POMCCI BUSINESS BREAKFAST FOCUS ON ECONOMIC OUTLOOK

By Sharon AGAVI

THE Port Moresby Chamber of Commerce and Industry Inc. (POMCCI) hosted a Business Breakfast this morning at the Royal Papua Yacht Club in Port Moresby, featuring Mr. Leighton Crisp, the Head of Market and Sales Pacific at BSP Financial Group Limited alongside senior BSP executives.

During the two-hour presentation, Mr. Crisp provided updates on the country’s commodities and foreign exchange trends, highlighting several key factors impacting PNG’s economy.

He noted that commodities such as cocoa, coffee, and palm oil have positively influenced the foreign exchange market.

Despite oil and energy prices remaining high, prices for cocoa, coffee, and palm oil have risen, benefiting small grassroots producers, with gold remains the top performer in PNG’s export market.

Mr. Crisp shared that these three key agricultural exports have demonstrated significant growth over the past years and have sustained many families at the grassroots level.

He pointed out the diverse nature of PNG’s economy, sets it apart from other markets in the Pacific region.

Meanwhile, Mr Crisp said that the Kina has depreciated against the United States dollar, which has affected decisions of individuals, businesses, and the government and due to that depreciation of the Kina, import demand is decreasing while export demand has been rising.

However, he assured that the Kina has been performing well against other currencies, such as the Australian dollar.

He is also optimistic that the developments in the commodities and project space in the country are promising.

The program concluded with question-and-answer sessions involving the BSP senior executives and the attendees.