HONIARA, Solomon Islands – May 4, 2026 – The Solomon Islands Chamber of Commerce and Industry (SICCI) welcome’s the key messages from Central Bank of Solomon Islands (CBSI) Governor, Dr. Luke Forau, whose address at the CBSI 2025 Annual Report launch echoed the Chamber’s long-standing advocacy priorities on behalf of the private sector.
Speaking at the CBSI 2025 Annual Report launch in Honiara on Thursday 30th of April, 2026 Dr. Forau issued a stark warning that while the national economy grew by 3.6 per cent in 2025, the benefits remain dangerously concentrated in capital-intensive sectors like mining and construction, failing to reach ordinary Solomon Islanders.
His remarks directly reinforce the very concerns SICCI has been actively voicing to government stakeholders.
Three critical issues raised by SICCI in recent high-level engagements were validated by the CBSI Governor’s assessment:
Firstly, was the Urgent Need for Economic Diversification which SICCI has consistently advocated for policies that will broaden the economic base beyond narrow, high-risk sectors. Dr. Forau echoed this precisely, warning that the economy’s reliance on mining makes it vulnerable to external shocks.
“We must diversify our economy and strengthen other sectors,” Dr. Forau stated, noting that removing mining from the equation would significantly lower overall growth figures.
The Governor’s statement aligns with SICCI’s Strategic Plan 2025-2030 objective of creating an “enabling policy environment” that delivers jobs and growth for SMEs and provincial economies.
Secondly, Dr. Forau identified agriculture as having the greatest potential for inclusive growth, specifically highlighting copra and cocoa. He called for a shift from exporting raw commodities to value-added production, asking: “What if instead of exporting raw cocoa, we produce our own chocolate?”
This statement supports SICCI’s ongoing advocacy work—including recent meetings between the SICCI EIDO officer and CEO with government and CEMA representatives to address falling prices for copra and cocoa products.
Thirdly, Job Creation Through an Enabling Environment. Concerning the high cost of doing business, Dr. Forau’s broader economic concerns mirror SICCI’s direct interventions.
Dr Forau however said achieving this vision will require collective effort from all stakeholders.
“It would require coordinated and deliberate action across all sectors of the economy. It would demand bold, transformational change—not incremental adjustments.
“This ‘big push’ requires all of us. It calls on the private sector to innovate, the government to enable, communities to engage, and every citizen to see themselves as part of this transformation,” Dr Forau said.
The Chamber meanwhile has repeatedly raised the crippling impact of high electricity costs with the National Trade and Development Council (NTDC) and government ministries, describing power expenses as “one of the biggest constraints to private sector growth” for manufacturers and SMEs.
SICCI CEO Mr. James Dolarii noted that the Governor’s speech validates the Chamber’s role as the primary channel for private sector concerns.
“When the Governor of the Central Bank warns that growth is not reaching our people, he is confirming what our members have been telling us on the ground. The high cost of power, the need for value-added agriculture, and the risk of a narrow economic base are not just business concerns—they are national economic stability concerns,” Mr. Dolarii said.
“SICCI remains committed to its Public-Private Dialogue with the Government, advocating for conducive business environment, affordable electricity, and better infrastructure to ensure Solomon Islands builds a self-resilient economy as it approaches LDC graduation in 2027,” Mr. Dolarii added.
