No Price Control but also no Price Gouging, Trade Department to manages rules and regulations  

By Dana Malcolm,

Staff Writer

#TurksandCaicos, November 27, 2021 – The Director of Trade in the Ministry of Finance believes price control is not what Turks and Caicos needs and has other suggestions of how costs of goods and supplies can be driven down.

“…price control was not a wise option for the TCI at this time but that the government would be able to fix prices somewhat in emergency situations like pandemics and hurricanes,” said Lisandra Colley, Director in the Department of Trade for the TCI Government.

‘We know that consumers have been hurt and we are not prepared to sit around and watch people price gouge, said E. Jay Saunders, Minister of Finance.

Deputy Premier Saunders, as he addressed journalists at a press conference earlier this month maintained that the good of the consumer is of utmost importance, still, residents of the TCI are left without the one reform that could potentially curb the issue of price gouging, price controls.

Calls for price control in the TCI economy rose to a fever pitch in 2017 around hurricanes Irma and Maria. Citizens began to complain of price increases on hurricane goods with some increases cited as nearly double the original prices.
Since then there have been attempts to protect consumers in the TCI market, notably the passing of the Consumer Protection Ordinance, but Director of Trade Lisandra Colley says more needs to be done.

In her address to the press, she said that consumers are still not completely aware of the rights they hold. She also said that businesses are not completely aware of their responsibilities toward said consumers and that needs to be amended.

Saunders drew reference to price gouging incidents which surfaced in previous hurricane seasons saying that they “should be the last the TCI ever saw of that sort of thing” and if not, he would have “very strong words with the industry.”

He assured consumers that reforms are on the horizon.

“We’re identifying the issues that consumers are now suffering from and we’re looking at those already within the law..and in a couple of weeks you won’t find those issues happening anymore.”

Still, residents of the TCI will need decisive action and soon, if that promise is to be realized, especially in the current economic climate.