Business

Despite  a significant drop in gold prices on the world market, and challenges in the mining sector over the past year, the Guyana Gold Board (GGB) has recorded 451,490 ounces of declared gold, surpassing this year’s target of 380,000 ounces, government announced Thursday. With the declarations, the GCB has recorded export earnings of approximately US$500 million, making the mineral, once ...

The Ministry of the Presidency Thursday announced the re-establishment of the Ministry of Natural Resources and the establishment of a new one called the Ministry of Telecommunications. Making the official announcement that Minister of Tourism, Catherine Hughes will now be named Minister for Public Telecommunications, while maintaining Ministerial responsibility for Tourism, President Granger said, “The reason is that after seven months, ...

Public Infrastructure Minister, David Patterson Thursday said he saw no reason to send the Chief Executive Officer of the Guyana Power and Light (GPL), Colin Welch on leave while a probe into alleged irregularities for the procurement of pre-paid meters was ongoing. “I have not found it necessary to move him until that investigation is completed and if you are ...

The Guyana government has taken possession of a hangar at the Cheddi Jagan International Airport after the lease to Guyanese cash-jet pilot, Khamraj Lall, expired. Minister of Public Infrastructure, David Patterson said Lall’s representatives had written to the Attorney General, Basil Williams claiming that they still had a stake in the property but was told that the clear condition on ...

The Guyana Defence Force (GDF) is to acquire another offshore patrol vessel, a decision that has been partly influenced by impending commercial oil production in a deep sea concession, Chief-of-Staff Brigadier Mark Phillips said Thursday. “I would say that the soon to be drilled well and exploitation itself perhaps would have accelerated the need for the acquisition of more vessels ...

Opposition Leader Bharrat Jagdeo says that the People’s Progressive Party (PPP) will “vigorously oppose” any plans or recommendations dismantle the Guyana Sugar Corporation (GuySuCo). According to Jagdeo, the PPP will “vigorously oppose any plan to dismantle GuySuCo, adding that “the country will not suffer because of political decisions in the economic sphere.” The former President was at the time speaking ...

The state-owned Guyana Sugar Corporation (Guysuco) should exit the production of bulk sugar for export and be broken up into small potentially profitable ventures, according to the Commission of Inquiry. “Guysuco will, therefore, be deconstructed into several subsidiary operations/business units/ revenue streams based on appraisals of their potential profitability,” states the document. The probe team further recommended that if by ...

The Guyana Agricultural and General Workers Union (GAWU) has been named as one of the major contributors to the downfall of the Guyana Sugar Corporation (GuySuCo). A recently completed Commission of Inquiry into the sugar industry said that the Union drove a hard bargain with regards to pay increases and bonuses which contributed in no small part to GuySuCo’s current ...

The Guyana Power and Light Inc. (GPL)  Wednesday announced that it has reached agreement with the Guyana Public Service Union (GPSU) for a 6.5 percent increase in salaries for Junior and Senior Managers of the power company. GPL said the two sides  mutually made and entered into an agreement on December 29, 2015 for the emoluments and benefits for employees ...

President David Granger has announced for 2016 two government Ministries will be renamed in an effort to place more attention on certain sectors. President Granger during the swearing in of two new commissioners on the Public Utilities Commission (PUC) stated that the Communication sector would see a Ministry being renamed in its favor. The other sector would be the natural ...