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‘Sugar still has potential to make money, but Govt. will not invest’ – Jagdeo
(Kaieteur News) – Vice President Bharrat Jagdeo is holding firm to the belief that the sugar industry in Guyana has the potential to be profitable, but made it clear that the government does not want to invest in it.
At his third press conference since the People’s Progressive Party Civic’s (PPP/C) re-election to office in September, Jagdeo was asked about the joint venture between GAICO Construction and General Services Inc. and US-based Sucro Limited to construct a white sugar refinery for the Guyana Sugar Corporation (GUYSUCO).
Vice President, Bharrat Jagdeo
He was asked why not have “an intermediary private sector firm be part of that arrangement.”
“So, my question to you is, why not the government have GuySuCo pursue it?” the reporter asked.
In response, the General Secretary of the PPP/C told reporters that the government is hoping to get the private sector to invest in sugar. “We believe there is a lot of potential still in sugar to make money. The government doesn’t want to do the investment. It’s a simple thing. You have a proposal now you’re happy about the proposal, and they will do it,” he said.
Reasoning that the government wants more private sector consortia involvement, Jagdeo referenced “…the other Guyanese consortium that is building the shore thing at Vreed-en-Hoop.”
“These Guyanese firms, that’s what we want to step up. The President made it clear we are working for our people, Guyanese private sector, Guyanese families across the country, wherever they live, that’s why we’re elected” Jagdeo who is also the country’s Vice President stated.
Kaieteur News reported on December 11, 2025 that Guyana’s first-ever white sugar refinery, a US$20 million joint venture between GAICO Construction and General Services Inc. and US-based Sucro Limited is set to position the country as a major supplier of refined sugar to the CARICOM market.
The project, hailed as historic by Senior Minister with responsibility for Finance, Dr. Ashni Singh, was formalised during a signing ceremony at the Pegasus Suites and Corporate Centre in Georgetown. The refinery will be constructed at the former Wales Sugar Estate, Region Three, and is expected to come online in 2026. Once operational, the plant will produce 100,000 tonnes of refined sugar annually, with room for expansion, a significant shift in a region that imported 200,000 tonnes valued at US$180 million in 2024.
According to a Department of Public Information (DPI) press release, the Caribbean imports around 200,000 tonnes of refined sugar each year, totalling US$180 million in 2024. With the new plant projected to produce 100,000 tonnes per year and designed with scalability for future expansion, Guyana is poised to become a major contributor to the region’s refined sugar needs.
During the signing ceremony, Dr. Singh said the project represents a major transformation of the sugar industry and a defining moment for Guyana’s agro-industrial future. He explained that the project aligns directly with Guyana’s leadership role in advancing CARICOM food security, including the 25 by 2030 initiative championed by President Dr. Mohamed Irfaan Ali.
“We have always taken our regional obligations seriously… and our preferred access to the CARICOM market makes this project even more significant,” Minister Singh said.
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