Tag Archives: paddy bugs

Government worried over falling gold price, and rice and sugar crisis

Worry as rice, sugar face crises…Govt. contemplates selling off gold amidst price jitters

April 28, 2013 | By |

With the country’s biggest earners being threatened with low prices and in one case poor production, Government on Friday admitted that it is worried about the situation and has been examining a number of measures to ease the possible impacts on the economy.

President Donald Ramotar

According to President Donald Ramotar, prices for gold on the world market have indeed impacted on buying by the state-owned Guyana Gold Board. The Head of State was responding to questions on the low rice and gold prices and on sugar production.

Gold production has been a major prop for the country’s economy in recent years raking in hundreds of millions of dollars in foreign revenues as price climbed to over US$1,800 per ounce at one time. It was an area that attracted more than US$100M in local and foreign investments last year, officials say.
Last year, gold production reached a record breaking high of 438,645 ounces, in the absence of large scale producer Omai Gold. The commodity earned US$737M.  Continue reading