– plan not seen by stakeholders or public
As the year ends, the GAWU remains concerned that, so far, the stakeholders nor the public have seen a clear plan regarding the $30B borrowed towards the revitalization of the remaining GuySuCo estates. On this score, we are aware that the Minister of Finance, Winston Jordan, in responding to questions posed to him in the National Assembly advised that the bond is aimed mainly “…to acquire two co-generation plants; to upgrade existing factories to produce plantation white sugar; to build storage and packing facilities; and to contribute to two (2) years of general operational costs…”. Interestingly and conspicuously absent, were any mention of investments in the cane fields to improve productivity. In April, this year, the then GuySuCo CEO, Paul Bhim in a GuySuCo/SPU engagement with GAWU told us that $11B would be spent on capital works across the three (3) estates with about 70 per cent of that sum being utilized in the fields. While we are supportive of initiatives in co-generation and white sugar, their success is largely predicated on having sufficient quantities of canes available.
The Finance Minister informed that the GuySuCo has presented a plan to the Administration to engender its viability. This is indeed noteworthy news from the Honourable Minister. We recognized that President David Granger in his address to the National Assembly on October 18 said “[a]plan is being developed to boost production in the remaining East Berbice, West Berbice and West Demerara estates”. We hasten to ask that between October 18 and 31, a span of 14 days, GuySuCo was able to develop its plan and present it to the Administration, using the Minister’s term, “…for consideration”. That plan, we may add, according to the Minister was “[u]nderpinned by a 10-year supporting cash flow projection…”.
On this matter, we also cannot forget Minister of Agriculture, Noel Holder, seeming outburst on the Safe TV 2 Headline News newscast of September 26 which reported that the Minister is clueless about the monies that were borrowed. It seemed to us that apparently Minister Holder is out of the loop regarding the monies that have been borrowed which are backed by a sovereign Government guarantee and secured by the assets of NICIL – which incidentally belong to the people of Guyana. The Agriculture Minister’s tirade, as it were, is yet another demonstration of how the affairs of the country are addressed by the Granger Administration. It also, once more, brings into focus the Administration’s more than confused approach to the sugar industry generally.
The GAWU remains supportive of plans that would secure the sugar industry and safeguard its viability. However, our support is predicated on sound, credible and well-though-out plans. The seeming secrecy shrouding the plans for the bond borrowed with a sovereign guarantee is something that causes us to feel uneasy and worried. If it is there is a plan, as the Minister of Finance says, we urge those in authority to share those plans with a view to having full discussions as all stakeholders are desirous of having a successful sugar industry.
