MORE VISITORS TO SEYCHELLES!! WHERE IS THE FOREX?

MORE VISITORS TO SEYCHELLES!! WHERE IS THE FOREX?

Figures released recently by the Ministry of Tourism have showed an improvement in the number of visitors to our islands compared to the same period last year. According to official figures for 2006; 120,880 people have visited Seychelles so far this year, an improvement of 12% on last year’s figures for the same period. France is leading the way with 23,329 visitors, followed by Italy with 20,699, from Germany we have had 17,028 visitors, with 14,073 from the UK and Eire, South Africa contributed 4,842 to the tally and the rest were from other countries.

However, the Ministry of Tourism, the Seychelles Tourism Board (STB) and the Ministry of Finance have all failed so far in releasing figures stating how much money, obviously in foreign exchange, the 120,880 visitors brought into the local economy. According to a reliable source these figures will never be made available for public consumption. It is clear that very little of the foreign exchange earned through tourism related activities enters the local economy since most of it is kept in foreign bank accounts overseas. It is estimated that only about 30% of all foreign exchange earned in the tourism industry is deposited in the local banks. This situation has arisen because of special deals individuals within this government have made with certain tourism establishments in the country. It is already public knowledge that most of the big hotels, especially five stars and yacht hire businesses, get to keep all (100%) of their hard currency earnings. The bulk of the foreign exchange being deposited at the local banks is from small establishments, small hotels and guest houses. Taxi operators, on the other hand, are persecuted for the small amount of foreign currency they hold to help them run their business.

Despite promises from the President that foreign exchange laws were to be relaxed in October this year, it is still a criminal offence, which one can go to jail for, if you are caught in possession of hard currencies, even if the money is legitimately yours. On the other hand friends of the powerful are siphoning away millions into foreign bank accounts. These monies should be going in the local economy to help with the paying of our students’ education abroad, overseas treatment for the sick who cannot be treated locally and to provide more than the meager 400 US dollars currently being allocated to people traveling abroad.

The new Minister of Finance, Mr. Danny Faure, must at least show some transparency and accountability towards the electorate - by releasing the actual figures, in foreign exchange, the 120,880 visitors to Seychelles so far this year, represent for the local economy in real terms; accountability promised by President Michel on assuming the presidency almost three years ago!