The Guyana Sugar Corporation (GuySuCo) requires an additional $1.6 billion up to the end of this year for capital and operational investments to stay afloat as revenue generated from its sale of sugar and molasses will be insufficient to meet the corporation’s financial needs.
The poor financial standing of the sugar corporation has already negatively impacted the first crop of 2021, Agriculture Minister Zulfikar Mustapha informed yesterday during a virtual press conference.
GuySuCo remains in a financial crisis as the corporation has once again found itself in a position of not being able to pay staff.