Why are we having this conversation?

• I am not a natural economist.

• So limited is my understanding of the financial world that I genuinely do tinker, tailor, soldier, sailor, rich man, poor man etc with cherry pips to determine the financial state of my household. In winter I do it with olive pips.

• But when the rand depreciates against foreign currencies in such a manner that it starts to impact on the price of Scottish scallops. I sit up and take notice. Very serious notice.

• Last week I had lunch at Linger Longer. And very nice it was too. So there I was having a conversation over scallops and porcini with Chef-Patron Walter Ulz and he told me that two weeks ago the scallops were R350 per kg and that at the time of my lunch they had risen to R450 per kg.

• Now, these are scallops from heaven. You want to be eating these scallops. Fat, meaty, marvelous beyond words. Of course part of that is the skill of the chef but it is also the regionally specific variety of scallop. We want these imported scallops in our lives.

• But sadly there is only so long the restaurant can absorb that kind of increase in costs. So either menu prices increase on the heavenly scallops or no scallops on the menu.
What has happened to the scallops?
• Investors have taken money out of South Africa because they don’t like the risks in emerging markets. This has resulted in the Rand depreciating against other currencies.

• Consequently any imported foods are hammered by a depreciating exchange rate and will become more expensive.

• The bad news is that it’s not just the scallops. The same thing has happened to Scottish Salmon. Serano ham is now over R200 a kg.

• The duck confit in tins has gone up from R400 for 12 legs to R650 in the past month!
What to do? Two fold strategy – splurge then buy local
Phase 1 Splurge
• First buy up all the imported goods currently on the shelves that are left over from shipments that preceded the Rand’s depreciation.

• It is too late to buy any truffle oil in Pretoria because I have bought it all. But perhaps there is still some in Johannesburg.

• The Italian Christmas panetones that are on the shelves at the moment came in from Italy a month ago buy them now. Do not wait for the shipments that will come in closer to Christmas. Ditto Stollen, lebekuchen and any other imported xmas essentials.

• If you bake and you use imported real vanilla paste gulp and buy 5 jars. It will keep and it’s not going to get cheaper. The stuff in the next shipment will be at least 20% more expensive. Ditto Belgian chocolate.

• You want tinned foie gras or duck confit buy it now.

• If you must use imported olive oil. Buy it now.

• AND THIS LAST PART IS VERY IMPORTANT – this weekend go and have an uber expensive fine dining meal. It is too late not to pay through the nose for imported perishables but what applies to your domestic pantry applies equally to the dry stores of posh restaurants. And you never know when you will be able to do it again.

Phase 2 Stop splurging
• Once the existing stock is gone do not add to the ballooning current account deficit by buying more imported stuff.

• The upside of the high prices will dissuade people from buying imported and turn attention to SA goods and ultimately that is a good thing and will encourage the food sector to get better and bigger.

• Start looking at good quality local equivalents – which are looking more and more competitive.

• You want olive oil – buy local. Morgenster Estate in Somerset West has just been awarded an Orciolo d’ Oro for the fifth consecutive year, signifying premium quality, at Italy’s prestigious Pesaro Olive Oil Competition.

• Fairview grand brie is often nicer than imported bries when eaten in South Africa because brie is not happy to fly. Its high water content makes it particularly vulnerable to being messed up by travel. Something happens to its texture that is not at all nice. Eat it in France and buy local in SA.

• I know its not the same but if you are longing for salmon consider local salmon trout.

Recipe
Pan fried scallops with lentils, pancetta and crème fraiche
300g Puy lentils
1 bay leaf
2 cloves garlic
1 potato, peeled
1 tomato
1 handful of parsley chopped
2 tablespoons of vinegar
4 tablespoons of Olive oil
Salt, pepper
5 Tablespoons of crème fraîche
Juice of 1 lemon
12 slices of pancetta
12 large scallops, shelled and trimmed
24 sage leaves

• Cook the lentils, covered with water with the bay leaf, garlic, potato and tomato. Bring to the boil and simmer for 20 minutes or until the lentils are tender.
• Drain off the water, discard the bay leaf, tomato and garlic skins (which will have floated off).
• Mash the garlic, tomato, potato and add back to the lentils.
• Add the parsley, vinegar, oil, crème fraîche and lemon juice. Season to taste.
• Fry the pancetta until crisp then remove from the pan and fry the scallops in the pancetta oil until golden on both sides. Remove from the pan and finally fry the sage leaves until crisp.
• Mix all together and enjoy. With a dollop of crème fraîche and a glass of chardonnay