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Wednesday, February 22, 2012
Strikes at a number of sugar estates over the past week have made state-owned Guyana
Sugar Corporation (GuySuCo) unable to meet the demands of Caricom of the natural
sweetener.
GuySuCo has said the problem has escalated due to strikes at the Blairmont, West Berbice
packaging plant and poor weather at the Enmore Estate, East Coast Demerara.
The regional market is an extremely lucrative one for Guyana, with GuySuCo targeting an
initial 10,000 tonnes annually in packaged sugar.
The main reason for the strikes is GuySuCo has been unable to secure working capital from
a foreign bank, which is affecting the payment of Annual Production Incentives (API) to
workers.
To add to their woes, the company is behind in payment to creditors, amounting to
GY$3.2B. Local banks are owed GY$4.1B and advances from customers total around
GY$700M. |
