$6B allocated to further advance GuySuCo’s production, operational efficiencies in 2024
An investment of some $6 billion is expected to be made this year to further stimulate the production capacity and operational efficiencies of the Guyana Sugar Corporation (GuySuCo).
The announcement was made by the Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh during the presentation of the 2024 National Budget in the National Assembly on Monday.
In three years, one of the major achievements for the sugar sector is the reopening of the Rose Hall Sugar Estate, and the production of 1,031 metric tonnes of sugar in 2023.
Through retooling and mechanisation efforts, Guyana achieved the conversion of 2,740 hectares of land for mechanical harvesting at the Rose Hall, Albion, and Blairmont factories.
It is expected that the conversion of lands for mechanised harvesting will continue in 2024, targeting an additional 7,100 hectares.
From September 2020, investment was made towards the rehabilitation and modernisation of factories and cane fields.
“Over 4,600 workers were rehired, bringing the total employment to over 8,100 employees across the industry…Many of whom, if not the majority, were callously put out of work and an income by the unconscionable actions of our friends on that side,” Minister Singh underlined.
The sector was able to plant on 52 per cent more land in 2023, a total of 4,020 hectares as compared to 2,640 hectares in 2022.
Further, about 54 per cent of sugar production was marketed as bagged or packaged in 2023 as compared to 48 per cent in 2022.
Additional construction works will also continue for the Albion and Blairmont Packaging Plants, to increase the production of value-added packaged sugar.
The installation of a Sugar Dryer at the Blairmont Sugar Estate and the rehabilitation of heavy and light-duty revetments across the industry will strengthen the drainage system, to allow timely delivery of harvested gains to the factories.
Two new value-added packaged brands were launched which include the Albion Gem’s and Demerara Gold Sugar Sticks Sachet.