Acknowledging that GuySuCo’s big loss on every pound of sugar produced cannot continue, President Irfaan Ali yesterday said that steps are being taken to ensure that the number is cut significantly but blamed the opposition APNU+AFC for bequeathing a sector where heavy subsidies are needed.
“First of all, let me answer by saying we cannot continue at that price of production. The objective is working on reducing the cost of production. There a high cost of production now because of the capital that was required to bring back the industry to where it is today,” Ali said during the first of a series of interviews with a five-panel team of journalists called ‘In the Seat’.
“The cost of production has to do with current and capital expenditure. We have to fix that. We have to invest in improving efficiency, creating higher yields and reducing the cost of production…and that is a work in progress,” he added in response to a question from Stabroek News.
