By admin
Central Bank of Solomon Islands Governor, Denton Rarawa says there is a growing divide between Honiara and the provinces that is becoming an increasing concern.
Launching the bank’s 2013 Annual Report in Honiara yesterday, Mr Rarawa said this growing disparity could become a source of instability for Solomon Islands in the future.
Likening economic growth to soccer development in the country, Mr Rarawa said Solomon Islands teams always have difficulty in goal scoring.
But he said it is time the country starts scoring growth into its economy than having difficulties doing so.
The Central Bank Governor said the Honiara economy is growing while provincial economies are lagging, a potential source of future instability once it is not addressed.
“The Honiara economy is growing while provincial economies are lagging. Productive resources in the private sector are highly skilled towards Honiara at the cost of provincial economies. Private sector credit favours Honiara based sectors such as personal distribution, construction, communication and transportation. Lesser resources are located to the development of productive sectors in the provinces, so I think this is one of the reasons why there is an imbalance in development in the country and I think if we do not address this, it could become a potential source of instability in the future.”
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