Minister in the Ministry of Finance, Ryan Straughn
GOVERNMENT has threatened to introduce price controls unless Barbadians stop the practice of stockpiling and hoarding items for resale.
Minister in the Ministry of Finance, Ryan Straughn issued the warning yesterday against the background also of claims by consumers that there is naked price gouging in the retail sector.
The Minister was speaking in Parliament on the Second reading of the Appropriations Bill for 2020/2021.
Price controls are government regulations establishing a maximum price to be charged for specific items during a crisis. However, opponents of price controls have argued that they generally lead to shortages.
Straughn said that such practices of stockpiling can potentially put the lives of people at risk because some consumers “feel they can go and buy up all the things to sell to other people.”
Urging Barbadians that they need to be responsible at this time when the threat from the coronavirus is real, he said that the behaviour on individuals to stockpile critical supplies which are required to help with combatting the virus, is not normal.
The Minister told the sitting that in the same way the Government is trying to build capacity with respect to maintaining the integrity of the normal health system...the logistic supply in Barbados has to be maintained.
“So that if you go and buy up all of these things and people are guessing where to get soap, Chlorox, sanitising products, it defeats the purpose of having a distribution system,” he declared.
“Therefore I can only urge Barbadians to take a step back and think about the action we are doing, what we could potentially be doing to our people, our families, our neighbours, our co-workers, if people seek to stockpile and hoard, especially for reselling, to try to take advantage of a situation,” Mr. Straughn pointed out.
He stated further that whilst there have been reports of price gouging and the like, the Ministry of Small Business, Entrepreneurship, and Consumer Affairs has been monitoring the situation.
“It is something that the Government clearly has undertaken “that we may have to re-introduce some measure of price control with respect to these things,” he remarked, while suggesting to the public to not indulge in the practice.
Saying that the behaviour is not really Barbadian, the Minister is insisting that people do the right things and that more importantly if there is an issue with respect to shipping, the country is still at the mercy of shipping lines and airlines.
He said airlines do not only bring people but they also transport goods into the country.
“We have as a region to maintain as long as possible access to trade links as such time a vaccine can be found to bring the pandemic to an end,” he added. (JB)