Yesterday you saw the opening of this year's sugar crop season. But with a new crop, there will be an increased price for sugar. This was confirmed yesterday by the Minister of State in the Ministry of Foreign Trade, Dr Osmond Martinez. He explained the reason behind the government's decision.
Dr Osmond Martinez, Minister of State for Foreign Trade
"Government also saw the need for the increase in sugar prices which BSI should be any time soon. It was signed by Minister Ferguson, it should be gazetted sometime this week if it was not gazetted last week. But that again will help to put more money within the pockets of the farmers but it will also help in reducing contraband because when the price of sugar is lower in our neighboring countries such as Guatemala and Mexico, then we end up subsidizing that market and our farmers are not making that, it's not like their operational cost is higher than the selling price, it's actually on the contrary, they were at a deficit when you look at their financial reports. And so yes, just to answer your question, yes."
