After decades of hard work, self-made Lebanese chocolatier Roger Zakhour thought he would finally be able to pass a successful business to his daughter. But then the economic crisis hit. Instead of reaping profits this Christmas, he and his 29-year-old daughter are marking down their handmade ice cream logs.
"If it continues like this, in a few months I'll be bankrupt," the 61-year-old said sitting in his small shop, surrounded by colourful stacks of hand-crafted chocolates. In protest-hit Lebanon, a free-falling economy, price hikes and a severe dollar liquidity crunch have left local businesses struggling to stave off collapse.
Zakhour started making chocolates and then ice cream in the 1990s, refining his recipes until he became a go-to for five-star hotels and well-off Lebanese. But as the economy worsened over the autumn, high-end hotels drastically reduced their orders and walk-in customers became rare.
Banks have restricted access to dollars since the end of the summer, sending prices soaring as importers struggle to secure enough hard currency to buy supplies. "We're heading somewhere we never imagined we would," said Zakhour, who had just upgraded his kitchen when sales dropped off.
In pursuit of high-quality products, Zakhour imports his ingredients, paying in euros or dollars. But with withdrawals restricted and no transfers abroad, that is no longer viable.
"Now when something runs out, that's it," he said. Unprecedented protests have swept Lebanon since October 17, with people from all backgrounds demanding a complete overhaul of a political class they deem useless and corrupt.
The government stepped down on October 29, but endless political deadlock has delayed a new one being formed to tackle the urgent need for economic reforms. Zakhour's business is just one of thousands struggling to stay afloat.
Copyright Agence France-Presse, 2019
Comments
Comments are closed for this article.