The Guyana Sugar Corporation (GuySuCo) will benefit from $6B in Budget 2022.
This money will be used to support GuySuCo’s ongoing investment in field and factory operations to turn around the industry, Finance Minister Dr Ashni Singh said.
“While we continue to consider the possibility of engaging private investor interest also in some of the estates,” he added.
He also noted that in anticipation of improved production levels, GuySuCo will be concentrating its marketing efforts on shifting from the low-value bulk-sugar markets to more bagged and packaged sugar products.
“To this end, these products will increase from 34 percent in 2020 to 64 percent of total production in 2022,” Dr Singh explained.
He noted that to date, over 1,300 persons have been reemployed with GuySuCo and are now able to provide a livelihood for their families.
Additionally, over 5,000 workers who were severed in 2016/17, each received cash grants of $250,000 in 2021.