OROPUCHE West MP and Shadow Minister of Finance Dave Tancoo has urged the local business community to demand fair access to foreign exchange from the Government and Central Bank. His call follows a report by the T&T Chamber of Commerce titled “Challenges in Accessing Foreign Exchange,” based on a survey involving 111 member companies.
Tancoo criticised the current administration, claiming that the government is neglecting small and medium-sized enterprises (SMEs), leading to economic exploitation and the deterioration of the middle class. He highlighted that a significant portion of businesses receive less than half of their forex needs from commercial banks, suggesting the presence of a forex cartel.
“This deliberate policy by the PNM Government is polarizing the economy, favouring a few large conglomerates at the expense of smaller businesses,” Tancoo said.
He argued that this exacerbates challenges like investment disincentives, crime, VAT refund delays, and port inefficiencies, painting a grim picture of the nation’s economic health.
With foreign exchange reserves equaling foreign debt and no new revenue streams in sight, Tancoo warned of potential raids on the Heritage and Stabilization Fund by Finance Minister Colm Imbert to artificially stabilize forex reserves.
The opposition MP concluded by calling for urgent action from the business community to pressure the government for meaningful economic reform and fair forex access, asserting that only a change in leadership can restore economic confidence and attract necessary investments.
