The Guyana Sugar Corporation (GuySuCo) is a Guyanese sugar company owned by the government. It is the country’s largest cultivator and producer of sugar, which is responsible for approximately 20% of Guyana’s annual revenue and 40% of all agricultural production. They are also notable for selling Demerara Sugar, and also honey and sweeteners.
Guysuco Logo
How It Was Formed
GuySuCo was formed in 1976, when the government of Guyana nationalised and merged the sugar estates operated by Booker Sugar Estates Limited, Tate and Lyle and Jessels Holdings to form the Guyana Sugar Corporation.The golden brown sugar produced in the Demerara River basin is enjoyed around the world and export markets span the European Union, the United States of America, and the Caricom countries which include: Trinidad, Suriname, St. Lucia, Grenada, Antigua, Dominica, Barbados, St. Vincent and Jamaica.
The Main Business
Sugar Products from Guysuco | Guysuco Image
The main business of GuySuCo currently, is the cultivation of sugarcane and the production of sugar. Sugar accounts for approximately 4% of the Gross Domestic Product (GDP) and 18% of agricultural production. GuySuCo places much importance in establishing world-class standards in agricultural practices, sugar factory efficiencies, environmental protection and the productive use of human resources in order to sustain profitability in any foreseeable marketing environment and ensure that the sugar industry can continue to make a full contribution to the economic, technological and social advancement of Guyana.
The rapid nationalization of the sugar industry in the mid-1970s led to severe management difficulties and an emigration of talent.
The Guyana Sugar Corporation, which took over the sugar plantations, lacked needed experience and did not have access to the reserves of foreign capital required to maintain sugar plantations and processing mills during economically difficult periods. When production fell, GuySuCo became increasingly dependent on state support to pay the salaries of its 20,000 workers.The industry was hard-hit by labor unrest directed at the government of Guyana.
Guyana exported about 85 percent of its annual sugar output, making sugar the largest source of foreign exchange.But the prospects for sugar exports grew less favorable during the 1980s.
Loading Sugar Cane into punts | GuySuco Image
A four-week strike in early 1988 and a seven-week strike in 1989 contributed to the low harvests.Plant diseases and adverse weather plagued sugar crops. After disease wiped out much of the sugarcane crop in the early 1980s, farmers switched to a disease-resistant but less productive variety. Extreme weather in the form of both droughts and floods, especially in 1988, also led to smaller harvests.
Sugar Production
Currently there are seven estates where the genuine golden brown Demerara sugar is produced. They distribute sugar and its by-product molasses to a wide range of export customers, local retailers, manufacturers and food services.
Products Includes:
Genuine Demerara Sugar in Bulk Form
The majority of their sugar is exported to the Europe and they have a smaller North American Market. They also ship bulk sugars to Trinidad under the Common External Tariff Agreement. All sugars exported to the European Community and Trinidad is in bulk form and shipped CIF. Sales to the United States are on a FOB basis.
Genuine Demerara Sugar in 50kg Bags
Their sugar also comes in the form of 50kg bags for easy handling. Their bagged sugars are shipped to neighbouring Caricom countries: Suriname, St. Lucia, Grenada, Antigua, Dominica, Barbados, St. Vincent and Jamaica under the Common External Tariff Agreement and is also distributed within domestic markets. Bagged sugar is shipped in break bulk and/or in containers CIF or FOB within the Caricom market and is distributed directly at wholesale prices from factories within the local market.
Molasses
Most of their molasses is sold to local rum distilleries and the remainder is distributed among the islands of Barbados, Antigua, St Lucia and St. Vincent. Their molasses is sold in bulk form CIF to their customers.
Future Business Focus
GuySuco’s Diversification Efforts | GuySuco Image
The Guyana Sugar Corporation Inc. (GuySuCo) is currently undergoing a dynamic transition process; the key objective is to create a resilient and sustainable business.
GuySuCo is currently developing a business strategy that will ensure business resilience by increasing the ability of the Corporation to quickly adapt to disruptions while maintaining continuous business operations and safeguarding its employees, customers, assets and overall reputation. Hence the Corporation is focusing on increasing efficiencies and deriving profits from the current core business, sugar.
Another important exercise is that the Corporation is renewing its focus and revising its goals by developing a diversification programme. The New GuySuCo would be a combination of sugar and a diversification programme. Feasibility studies are currently being done in fruit crops, rice, aquaculture, dairy farming and livestock.
Employees
The Guyana Sugar Corporation is the largest employer in Guyana and the Caribbean. It has in its employ approximately seventeen thousand persons, and continually strives for excellence through the empowerment of its employees.
Areas Of Employments Includes:
- Agriculture
- Engineering
- Finance
- Information Technology
- Human Resource Management.
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