 

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