By: Marvin Cato | HGP Nightly News |
Vice President and General Secretary of the People’s Progressive Party/Civic (PPP/C), Bharrat Jagdeo, has signalled a significant shift in government policy toward the Guyana Sugar Corporation (GuySuCo), indicating that the State no longer intends to make further direct investments in the sugar industry.
Speaking during his most recent media engagement, Jagdeo said the government is now looking to the private sector to take the lead in revitalising the sugar industry, which he believes still holds strong commercial potential.
Jagdeo’s comments follow the recent announcement of a US$20 million joint venture to establish a white sugar refinery at the former Wales Sugar Estate. The project involves Guyana-based GuySuCo Construction and Services Inc. and US-based Sukru Limited, and is expected to produce approximately 100,000 tonnes of refined sugar annually.
According to the Vice President, the government welcomes private-sector proposals and prefers private-sector leadership in sugar production and value-added activities, rather than continued state-led investment.
He noted that while the government supports the development of the industry, it does not intend to finance new ventures directly, emphasising that private investors are better positioned to drive efficiency, profitability, and innovation within the sector.
The shift marks a notable change in approach, particularly given the billions of dollars previously allocated to GuySuCo since 2020 to sustain operations, restructure estates, and preserve jobs. The new stance suggests a more hands-off role for the State, with increased reliance on private capital and partnerships.
Jagdeo also hinted that the sugar refinery project is just one of several initiatives in which the government hopes to see expanded private-sector involvement, not only in sugar but across related consortia and industries.
The move is expected to spark debate about the future of GuySuCo, the State’s role in traditional industries, and the long-term sustainability of sugar as Guyana continues to diversify its economy.
