JCC boss says quick recovery from Sandy critical for the market

President of the Jamaica Chamber of Commerce, Francis Kennedy, says the government needs to move quickly in its Sandy recovery programme to avoid major fallout in the economy.

According to Kennedy, with billions of dollars in losses being racked up by the agriculture sector, there is no doubt that this will result in greater demand for foreign currency to support increased food imports.

He says this will serve to further weaken the Jamaican dollar.

According to the JCC President, some businesses are now uncertain about the cost at which to price goods for the upcoming Christmas season.

Kennedy explains that merchants usually get 60 or 90 days’ credit on imported goods.

But he says with uncertainty about the future value of the Jamaican dollar, businesses are now seeking to strike a balance to account for any increase while making prices reasonable for consumers.

Kennedy says the government’s inking of a deal with the International Monetary Fund is critical to bolstering the Jamaican dollar and keeping down prices.

In the meantime, he says the JCC membership, the majority of which is located in downtown, Kingston, had little or no damage from Hurricane Sandy.

Kennedy says the imposition of curfews in business districts prevented the usual looting which would occur following the passage of a hurricane.

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