Editorial

FOOD BE PRODUCED ENOUGH TO CUT IMPORT SPENDING

Editorial 15th April 2018

In the past reliance on a single source of revenue earning is one of the causes of the current economic nosedive. The country relied on the oil revenue for all its expenditure and when the world oil price was dictated internationally, the country became hard hit which has contributed to the current situation among others. The Government has come out clearly that other ways and means be found to supplement the earnings from oil as the main base. The Government through demonstration is encouraging farming as one of the main alternatives. This has been articulated through a number of forums. That farming or agriculture would make this country self-reliant in food production and security a noble cause which should be supported by all in every part of the country. Having enough food which is the basic requirement in house hold, means less spending on importation and leads to saving the hard currency earned for the national reserve, Central Bank, which in turn would release the same for demanding and prioritized “national projects” As it is now, the country is struggling to meet its obligation of service delivery with the little hard currencies which could be available. As the shortage of the hard currency revolves around, it is a wonder that some businesses, particularly, the hotels or hospitality institutions are demanding payments in USD even from the locals who happen to use their service. In most cases they would want to be paid in hard currency knowing very well the situation in the country regarding the hard currency. These institutions should be made aware that the local currency should take the lead in any business transaction. The local currency or tender should be used in all internal accounts of what transpired in the business circles. It is illogical for these institutions to demand being paid in USD while they are well aware that the hard currency was in short supply or unavailable due the current economic situation. The authorities should make this clear to these institutions that should also be told to reduce exorbitant prices of their service delivery to the public.

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