GuySuCo hopes to reduce cost of sugar production

Last Updated on Friday, 31 January 2025, 20:23 by Writer

Minister of Agriculture, Zulfikar Mustapha on Friday said the state-owned Guyana Sugar Corporation (GuySuCo) plans to cut the cost of cane sugar production from $1.31 per pound to 51 cents per pound.

Responding to questions from Shadow Agriculture Minister, Vinceroy Jordan about what would be done to slash the average loss of US$1.14 per pound because the corporation is producing sugar at US$1.31 per pound and selling at .17 cents per pound on the world market, Mr Mustapha said he was advised by the corporation that the plan is to cut the average cost of production to 51 US cents per pound.

He said the cash-strapped GuySuCo also intends to reduce the overall cost of production by 40% mechanization of field operations and the planting of high yielding varieties.

The Agriculture Minister said GY$150 million have been allocated to pay Indian and Cuban experts who are working to turnaround the sugar industry

The Finance Minister, Dr Ashni Singh, said in his 2025 National Budget that sugar production declined last year by 21.8% to 47,103 metric tonnes due to labour shortages and the El Niño weather phenomenon.