Economy on life support: Kerenga Kua

Opposition is challenging the executive government to revive the economy from “life support”.

Kerenga Kua, the shadow Minister for International Trade and Investments [picture insert] said all members of parliament should be shocked to learn that over 90 companies in the country have begun the process of liquidation in the past year.

He made this comment following a media report.

Mr Kua said, “companies don’t file for liquidation overnight. What we are seeing is a total breakdown in the conduciveness of the country’s business environment over the past five years culminating in businesses facing the prospects of liquidation and employees facing bankruptcy.

“Since 2019 when James Marape was elected prime minister, the country’s private sector has seen a steady decline in business productivity and profitability due to mismanagement of our country’s coffers.

“The symptoms of the country’s economic distress have been present in the last five years, from extensive yet expensive vacancies in commercial and residential properties, moving on to loan defaults and mortgagee sales which we see in newspapers often, and finally to the liquidations we are seeing now.”

Mr Kua blamed the prime minister for not having the business acumen or understanding to address these issues.

“The Opposition is not making this up. The economy is indeed on life support, with businesses everywhere either doing it tough, or facing prospects of closing shop.”