SUPERSAVE TO CLOSE DOWN

SUPERSAVE TO CLOSE DOWN

It has now been confirmed that the Super Save supermarket will definitely close down its doors soon after the election in May this year. It appears that the supermarket has met the same fate as Aeroflot, British Airways, Air France and many other companies which have found it impossible to do business in Seychelles because of their inability to repatriate their money in foreign exchange. Although Seychelles may appear to be an attractive country to invest in, with a multitude of incentives which allow investors to recoup their investment quickly and make huge profits, the inability to obtain foreign exchange has proved a formidable business challenge. Super Save is also exempted from the draconian price control laws which are used primarily as a political tool to persecute and harass merchants who are deemed not to be sympathetic to the SPPF.

Faced with this insurmountable difficulty, many have simply given up and moved elsewhere. It seems that Super Save has not been spared this unfortunate fate. The French government has now announced that the major Supermarket chain “Carrefour” may be swiftly moving to Seychelles to replace the vacuum which will be left when Super Save pulls out. It remains to be seen whether, if the Supermarket sets up shop here, it will stay the course and win the challenge where many others have clearly failed.

Although President Michel has recently embarked on an offensive and aggressive campaign strategy to improve our lamentable economic situation, the foreign exchange crisis has deepened making it difficult to implement any sort of economic programme which would trigger economic growth. Economists have opined that unless Michel resolves the foreign exchange crisis any positive economic measures introduced by the government is doomed to fail. Surprisingly, the foreign exchange crisis has remained Michel’s Achilles heels, and try as he may, he has failed disastrously to resolve our endemic economic malaise.

Recently in his presentation of the “Strategy 2017” the President stated that 4.3 billion rupees flows into the Country annually. This is clearly an eye opener to many as, with a total population of 80,000 people, one wonders how this money is being spent. There can only be but one conclusion. Either the money is being wasted and not spent efficiently for the benefit of all or it is being siphoned away by some unscrupulous persons having sufficient opportunity and influence to get away with it.