BY JOHN HOUANIHAU
Opposition Leader Mathew Wale has stated that the only way to strengthen the Solomon Islands’ currency is for the country to engage more in exports.
“There was a time when 1 U.S. dollar was equal to 0.80 Solomon. The Solomon Islands dollar was stronger than the U.S. dollar. And that wasn’t because we were exporting more—it was simply because we pegged the dollar. But any artificial measure like that is not how we want to run our economy,” said Wale.
Speaking recently on the Solomon Islands Democratic Party (SIDP) Youth Podcast,Wale emphasized that to strengthen the Solomon Islands’ currency, the country must produce more and invest more.
“And how do we export more? We produce more. And how do we produce more? We invest more. How do we attract that investment? By increasing public and private sector involvement,” he said.
“And how do we encourage private investment? We incentivize it. Private investors create jobs, and that’s how we build the economy from the bottom up. Other economies have done it. Other governments have done it.”
Wale further stated that the Solomon Islands government should follow these steps while also learning from past mistakes.
“However, that is not happening,” he said.
He also pointed out that the country is still operating within an outdated economic framework.
“We are still cutting copra. How many generations have been engaged in copra production to this day? Copra is perhaps the most accurate representation of our economy. We are stuck in an economy of the 1960s and 70s, when in reality, we should be progressing toward the standards of the 21st century,” Wale said.
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