BUDGET 2024: $6B for GuySuCo to bolster production, operational efficiency

The government has allocated a total of $6 billion for the Guyana Sugar Corporation (GuySuCo) in the 2024 National Budget and according to Finance Minister Dr. Ashni Singh, this will help the corporation to bolster its production and operational efficiency.

“These investments are expected to improve production and productivity,” Dr. Singh told the National Assembly.

This is in keeping with the government’s promise to revive the sugar industry and re-energise local communities affected by the closure of three estates under the previous APNU+AFC government.

Speaking on what is to be expected in the year ahead, Dr. Singh highlighted the conversion of an additional 7, 100 hectares of land for mechanised harvesting.

In addition, works will be completed on the Albion and Blairmont Packaging Plants, the installation of a sugar dryer at the Blairmont Estate.

There will also be the rehabilitation of heavy and light duty revetments across the industry. This is to strengthen the drainage system to allow the timely delivery of harvested cane to the factories.

In the 2022 and the 2023 Budget, GuySuCo received $6 billion and $4 billion in the national budgets, respectively. This was supported by supplementary funding in both years. Altogether, GuySuCo had also been supported similarly in 2020 and 2021.

“Since September 2020, we invested in the rehabilitation and modernisation of sugar factories and cane fields, and over 4, 600 workers were rehired, bringing total employment to over 8, 100 employees across the industry,” Dr. Singh said.

In 2023, the Rose Hall Estate was reopened and there was the conversion of 2,740 hectares of land for mechanised harvesting at Rose Hall, Albion and Blairmont estates.

Dr. Singh also reported that in 2023, GuySuCo expanded its storage capacity to 3, 500 tonnes at the ISO certified Blairmont Packaging Plant and construction on the new Albion Packaging Plant commenced.