8 Years and a Mule

Dr. DeLisle Worrell, Governor of the Central Bank

Dr. DeLisle Worrell, Governor of the Central Bank

The local press carried a story this week titled Worrell advised to meet press that addressed the unbelievable occurrence of the Governor of the Central Bank DeLisle Worrell not having held a press conference since the first quarter of 2014. Instead, he has preferred an orchestrated TV event where individuals were cherrypicked to participate in a moderated Q&A session.

It does not require anyone to be overly endowed with intelligence to expect our key decision makers to be accessible to answer questions from the public during a protracted economic downturn. Surely they understand that it is important to allay concerns and infuse confidence in the citizens by articulating a message of hope – see The King’s Speech. The independent office of Governor of the Central Bank is where the font of hope should be gushing. Unfortunately what we have had to witness for the last six or seven years is a central bank whose reputation has been severely dented by several unusual decisions by Governor Worrell made worse by minister of  finance Chris Sinckler. There was the unusual appointment  of Bjerkham to the Board of the Central Bank. The dividend payout of 25 million from the Housing Credit Fund to an affiliated company of Bjerkham for construction of the GROTTO high rise apartments. And who can forget the decision by the Governor to challenge the state agency responsible for determining the unemployment statistic.

BU agrees with Dr. Clyde Mascoll when he tabled the view in his weekly column that:-

Perhaps, what is more important is the structure of the board that oversees the functioning of the bank itself. The time has truly come to reconsider the governor being the chairman of the board. Furthermore, the composition of the board ought to better recognise the specialised areas of the bank’s activities. No man is an island.

The Central Bank is too important an institution for the idiosyncrasies of an individual to take priority. As if to emphasize that his way is the right way, he disregarded the advice from former bankers Mariano Browne and Jwala Rambarran who are based in Trinidad to meet with the press. He issued another press release to the media with a foreboding message.  Eight years of economic verboseness and still more belt tightening asked of Barbadians. How long is too long …

While BU agree with those calling for the Governor to condescend to meet the local press corp, we are concerned that local ‘journalists’ selected in the past to attend Central Bank economic press briefings have been woefully short of the standard required to deliver on their mandate. Further, there is an important role to be played by financial journalists. Who will disagree that managing a small open economy is a challenging undertaking. It is important we have journalists comfortable in the financial arena to report on the issues to effectively inform citizens. Instead what we have is a dearth of talent in the area of financial reporting that politicians and others in civil society easily exploit.  Even if our media houses were to send senior journalists like a David Ellis, Stetson Babb, Roy Morris, Jewel Brathwaite, Kaymar Jordan et al -these are journalists with a general knowledge of financial reporting. The only competent financial journalist is Patrick Hoyos. Is our investment in education failing us as a nation?

Perhaps the solution is to invite journalists from Trinidad to attend the Central Bank economic review press briefings.

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163 Comments on “8 Years and a Mule”

  1. Enuff January 8, 2017 at 9:05 PM #

    ac smoking yardfowl lights…lol

    Like

  2. Dompey January 9, 2017 at 6:59 AM #

    Yall, need to focus on this issue before deliberation and stop denigrating others for advancing a contrary position.

    Like

  3. ac January 9, 2017 at 7:14 AM #

    Not going to go through a litany of reasons as to why conclusion was made to sell instead of pursuing a path of failure for BNTCL

    In any case whatever i am smoking is none of your business

    Like

  4. Artax January 9, 2017 at 8:03 AM #

    ac January 9, 2017 at 7:14 AM #

    “Not going to go through a litany of reasons as to why conclusion was made to sell instead of pursuing a path of failure for BNTCL.”

    @ ac

    The consortium of yard-fowls CONTINUE to prove they do not “have any expertise in financial matters but, (unfortunately), it never stops them from opening up their faucets and spewing all the political garbage.”

    If you read the BNTCL’s annual reports you would not have resorted to “spewing political garbage.” On page 20 of the company’s 2013 Annual Report & audited Financial Statements for the year Ended March 31, 2013, for example, General Manager Winton Gibbs indicated:

    “During the year under review, the Group EARNED a NET INCOME of $29.5 million. This net income is added to retained earnings brought forward of $41.2 million to close with retained earnings of $70.7 million at the end of the current financial year.”

    “This FAVOURABLE RESULT was achieved through the combined efforts of the Group’s upstream and downstream operations, as well as the trading relief which was realised through the pricing mechanism. Despite a reduction in the Company’s working capital, an IMPROVEMENT in its overall FINANCIAL POSITION was REALISED.”

    To suggest government was “pursuing a path of failure for BNTCL,” when the evidence proves contrary to your claim, clearly indicates you are spewing your usual rhetorical political diatribe.

    Additionally, you CANNOT “go through a LITANY of REASONS as to why conclusion was made to sell,” because those “reasons” DO NOT EXIST. They were CREATED by you in an ATTEMPT to SUPPORT and JUSTIFY why this inept DLP administration sold the BNTCL.

    As individuals who are always alluding to “TRUTH” and “FACTS,” why do you continually post lies and generalized statements in an attempt to mislead BU, and then have your stupid cohorts endorse your non-factual comments by giving them multiple “thumbs ups?”

    Liked by 1 person

  5. Alvin Cummins January 10, 2017 at 12:54 PM #

    David;
    What makes Hoya “…The only competent financial journalist…”? The fact that he is always critical of the Government, the Governor of the Central Bank, and the Minister of Finance?

    Like

  6. Vincent Haynes January 10, 2017 at 1:03 PM #

    Alvin Cummins January 10, 2017 at 12:54 PM #

    Chuckle………

    Are any of his news items incorrect?…………

    Has he been sued by any one for false statements?……….

    Given the state of the country,its economy,who should he be critcal of?

    The truth hurts…..always.

    Like

  7. Alvin Cummins January 10, 2017 at 4:36 PM #

    David
    What was the debt load of BNTCL when the DLP won the election.
    Well Well et al. Did ANY of you interview the gentleman? The chart shows the Domestic Dbt…as distinct from government debt. Charles skeet, read the estimates of expenditure and you will see where the money was spent.

    Like

  8. David January 10, 2017 at 5:27 PM #

    He has demonstrated he has the brain power to unpack, distill and educate Barbadians on financial issues like no other.

    Like

  9. NorthernObserver January 10, 2017 at 5:46 PM #

    How might we know the debt of BNTCL when its parent company BNOCL has a section titled ANNUAL REPORTS, but it is EMPTY?
    http://www.bnocl.com/index.php?option=com_content&view=article&id=6&Itemid=33

    Like

  10. NorthernObserver January 10, 2017 at 5:53 PM #

    This from BSJ in Aug 2016

    “The Central Bank of Barbados reported in its economic press release for the first three months of 2016 that “A special dividend related to the sale of BNTCL was included in the Government’s projected Estimates figures; however this sale is yet to be completed and the dividends declared.
    The difference between the Estimates and the actual outturn was Bds$85.1 million, suggesting this was the amount which the government expected from the sale of BNCTL.”

    Rubis claimed they had bid for BNTCL, and the firm hired by the GoB to conduct the sale had told them they were not the winning bidder. Rubis assumed that meant it was SOL.

    Has the sale been concluded? The BNTCL still shows on the BNOCL as a subsidiary.

    Like

  11. NorthernObserver January 10, 2017 at 6:11 PM #

    @Alvin Cummins…this from a Jan 8 2017 piece from Hoyos

    “Governor of the Central Bank of Barbados Dr. Delisle Worrell is a brilliant economist whose communication skills, including his down-to-earth, folksy style, always helped a non-economist like me to understand some of the key elements of how an economy works.”

    He isn’t always negative? Though he doesn’t like the GoCB failure to meet the press core again, any more than other journalists.

    The entire article
    http://www.bsjbusiness.com/single-post/2017/01/09/Weary-of-trying-to-reach-those-sunlit-uplands-of-economic-prosperity

    Like

  12. Violet C Beckles January 15, 2017 at 8:06 AM #

    Sunshine Sunny Shine January 9, 2017 at 12:38 PM #

    Integrity, Accountability, Transparency, anticorruption and Freedom of Information are not optional. They need to become law, Freedom of information, good governance @@@

    We giving you all here on BU just that for years, It seem most can handle the truth about the lies their DLP and BLP is doing and have done, People on BU seem they want part of the Pie for self and not for all to share, ,, To many people on BU have things to hide ,

    With the CUP they will wake up fast when the rest of the crooks fall before them and these crooks liars and scumbags fall alone,Top Bajan who think they smart is full of it, For they are helping to hide the truth about where all the money went,

    If the governments made, take in, took loans for well over 13 Billion, Why in the hell everyone dont have a place to live, water, farming,roads done right, Hospital happy, police happy, Government workers happy, school and kids happy, Sports happy,

    A full Audit knows ,where and who got all the money , All the Attorney Generals, Lawyers, Ministers, Sirs, Sir C.O Williams and Richard L Cheltenham et Ali, Mia , Owen, MOF and FUMble , Every lawyer who is a Minister is a crook watch them well ,

    NHC and UDC,to start,

    As soon ass November 1966 came these Niggers have been up to no dam good , Acting as spies , Agents for the Crown , NO lawyers need to be in Government for lawyers are Agents for the Queen,. If we are to be Independent , Well that means the Queen , Crown , England need to be out of our business and not Agent spies. Even the American Constitution so,
    No title of Nobility= lawyers

    Like

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