PPP now backs private investment for closed sugar factories

The Opposition People’s Progressive Party (PPP) has decided to no longer fight the closure of four sugar estates, but to instead insist on “decent” investment.

“This is a position we have changed,” Bharrat Jagdeo, the PPP General Secretary said on Friday, 19 January 2018 at a news conference held at his Church Street, Georgetown Office.

He noted that the PPP had opposed the closure of the estates but decided to change its position since a decision has already been made by the Government to close the estates and workers have already been sent home.

He said that the PPP was favourable to “decent private investment” for the estates which have been closed.

However, he warned the Government about any “underhand deal.”

Jagdeo said the Government should invest more in training sugar workers to prepare them for other employment and offer them lands to develop.

Last year, the Government ended operations at the Skeldon and Rose Hall estates in Berbice, the Enmore estate on the East Coast and the Wales Estate, West Bank of Demerara.

This week, the Special Purpose Unit (SPU) under the National Industrial & Commercial Investments Limited (NICIL), announced that PricewaterhouseCoopers (PwC) has commenced the process of the valuation of GuySuCo assets.

The PwC team will be carrying out the valuation of all assets under the control of GuySuCo, and develop an investment prospectus as part of the consultancy.

In addition to the valuation, PwC is expected to provide other advisory and financial services.

PwC Caribbean Partner, Wilfred B Baghaloo, said: “We look forward to this opportunity of working with Government and the people of Guyana  to a find a practical economic solution to the privatisation of the three sugar estates on a timely basis.”

PwC work on the GuySuCo project is expected to last eight months.