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Sugar industry may continue to underperform because of success of economy

Jan 09, 2024 Letters

Dear Editor,

In my letter “Shut down the sugar industry in 5 years” (KN, 6th January) I stated that the sugar industry should be closed down in five years time.

Now let me explain my reason for saying this.

The sugar industry may continue to underperform because of the success of the economy (that is, rising GDP per capita).

  1. The success of the economy creates more job opportunities which will pull workers away from the sugar industry.
  2. The success of the economy will cause wages to rise rapidly which will make the sugar industry more unfeasible.
  3. As more foreign investment is garnered from abroad this could cause a revision in the exchange rate leading to an appreciation of the Guyana dollar against the US dollar. This will compound the sugar industry problems.
  4. Currently, world market price for sugar needs to double for the sugar industry to become viable.

I hope in clarifying my letter that policy makers will give serious considerations of closing down the sugar industry in 5 years time.

Sincerely,

Sean Ori

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