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PNG Commodities Magazine

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PNG Commodities Magazine

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Nationally-owned 'PNG Commodities' magazine is a quarterly publication wholly dedicated to reporting on PNG’s vast cash crop development and Agriculture sector.

05/04/2023

PNG Commodities Magazine would like to inform our clients, friends and family on the untimely passing of our Managing Editor, Late Kamo Kini.

27/03/2023

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22/03/2023

Local apples🍎🍏 from Menyamya District, Morobe Province 🇬🇦 sold at supermarkets in Lae City...

17/03/2023

Keep watching this space for our February Issue...coming out soon🔥💪🏿

15/03/2023

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15/03/2023

EXPERTS ISSUE WARNING OVER PNG’S RISING DEBTS

By Philip Dowa

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Senior academics have jointly expressed serious concerns that the excessive borrowings by the Papua New Guinea government over the past years is putting more economic pressure on the country.

Professor Satish Chand from the Australian Defence Academy and Dr Osborne Sanida, the Director of National Research Institute (NRI) in a document titled ‘Fiscal Policy for Sustainable Debt in PNG’ highlighted that the country is at risk where the gross excessive loan has risen beyond the Gross Domestic Product (GDP) putting a heavy strain on the economy.

“This is not only misleading but potentially dangerous. Papua New Guinea is a case in point where ceilings on public debt were enacted to prevent politicians from indulging excessive borrowings … debt levels already rising,” the report said.

A fiscal policy review conducted by the two academics found that the gross debt of the country is equal to the total stock outstanding government liabilities.

They stressed that bonds issued by the Treasury Department draw-downs of deposits from the Central Bank and loans from private sector (domestic and international) financial agencies places legal obligation for the government to pay creditors specific amounts at specific intervals.

“The rapid increase in public debt over the past two years (2020-2021) has raised the question of the capacity debtors (PNG government) to meet their obligations.

“Fiscal policy is considered sustainable only if the government is able to meet all of its current and future payment obligations without resorting to exceptional financial assistance or going into default,” the report highlighted.

It said the IMF has already sounded warning to the low-income countries of a risk of high debt distress and with public debts increasingly rising and countries including PNG need to calibrate its fiscal policies based on its own conditions and circumstances.

The experts said that on a good note PNG is not heavily indebted as the public debt highlighted by the Treasurer Ian Ling Starkey pointed out that in 2021, the public debt reached 52 percent of the GDP.

“For PNG to sustainably manage its economy two approaches are suggested which include the Present Value Constrain (PVC) and the Accounting Approach (AA),” the report noted.

The report adds: “That politicians use the rate of Gross Domestic Product (GDP) movements in the exchange rate domestic and abroad to secure commercial loans.

They experts said that in the case of PNG, government has been accumulating debt because of the ultra-low interest rates.

13/03/2023

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"Promoting Papua New Guinea's Green Revolution"

13/03/2023

DEER FARMER CALLS FOR GOV’T SUPPORT IN PHASING OUT MEAT IMPORTS

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By Philip Dowa

Government has been challenged to phase out importation of meat products and replace with alternate local substitute to encourage production.

Michael Tofeo, the owner of Kuiyapo and Wasua deer farms in the Delta Fly District of Western Province said the government needs to encourage local production by way of putting resources into deer farming.

“In the Western Province we have huge agriculture land lying idle and also with having deer roam freely around the plains that we can capture to supply the entire country,” Mr Tofeo offered.

“I have proven this by capturing wild deer now in stock at yard in my two farms with about 209 herds and they are multiplying fast,” he added.

He explained that while cattle can be re-established throughout the country, the deer production must also be propagated.

Mr Tofeo stressed that deer can reproduce faster than cattle with one female deer capable of producing 12 calves annually.

“That is 12 times more than what beef cattle can produce in a year and I want the government to come to my aid by increasing and extending the stock on my farm to encourage those from Western and other parts of PNG into deer meat production,” he said.

His submission for technical and financial assistance has been forwarded to the Livestock Development Corporation, the South Fly and Delta Fly Districts and Western Provincial Government for funding assistance since 2022 with the hope of getting a response sooner.

Mr Tefeo said that all funding agencies have expressed their support for the project but have not made any firm commitment and giving assurances to fund the project.

“I have taken officers from the two districts involved, Western Provincial Government and LDC officers in Port Moresby to physically inspect the project.

“LDC and the two district administration offices promised to help launch out the programme but have yet to commit funding,” Mr Tofeo said.

He said deer meat is a new initiative and the people of Western are very eager to participate in the industry if only the government honours its commitment.

The deer farmer urged all agriculture sector agencies to work and live up to the Marape government initiative to Take Back PNG, stressing that to implement this they must plan to utilise what litte the people have on their land as deer is one of the commodities abundantly available in the Western Province.

13/03/2023

FPDA PARTNERS WITH WHP GROUP TO DRIVE BULB ONION FARMING

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By Philip Dowa

Fresh Produce Development Agency (FPDA) has ventured into major domestic bulb onion farming production in partnership with the Word Foundation Interdenominational Association (WFIA) in Western Highlands.

Under this joint partnership programme the WFIA in collaboration with the community will farm the bulb onion project to be managed by FPDA which has the capabilities in horticulture farm management.

The programme initiated by WFIA and launched at the Konda village on the outskirts of Mt Hagen City aims to transform Western Highlands into one of the key bulb onion growing areas to meet local demand.

At the current rate, almost two-thirds of bulb onion is imported and the other one third supplied locally by growers mainly from Simbu, Eastern Highlands and other provinces.

FPDA was selected to partner with WFIA and the communities from Western Highlands because the organisation has the capabilities in the technical expertise to provide advice on improving the cash crop production in order to meet the rising domestic demand.

Board chairman of FPDA Mr Fabian Chow who was invited to witness the occasion expressed the Agency’s intention to improve production and make Western Highlands a leading supplier of domestic bulb onion complementing other local suppliers.

He encouraged growers to consistently feed the domestic market stressing on the current shortage of bulb onion supply experienced in the county, importantly, adding that it is a crop that can be grown locally.

“I challenge the growers that PNG cannot continue to import basic goods which can be produced here as the country has fertile soil and climatic conditions for the commodity and that more people should get involved in bulb onion production,” Mr Chow said.

He stressed that though Simbu has a small landmass compared to other provinces, Kundiawa Gembogl district has been identified as the leading bulb onion area in all of PNG.

He said the bulb onion farmers have used this crop to improve their livelihoods, building good houses for their families and venturing into small SME operations.

Mr Chow committed K15,000 from his board towards WFIA foundation as a means to assist the group expand the project throughout the province.

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