Some Lankan exporters shifting manufacturing to West Africa By Duruthu Edirimuni Chandrasekera View(s): View(s):Some exporters, in the wake of the currency exchange crisis, are contemplating or have already decided to shift their manufacturing businesses to countries in the burgeoning West African region depriving Sri Lanka from earning export dollars. The exchange rate crisis has brought about this new situation with more and more businesses opting to balance their eggs. “Other manufacturing firms will follow suit sooner or later,” a second economist said. He pointed out that the US dollar exchange rate gap between the published rate by the Central Bank and the going rate in the black market has widened to unprecedented levels over the past month. This situation has made a compelling case for local exporters looking to go out and start in Africa – especially in countries like Ghana and Kenya which stand out for their relative political stability and economic diversification.

Source: Sunday Times September 05, 2021 00:45 UTC