According to the latest economic report of Central Bank, public sector employment contracted by 0.8 percent at the end of 2019. The financial institution said that this was on account of a 10.3 percent drop in staff at the Guyana Sugar Corporation (GUYSUCO) to 6,339 employees from the 7,067 employed in 2018.
Further to this, it was observed that industrial unrest increased in 2019 with the number of strikes increasing to approximately 59 from 44 in 2018. Central Bank said that GUYSUCO was accountable for most of the strikes which were related to wages, working conditions and other disputes. The bank also stated that when compared with 2018, there were higher total man–days lost by 43.8 percent to 15,022 from 10,499 and wages lost increased by 45.0 percent to $41.6 million from G$28.7 million.
Additionally, Guyana Standard understands that financing from the National Industrial and Commercial Investments’ (NICIL) Special Purpose Unit to GUYSUCO increased by 32.1 percent to $5,362 million. Be that as it may, the state owned company revealed in a letter to President David Granger some weeks ago that it had reached rock-bottom and in need of urgent financial aid. As a result, the National Industrial and Commercial Investments Limited (NICIL) credited the account of the Guyana Sugar Corporation with $250,000,000. NICIL explained that this sum represents a partial response to GUYSUCO’s request to government for a ‘bailout while noting that it will make available to the agency, a further $750,000,000 soon.
