Business, International news, News

OECS needs a unified approach to development, says economist

ST GEORGE’S, Grenada — The biggest impediment to growth of the economies of the Organisation of Eastern Caribbean States (OECS) is their small size and scale of production, and the lack of a unified regional approach to development. That’s the view of Dr Vanus James, economist, statistician and regional academic in remarks at the OECS Economic Growth Forum in Grenada on Friday, March 17, 2017.

Citing tertiary education as one of the growth sectors with the greatest potential for growth, James singled-out Grenada (St Georges University) as well as Antigua, as leading in tertiary education in the OECS. He believes that model must now be replicated across the OECS, in other growth sectors such as the creative industries and the ICT sector, identifying skills gaps and helping to attract foreign investment through a regional approach.

The Grenada forum was the final in the public education forum series – Vini Koze – which engaged citizens of the OECS on key development issues such as education, climate change, agriculture, youth empowerment, and regional integration.

James, who has worked as a senior policy advisor to the United Nations Development Programme (UNDP), said with very slow growth in large economies such as the United States, Canada and Europe, which are major source markets for our tourism industry as well as buyers of our exports, the region is at a critical juncture in terms of its economic fortunes.

He said these developed countries and traditional allies, are all threatening to close their economies and reduce imports from the region, a factor he said can “negatively affect our ability to increase our exports, which is what we need as small countries, in order to raise our rate of growth.”

James suggested that “for the first time, countries of the Eastern Caribbean are at a juncture where they are confronted with the challenge of how to diversify their economies away from tourism, in the context of slow growth and falling imports in the North Atlantic.”

“At this moment in our history, we must create new types of exports by building our domestic capital sector. That’s the most historic challenge we’ve ever faced, from Slavery to now. How to do we create capital with our own capabilities. In that regard, we need new thinking about how to grow our economies.”

James feels very strongly that the region needs to return to the growth strategies used before globalisation.

He explained: “We import most of the assets we use to produce, but if you want to engage the world, you have to build domestic capability, to create demand in the world for the things we export. We must build-up our domestic capital sector. The fundamental problem we have in the Caribbean is that our domestic sector is too small. We’re not doing enough with the creative industries. We’re not doing enough with ICT as exports. And we’re not doing enough with tertiary education as an export. To engage with the changing world, we must change the type of exports we offer by building our domestic capital sector.”

James is adamant that in order to build the domestic capital sector, “we have to confront the historical inequalities in our societies, including the unequal access to power.” He asserted that the people who get access to power and who shape policy in the region, are a select few who have always had access to the levers of power, and who have not invested well in our domestic capabilities.

Consequently, he recommended major reform in governance in the OECS and the wider Caribbean. He called for participatory budgeting at the national level and joint policy-making, both of which would ensure more people involvement and people participation in governance.

Oliver Joseph, minister for economic development, said the government of Grenada is taking steps to ensure more citizen engagement in national budgeting.

He explained: “In the preparation of our National Budget in Grenada, we have consultations where we go throughout the island to get the views of farmers, the youth, and all stakeholders, to hear what they would like to see in the budget and what initiatives they would like the government to pursue at the community and national level.”

Grenada has just come to the end of a homegrown structural adjustment programme from which it received a passing grade from the International Monetary Fund (IMF), following a recent country assessment with significant reduction in its debt to GDP ratio from 60 percent to 40 percent.

Joseph contended: “The only reason we have been so successful is because we continue to listen to our social partners in shaping and implementing national policy. The success we have achieved is because of the participation and ‘buy-in’ we have had from the people.”

In relation to the issue of rising youth unemployment in OECS member states, Joseph said the era of government being the largest employer is coming to an end. He said the approach should be for government to give incentives to the private sector and seek to attract foreign direct investment to create jobs.

Joseph disclosed that in 2016, Grenada spent EC$30 million on training of young people through the Grenada Training Institute, where they attained CARICOM Vocational Qualification (CVQ) in various skilled areas. He said this training is designed to provide young people with the tools to create their own employment or to secure jobs in the specialized areas in which they are trained.

As it relates to diversifying Grenada’s economy, Joseph says the Economic Commission for Latin America and the Caribbean (ECLAC) has just completed a study of the non-tourism services sector which will guide government policy as it relates to the incentives and skills needed to grow these sectors.

President of the St Lucia Hotel & Tourism Association, Sanovnik Destang, believes there is scope to expand the contribution of tourism to the economies of the OECS.

He told the forum: “The tourism sector has seen tremendous growth in recent years. We had some rough years in 2008, 2009, and 2010, but we’ve seen steady growth since then. ”

Destang believes the time has come to broaden the contribution of tourism to GDP beyond arrival figures. He notes that visitor expenditure has a major trickle-down effect in the local economy, and there are millions of dollars to be gained from strengthening linkages between tourism and other sectors such as agriculture. On the home front, the SLHTA has teamed up with local farmers in setting-up a Virtual Agriculture Clearing House (VACH).

Destang said this initiative has seen a significant increase in the purchase and use of local produce by hotels in Saint Lucia. He says the system is so advanced, that an app has been developed to forecast the production cycles of farmers to match demand from the hotels.

The public education forum series is part of the public education component of the Economic Integration and Trade Programme of the OECS region, funded by the 10th European Development Fund. It is being produced by ElShaFord Productions on behalf of the OECS Commission. The series will be edited for broadcast across all OECS member states, the wider Caribbean, and the West Indian diaspora in the UK, the USA, and Canada.

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Business, News, Regional News

Guyana may be just weeks away from economic crisis, says economist

Published on March 30, 2017

By Dennis Adonis

GEORGETOWN, Guyana — Having narrowly missed the economic after-effects of the 2008 Wall Street financial crash (the global financial crisis), and surviving a 2014 potential FOREX slide (since it is on the list of nations that could have suffered collateral damage from the 2014 oil slump); Guyana’s economic luck might be running out this time around.

At least this is the view of three respected financial experts, including a former World Bank economist, who predicted that Guyana may be weeks away from finding itself in the face of a recession demon that is similar to the ones that have been haunting neighbouring Venezuela, and Suriname among others, for some time now.

From experiencing a suddenly volatile currency exchange rate, stagnant economic growth, declining foreign investments, and a growing unemployment problem, Jeremy Blaine, a leading economic analyst at Accenture and a former World Bank consultant, told the Guyana Guardian that these are clear indicators that the writing is already on Guyana’s wall.

He noted that the government might have been caught in the middle of a spin-off from the underground economy that could have been brewing since the 2008-2009 global financial crisis, but which could have been made worse by current poor economic and social governance decisions.

In his opinion, a currently poor economy policy, a growing anti-investment climate, and a string of misguided taxation measures are taking a reverse toll on the country’s private sector, while the population’s spending power has been significantly reduced, to the detriment of the country’s overall economic outlook.

The economist stressed that one of many examples will be the poorly advised abrupt closure of sections of the sugar industry, which has since starved the economy of billions of dollars of surplus money that was previously being injected into the ailing sector from the treasury.

He reiterated that, even though government surpluses (such as the billions of dollars that were previously being injected into Guysuco) can indeed be an irritant to the treasury, it can actually turn out to be a blessing to the economy if the surplus money is going directly to the thousands of workers whose households would usually triple into thousands of consumers.

He further explained that in that way the surplus money ensures that the economy itself is being propped up, as the cash would usually spreads itself out across various commercial sectors.

Hence pulling that five billion dollars or so per year in budgetary surplus from Guysuco would mean pulling an average of $12 million per day from the extended economy.

And in such a case this will amount to reduced consumer spending power, reduced commercial income, and a reduction in tax intake.

Therefore, he is suggesting that government immediately take certain measures to increase consumer spending power, and to also create large scale employment opportunities.

“Unless the government can swiftly cut consumer taxes, offer direct foreign investment concessions, increase lending and spending via a central bank created digital currency which can substitute as a multi-billion dollar stimulus package, cut bank lending interest rates, hold off on closing down the sugar estates, re-engage migrating foreign investors such as Bai-Shanlin, and temporary insure certain classes of consumer credit, a recession will be imminent for Guyana,” he said.

While a string of recessions has been hitting the global economy hard, Guyana among several other countries was initially able to stave off the recession curse from hitting their shores.

But with several untested changes in government’s economic policy as of last year, a loss of several foreign export markets, and an increase in the global stranglehold on funding from several major donor countries, Guyana along with other nations has been losing out to direct foreign investments, investor created jobs, and needed foreign exchange, on a large scale.

For example, during the latter part of 2016, controversial Chinese company Bai ShanLin, and the Malaysian-owned Barama Company Ltd, began winding down their operations in Guyana, which has since seen just over 400 Guyanese directly and indirectly losing their jobs.

And with a handful of sugar estates facing closure, while certain agricultural sectors such as rice are being stifled by a limited export market, the government seems to be underestimating the potential economic woes that may be in waiting.

But as for an impending recession, many are doubtful that it is an experience that Guyanese may be prepared for.

However, many are still hoping that the government will initiate emergency measures that will be aimed at preventing a full-blown economic fall-out.

Republished with permission of the Guyana Guardian

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Local Sports, Regional Sports, Sports

West Indies, Afghanistan to meet in T20Is, ODIs in June

Published on March 30, 2017

ST JOHN’S, Antigua — The West Indies Cricket Board has announced that Afghanistan will play three Twenty20 and three One-day Internationals on their tour of the Caribbean in May/June this year.

It will be the first time that the Afghans will be playing West Indies in a series on Caribbean soil, although it’s not the first time the team will be playing there.

The Afghans were one of the 12 teams that took part in the 2010 ICC World Twenty20 Tournament and have made steady progress in the game since that time.

“We are looking forward to welcoming the Afghans to the Caribbean for this short series,” said WICB manager, cricket operations, Roland Holder.

“The series promises to be compelling, considering the result of the match between the two sides at the last ICC World Twenty20 in India, and Afghanistan’s gradual improvement over the last few years.”

He added: “It will also be an important series for our side, as they look to move up in the ICC World Rankings in the two formats, and continue their quest to qualify for the 2019 ICC World Cup in England and Wales.

“The series will also be an opportunity for our fans to come out and watch the games at convenient times, as all the matches will be contested during the evening hours. The T20Is will start at 7 pm and the ODIs are all day/night, starting at 2:30 pm.”

The Afghans will play the matches in the series at Warner Park in St Kitts and the Daren Sammy Cricket Ground in St Lucia.

Schedule of Matches

May
Tue 30 Tour Match – Warner Park, St Kitts

June
Fri 2 1st Twenty20International – Warner Park
Sat 3 2nd Twenty20International – Warner Park
Mon 5 3rd Twenty20International – Warner Park
Fri 9 1st One-day International – Daren Sammy Cricket Ground, St Lucia
Sun 11 2nd One-day International – Daren Sammy Cricket Ground
Wed 14 3rd One-day International – Daren Sammy Cricket Ground

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News, Politics

Rusty Liburd Launches “Real Change” Campaign for post of PAM Deputy Leader

TV Talk Show Host Selwyn “Rusty” Liburd has launched his campaign for the post of Deputy Leader of the People’s Action Movement-PAM. The former Party Chairman confirmed his intentions and launced “REAL CHANGE” campaign via Social Media. The Launch comes some 10 days before the Party is expected to meet in Caucus on April 8th to elect a new executive to chart the way forward for the next year and likely into the next General

Elections in 2020. The new Executive will ne ratified at the Party Convention which is scheduled for April 23rd at the Party Headquarters.

The Filmmaker/Writer/Director Liburd is a highly educated  recent Post Graduate of Full Sail University and holds a Masters Degree in
Journalism and a Bachelors Degree in Public Relations . He  is the owner of SBL Communications the producers of Rap with Rusty a weekly TV Talk Show that’s aired on ZIZ.

Liburd served as PAM Chairman from 2012 to 2013  and also helde various positions within the Party from President of the Young Pamites and various executive roles up to his election as Chairman in

PAM 52ND Convention set for April 23rd 2017

2012. In 2013 Liburd was one of two persons vying for the Central Basseterre PAM Candidacy along with Attorney Jonel Powell. Powell eventually got the nod over Liburd in what was a memorable campaign for the Candidacy of PAM Central.

 

The Current Deputy Leaders of PAM are the Hon. Eugene Hamilton and His Excellency Ambassador Jonel Powell. PAM Leader Hon. Shawn K Richards is the Deputy Prime Minister of St.Kitts-Nevis. PAM holds more seats in the St.Kitts-Nevis Parliament than any other party and they are one of three partner parties including the CCM and the PLP that make up the ruling Team UNITY Administration led by Prime Minister Dr. Hon. Timothy Harris.

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Local news, Politics

Rt. Hon Dr. Denzil L. Douglas attends Police Awar

Rt. Hon Dr. Denzil L. Douglas attends Police Award
Ceremony; Congratulates deserving Retired Officers

BASSETERRE, ST. KITTS March 18th 2017 – Former Prime Minister and Minister of National Security of St. Kitts and Nevis, the Rt. Hon. Dr. Denzil L. Douglas was in attendance at the Officer’s Mess Dinner and Award Ceremony at the St. Kitts Marriott and Beach Resort on Friday night.

Dr. Douglas joined in extending heartfelt congratulations to retired officers of the Royal St. Christopher and Nevis Police Force who were awarded for their years of service in the area of law enforcement in the Federation.

The ceremony was attended by members of the High Command of the Force as well as family and friends of the awardees. The awardees would have served for the greater part of their professional service in the Force under the tenure of the Rt. Hon. Dr. Denzil Douglas who held the ministerial portfolio for National Security and hence had responsibility for the Police Force.

Dr. Douglas was generous in his commendation of all the officers who held the ranks from Assistant Commissioner to that of Inspector of Police and who would have served in various Departments in the Force throughout their career.

He said that in their respective ways, they would have impacted the Forces’ efforts to implement the safety and security agenda as the Federation forged ahead in creating and sustaining an enabling environment for development which was a priority for his Labour Party Administration.

Dr. Douglas noted that the aggregate years of these officers who had responsibility for operations, intelligence, criminal investigations, immigration, special services among others, would have contributed significantly to the advancement of law enforcement as the nation managed to attain the leading position in economic growth and development in the sub region.

Dr. Douglas, who never missed an occasion of this nature during his tenure as Head of Government and Minister of National Security, never hesitated to socialize with the officers.

He equally lauded the spouses, parents, siblings and other family members for the support that they gave to the officers over the years that accounted, in large measure for their successful performance and the effective execution of their duties while in the Force.

The officers awarded were ACP Robert Liburd, ACP Vaughn Henderson (who is now serving as Crown Counsel), ACP Mireless Dolphin, Supt. Charles Smithen, Inspector Winston Wilkenson, Insp Rufus Webbe, Insp. Luther Kelly, Insp. Zanhestal Hector and Insp. Franklyn Belgrove,

Force Chaplain, Rev. Leroy Benjamin and Administrative Assistant, Mrs. Eulynis Morton were also among the list of awardees.

Dr. Douglas commended Commissioner of Police Mr. Ian Queeley for his leadership of the law enforcement agency and the other members of the organizing committee for their contribution towards the successful outcome of this evening’s event.

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