BELMOPAN, Belize, CMC – Prime Minister John Briceño says while he is willing to meet with the Belize Chamber of Commerce and Industry (BCCI), “this issue of price gouging must end.”
The private sector group has complained that the business community has been experiencing significant increases in the cost of doing business and has been contending with increases in transportation, labor, licenses, and other rigid processes.
The BCCI said it is ready to actively sit with the Briceño administration to conduct the necessary research and consultation as another business in downtown Belize City announced plans to shut down permanently at the end of this month following 18 years in operation.
In a statement, the company said its decision had been “compounded with proposed changes in market conditions which will exacerbate the current situation.”
Bottom Dollar is the second store in the commercial heart of the Old Capital to become defunct in less than two months. Augusto Quan closed its doors for good in July after 83 years in business.
Prime Minister Briceño confirmed that the government is prepared to meet with the BCCI, whom he said “should have also cautioned their members and told them that if you don’t do something, the government will act.
“We will meet with them and try to find how best we could address this issue, but this issue of price gouging must end.”
The BCCI had, in a recent letter to the government, raised several concerns, including the issue of price control. According to the organization, it was never consulted on the government’s policy to expand the price control list and impose a 15 percent maximum markup.
Briceño said that statistics issued by the Statistical Institute of Belize last week showed that inflation has decreased to about three percent.
“I think it’s three percent overall, but when you look at food items, the inflation on food items and prices have increased. I’m trying to remember the correct number, but it’s over 12 percent.
“Something is wrong, that there are unscrupulous business people that are taking advantage of people, impoverished people, and I make no apologies for something like that, that we have to go after them,” Prime Minister Briceño said.
“While we have not officially met with the Belize Chamber of Commerce and Industry, we have met with the importers. We have met with some of the biggest retailers and told them, “Guys, this is getting out of hand. We have to. If you do not do something about it, we will have to act.”
“ We have a responsibility to protect the interest of our people, and if we believe that you are price gouging, then we are going to act. And if you were to ask anybody around this country, everybody would tell you they believe these stores are price gouging and are raising the price. I mean, one day something costs BDZ$1.25 (One Belize dollar=US$0.49 cents), the following day it costs $2.00, I mean it’s ridiculous,” Briceño added.
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