We must find a way to earn US$ quickly

This comes at a time of dwindling revenue from the energy sector, which accounts for the majority of our foreign exchange earnings. Our appetite for foreign goods continues unabated even though we cannot afford to sustain this at the existing rate of demand.

The Government seems unwilling or unable to do anything about curbing or supplying the demand for foreign exchange.

Some claim the Government is without a clue about what to do and is just hoping for a miracle — that the oil price goes over US$100 a barrel again.

In the meantime, manufacturers have long since lost their competitive edge because the high cost and difficulty of doing business in this country are making it difficulty for them to export their products.

A major foreign exchange earner like ArcelorMittal was allowed to close its steel-making operation and leave without the Government making an effort to assist in keeping the plant in operation. This short-sighted approach not only reduced the foreign exchange inflows but caused new demand from the many downstream steel producers, who now have to import materials.

Manufacturers are finding difficulty to get foreign exchange to buy materials and tooling for their production yet find that importers have ample stocks of imported goods to compete.

The Government would be best advised to heed Farrell’s concerns and move quickly to encourage new sources of foreign exchange earnings while attempting to curb excessive demand.

Failure to do both is not an option. Just look at Venezuela.

R Ballard Diego Martin