Prime Minister Matthew Wale has urged businesses across the Solomon Islands to exercise restraint in pricing and avoid excessive profit-taking as many households continue to struggle with the rising cost of living.
Speaking to business leaders during a recent engagement with the Solomon Islands Chamber of Commerce and Industry (SICCI), Wale said economic growth must deliver real and tangible benefits for ordinary Solomon Islanders.
He noted that many families are facing increasing financial pressure as the cost of food, transport, housing, utilities and other essential goods and services continues to rise.
“While businesses must remain profitable and sustainable, they also have a broader social responsibility that comes with operating in our economy,” Prime Minister Wale said.
He revealed that the Government has delivered the same message to major state-owned enterprises that play a critical role in the economy, including Solomon Water, Solomon Power and telecommunications providers.
“These institutions underpin economic activity across all sectors,” he said.
“Their pricing and operational efficiency have far-reaching impacts on productivity, competitiveness, investment and the overall cost of living,” the prime minister added.
While acknowledging the need for commercial sustainability, Wale said these organisations must also support the Government’s broader development agenda by ensuring essential services remain reliable, accessible and affordable.
He said similar discussions would also be held with commercial banks and other financial institutions.
“The cost of financial services must not be prohibitively expensive for our people and businesses,.”
Wale warned that high borrowing costs and limited access to finance can discourage entrepreneurship, reduce investment and slow economic growth.
“We encourage financial institutions to work collaboratively with the Government to improve affordability and expand access to financial services,” he added.
Prime Minister Wale said lowering the cost of living and expanding economic opportunities must go hand in hand.
“If economic growth is to be truly inclusive, more Solomon Islanders must be able to participate meaningfully in the opportunities it creates,” he said.
