Dear Editor,
I had the occasion to source some US dollars (USD) last month and the saying "he who feels it knows it" could not have been more true.
The situation with regards to accessing USD in this country is fast becoming "chronic". Some will concede that we are already there. We all acknowledge that the USD is scarce. Whenever a commodity is scare you prioritise and restrict. A manufacturer today in Jamaica has access to the same amount of USD as any other person off the street. How can this be?
It must be a case where the manufacturer is given some sort of priority so that he can pay overseas suppliers. If they fail to do so, they will ultimately go out of business resulting in job losses. I really do not understand the logics behind this. I am not sure if the "powers that be" realise that if our suppliers get wind of the fact that we are unable to access sufficient funds to settle their invoices they will require all payments upfront. This would be to the detriment of many producers.
It must be a case where the manufacturer is given some sort of priority so that he can pay overseas suppliers. If they fail to do so, they will ultimately go out of business resulting in job losses. I really do not understand the logics behind this. I am not sure if the "powers that be" realise that if our suppliers get wind of the fact that we are unable to access sufficient funds to settle their invoices they will require all payments upfront. This would be to the detriment of many producers.
I realise that we all have to start producing more for export so that we can ultimately earn our own USD. However, this will not happen overnight. Many of the companies operating now are cognisant of this fact and are working towards this goal, but need USD in the interim.
Are we going to allow these firms to fail? Destroying a company today will be to the country's detriment down the road. I recall the demise of the dairy industry — despite the numerous warnings — that we are now trying to revive due to the increase in the price of milk powder. Who did not see that coming? We need to look long-term. We cannot just look at here and now.
I am not sure whose policy there is with regards to the selling of USD, but we need to address it. Manufacturers should be given some priority. The money purchased by them should be for invoices presented and not to be deposited in their respective accounts. Many people are just buying USD to hedge against the devaluation of the Jamaican dollar. One cannot blame them; however, it cannot be to the detriment of the country's producers. Individual success will not help us as a country. We need to work together to get where we want to go. United we stand, divided we fall.
Andrew Gray
Gray's Pepper
Protect supply of US$ for manufacturers
-->
I had the occasion to source some US dollars (USD) last month and the saying "he who feels it knows it" could not have been more true.
The situation with regards to accessing USD in this country is fast becoming "chronic". Some will concede that we are already there. We all acknowledge that the USD is scarce. Whenever a commodity is scare you prioritise and restrict. A manufacturer today in Jamaica has access to the same amount of USD as any other person off the street. How can this be?
It must be a case where the manufacturer is given some sort of priority so that he can pay overseas suppliers. If they fail to do so, they will ultimately go out of business resulting in job losses. I really do not understand the logics behind this. I am not sure if the "powers that be" realise that if our suppliers get wind of the fact that we are unable to access sufficient funds to settle their invoices they will require all payments upfront. This would be to the detriment of many producers.
It must be a case where the manufacturer is given some sort of priority so that he can pay overseas suppliers. If they fail to do so, they will ultimately go out of business resulting in job losses. I really do not understand the logics behind this. I am not sure if the "powers that be" realise that if our suppliers get wind of the fact that we are unable to access sufficient funds to settle their invoices they will require all payments upfront. This would be to the detriment of many producers.
I realise that we all have to start producing more for export so that we can ultimately earn our own USD. However, this will not happen overnight. Many of the companies operating now are cognisant of this fact and are working towards this goal, but need USD in the interim.
Are we going to allow these firms to fail? Destroying a company today will be to the country's detriment down the road. I recall the demise of the dairy industry — despite the numerous warnings — that we are now trying to revive due to the increase in the price of milk powder. Who did not see that coming? We need to look long-term. We cannot just look at here and now.
I am not sure whose policy there is with regards to the selling of USD, but we need to address it. Manufacturers should be given some priority. The money purchased by them should be for invoices presented and not to be deposited in their respective accounts. Many people are just buying USD to hedge against the devaluation of the Jamaican dollar. One cannot blame them; however, it cannot be to the detriment of the country's producers. Individual success will not help us as a country. We need to work together to get where we want to go. United we stand, divided we fall.
Andrew Gray
Gray's Pepper
Protect supply of US$ for manufacturers
-->