BY JOHN HOUANIHAU

Erick Wabo terminated his employment as a police officer in 2017 and subsequently entered the informal sector by selling betel nuts, which he refers to as “green gold.”

At 58 years of age, Wabo hails from Temotu and has connections to Malaita, having spent nearly eight years in this line of work.

His venture into the informal sector as a betel vendor commenced in 2017.

Before establishing himself at the Maromaro betel nut market, Wabo operated a betel nut business in Chinatown.

Before transitioning to this trade, Wabo had a career with the Royal Solomon Islands Police Force (RSIPF), where he served from 1994 until his resignation in 2007.

“I have assigned a name to the betel nut, referring to it as green gold. I have embarked on a venture into the betel nut trade, recognizing its profit potential. Green gold represents the essence of wealth,” stated the father of four.

The income he derives from this business is primarily allocated towards his children’s educational expenses and the sustenance of his family’s daily needs.

“In the past, financial resources were scarce. That was true during my youth. Back then, I struggled to hold onto even $10. When I attended school, my parents would provide me with just $10. However, today, I encounter money daily,” he said.

In contemporary times, individuals of all ages, including both the young and the elderly, engage in the sale of this fruit to earn an income, and many also consume it.

Wabo advised those who did not succeed in this year’s examination to consider engaging in the sale of betel nuts, often referred to as “green gold.”

“If each individual present contributes 10 bags and places them on the table, the task will be completed on the same day. Thus, one can observe daily earnings from what is referred to as green gold. “

“This is where I perceive financial opportunity,” said Wabo.

In addition to his betel nut sales, Wabo serves as a security officer for the USP Solomon Islands.

“I would like to emphasize to those who claim they do not engage in any work that selling betel nuts is a viable option. Engaging in this trade ensures that you will not face hunger. For those of us residing in urban areas, as long as you have a $50 initial investment to start your betel market, you will witness the benefits of this green gold. Even if the income generated from it appears modest, it can sustain you,” he remarked.

He highlighted a significant challenge he encounters when the price of betel nuts tends to rise.

“This is one of my major difficulties. For instance, when supply diminishes due to various factors, prices can escalate to as much as $1000,” he explained.

To mitigate this issue, Wabo has set aside capital specifically for betel nut transactions, which he does not utilize for other purposes.

“Thus, even when the price of betel nuts surges, I retain my capital reserves. After selling my inventory, I replenish the capital,” he stated.

He further noted, “When betel prices are elevated, I can acquire 15 20 kg bags, whereas, during periods of lower prices, I can purchase 10 bags,” said the father of four.

When the price reaches $200, it poses a significant risk for vendors like Wabo, as his sales fluctuate between 50 cents and $1.00 per betel nut.

 “At that price point, you can expect a profit of around $1,000, whereas when the betel nut costs between $2 and $4, your profit can range from $1,500 to $1,800,” he explained.

Wabo typically operates his market stall, selling betel nuts daily from 7 am to 8 pm, and he usually earns over $3,000 each week.

The lowest price he has paid for betel nuts is $200 for a 20 kg batch.

“That is when you can observe prices of 50 cents to $1.00 per betel nut on display,” he noted.

Wabo indicated that when prices are elevated, the market vendors benefit more, while lower prices favour the customers.

 “When the price per nut is 50 cents or $1.00, it can take a considerable amount of time to sell out, sometimes even up to three months,” he remarked.

Wabo sources his fresh betel nut from Guadalcanal, where harvesting occurs today, allowing for immediate sales, unlike the provinces where the process can take two to three days.

He appreciates his role as a betel vendor in the informal sector, finding it more fulfilling than his previous position with the RSIPF.

“In the formal sector, I only received my earnings on payday and I often relied on credit for daily necessities. If food was scarce at home, I had to borrow money to purchase it. However, this situation changed once I began selling this valuable product.”

Wabo allocates $60 daily for stall fees at Maromaro.

“Initially, it was challenging, but I have since adapted to the routine of paying my fees.”

 He has also acquired a plot of land in Tuvaruhu, Honiara, with plans to construct a house.

Before his involvement in the betel nut trade, Wabo sold cigarettes and tobacco in Auki, Malaita province.

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