It is reported by FoxNews.

The decline comes as Guysuco (the State-run Guyana Sugar Corporation) struggles with a debt load of more than $ 500 million and prepares to permanently close three of its six sugar Refineries.

Guysuco, which was run by Bookers Corp. in the United Kingdom before it was nationalized in 1976, said most of its sugarcane have already been harvested and production is unlikely to increase during the last week of the year.

Sugar was once the country’s largest source of foreign exchange, with an average of around 300,000 tonnes produced yearly up to the early 1990s. But the crop has been in steady decline over the last decade due to crippling labour strikes, manpower shortages, unseasonal weather and the massive decline in demand of the European Union.

The company said it will sell about 60,000 tons of sugar to the EU next year, down from 170,000 tons five years ago.