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26th
January 2012
Time
for Strong OECS Leadership
 The
54th Meeting of the OECS Authority in Saint
Lucia comes at a time when the OECS, despite
its many achievements, cannot be in a celebratory
mood. With economic problems facing the entire
sub-region, some countries like Antigua and
Barbuda and Saint Kitts and Nevis, more serious
than the rest – much is riding on the
solutions proffered and the direction the meeting
took over its two day duration.
The economic outlook for the Eastern Caribbean
Currency Union (ECCU) is not joyful. The cry
for jobs resonates across the islands. How to
grow their respective economies via the short
term and long term route without increasing
their debt burden are but two of the several
headaches governments of countries within the
ECCU have to deal with.
And the future is not promising. According to
the (World Bank’s) Global Economic Prospects
January 2012, financial sector indicators in
the ECCU are deteriorating having been hit hard
by the 2008/2009 financial crisis and the slow
economic recovery, with some banks already facing
solvency issues that could require further intervention.
The governments of the OECS must now pay close
attention to their fiscal policies. What influences
these policies and how these policies could
be more effective so as to reduce unemployment,
reduce inflation, etc is of vital importance.
All of this ties in with how governments govern
the management and use of public money. If government
spending is greater than its tax revenue then
the country, meaning the citizens, suffer because
there will be a budget deficit. This could cause
the government to borrow to make up the difference
and that in turn would increase the country’s
debt burden.
I say all of this so as to generate interest
in Saint Lucians in the monetary and fiscal
policies of their government. The time has come
for Saint Lucians to pay more attention to how
their government handles the monies it has because
their very survival, economic and other, depends
on it.
Poor management of the country’s finances
will be felt by every one of us.
If the country has no money to pay its employees
every sector of the economy will feel the effects,
from school-goers at the lowest levels to the
bank managers and everyone in-between. This
could lead to anarchy in a country. That is
why the quality of government a country has
is so important.
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Bearing
in mind that Saint Lucia is part of the ECCU,
Saint Lucians should not go about their business
believing that the financial woes of sister
countries like Antigua and Saint Kitts could
have no effect on them.
The ECCU is faced with several scenarios that
are not of a positive nature should the situation
in these two countries and that of the other
countries worsen. The possibility of a devaluation
of the EC Currency is not far-fetched at all.
Therefore it was heartening to hear Dr. Anthony,
at the 54th Meeting of the OECS Authority, speak
so optimistically of finding a way forward amid
the financial jungle facing the nine member
countries of the OECS.
“The small size and resource limitations
of our countries notwithstanding, I remain supremely
confident of our capacity for global leadership
through the sheer power of the ideas and examples
which we offer. This is because our capacity
to’punch way above their weight’
has been demonstrated often enough, both internationally
and within the wider Caribbean,” Dr Anthony
said.
That Saint Lucia and the other countries in
the ECCU survive the bleak forecast facing them
I am certain of, but to do that the sub-region
needs leadership which is firm, which deals
with matters of significance other than the
ordinary and mundane matters that deal more
with political survival of individuals.
But most of all the countries of the ECCU must
work as a unit since collectively is the better
way in which to confront the new spate of challenges
coming their way that even established and developed
and rich economies are having problems dealing
with.
As citizens of Saint Lucia and those in the
other countries of the OECS search desperately
for answers to increasing complex issues facing
them, they need to understand that at this time
in their lives strong leadership, with working
ideas and honesty is of crucial importance.
The time of uneducated, unproductive men and
women seeking political office for government
positions is over. Quality leadership is essential
to the advancement of each one of us in the
OECS. Our survival depends on it and our ability
to hold our leaders accountable.
Please
comment respectfully and responsibly as we
reserve the right to remove any comment we
consider inappropriate. Refrain from personal
attacks and using any offensive language.
Discuss
Story
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