Eastern Caribbean Central Bank Governor Timothy Antoine has called for countries to buy essential foods collectively, working with the private sector to secure more competitive prices and ease pressure on household budgets.

Speaking during closing remarks at the 28th Sir Arthur Lewis Memorial Lecture, Antoine proposed adapting the purchasing model used by the OECS Pharmaceutical Procurement Service.

He said the region had used that service for 40 years to obtain medicines more cheaply than individual countries could purchase them independently.

“I would argue, identify a basket of essential goods, foods, buy together from the most competitive suppliers wherever they are in the world,” Antoine said.

The governor acknowledged that the approach would present challenges but said it offered an opportunity to address living costs in a concrete way. He stressed that the private sector should be involved.

Antoine argued that the region could take action to reduce costs despite its dependence on imports and exposure to overseas price increases.

“We can’t simply keep talking about imported inflation. That is our reality. But what are we doing to change that reality?” he asked.

He also cited a Caribbean Private Sector Organization study which, he said, estimated that diversifying import sources could save the OECS about US$261 million annually.

Antoine said countries had continued buying from traditional suppliers because it was convenient, even when those arrangements were costly.

His comments followed a lecture by Professor Emeritus Andrew Downes on “Competition, Regulation and the Caribbean’s Cost of Living Problem.”

Alongside collective purchasing, Antoine proposed publishing weekly prices for a basic food basket to help consumers compare costs and identify excessive markups.

He said short-term relief must be accompanied by longer-term efforts to increase food production, improve productivity and expand renewable energy.

The governor presented joint food purchasing as a proposal for countries to consider. He did not announce a launch date or an agreed regional programme.

This article was originally published by Antigua News Room. Read the original article here: ECCB governor urges joint food purchasing to lower grocery costs.