Latest update April 1st, 2026 12:40 AM
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Cabinet to consider bailing out cash-strapped GuySuCo
Cabinet is set to discuss today the releasing monies for a cash-strapped GuySuCo.
Ministers of the Government are set to meet with representatives of the Guyana Sugar Corporation (GuySuCo) as early as today to discuss a major cash crunch situation.
It won’t be the first time that a government has been asked to rescue the industry with at least $9B plugged in already for this year.
According to a Government statement, a meeting was held yesterday between the Prime Minister, Moses Nagamootoo; Minister of Agriculture, Noel Holder; Chairman of the Board of Directors, Prof. Clive Thomas and Chief Executive Officer, Errol Hanoman, to discuss urgent cash flow relative to wages, salaries and other payments at GuySuCo.
“It was agreed at the meeting that as a matter of urgency, a presentation will be made at the Cabinet meeting scheduled for (today),” the statement said.
It was agreed yesterday that a number of steps will be taken to ensure that employees are paid for services provided to the corporation for the past week.
“The Chairman and the Chief Executive Officer were given assurances that the matter is being given the utmost consideration by the Government and the Corporation now awaits the response from Cabinet after the meeting tomorrow (today). The Chairman wishes to assure employees, their families and communities, that every effort will be made to resolve this matter very shortly.”
GuySuCo is in dire straits. Its gradual slide started years ago and became worse after the European Union announced a phased cut to the price it was paying customers, like Guyana for prices of sugar.
Coupled with Guyana’s aging factories and the construction and sinking of almost US$200M in the Skeldon project, GuySuCo’s little reserves have been eaten. It was forced to spend hundreds of millions of dollars on a factory that never made it off the ground.
This year, the factory was forced to be out of operations for the first crop after boiler troubles.
GuySuCo has been receiving billions of dollars in rescue monies annually from consecutive Governments.
The Coalition Government, under David Granger, has committed to making GuySuCo leaner and reverse it loss making trend.
Last December, the century-old Wales estate, West Bank Demerara was closed and two more estates, Rose Hall and Enmore, have been named for closure too.
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