Juffa: Continuous declining of Kina - a missed opportunity

The continuous decline of the value of the kina was a missed opportunity for those involved in the export economy especially the agricultural sector.

The ‘Walk the Talk’ Governor for Oro Garry Juffa in response to Loop PNG questions regarding the depreciation of the kina made those remarks.

However, he said since this sector was poorly developed, real benefits would not be realised by Papua New Guineans.

He added that the major agriculture exporters were foreign owned and thus they would be the true beneficiaries while PNG would only benefit from the sale of the raw products.

Juffa told Loop PNG that despite the benefits of a falling kina for the agriculture sector, the commodity price gains from depreciating kina was not reflected in prices paid to farmers at the buying point.

“Meanwhile the falling kina meant that prices of key goods and services in Papua New Guinea were rising and Papua New Guineans had less kina to spend and zero or negative savings.”

Freddy Mou