Risk-takers needed

Gary Spaulding, Senior Gleaner Writer

Former senator Don Wehby is envisioning a gloomy picture of the Jamaican economy in the long term, if political administrations refuse to take tough decisions at the risk of losing political capital.

Wehby, group CEO of GraceKennedy, said he harboured concerns about the likelihood of successive administrations refusing to risk political capital by taking the necessary steps to rescue Jamaica from the economic turmoil in which it is engulfed.

He bluntly told The Gleaner that neither of the two major political parties that have historically traded roles forming the government has acquired the level of maturity needed to throw caution to the wind and do what is right.

The influential private sector administrator asserted that he was able to speak objectively, following his two-year stint as a government minister under Prime Minister Bruce Golding.

As a senior minister in the Ministry of Finance and the Public Service between 2007 and 2009, Wehby was instrumental in the Jamaica Debt Exchange (JDX) programme.

While expressing satisfaction at the initial outcome of the programme, he admitted that he was disappointed that Jamaica lost track in the aftermath.

"It was really a game-changing moment for the Jamaican financial market and this is a prime example of the private sector, regulators and the public sector working together in the country's interest," declared Wehby. "The JDX is really something that I feel very satisfied about, but that's part of the bigger picture ... . I think we have lost some momentum in terms of fiscal outcome after that was done."

Character strengthener

Asked whether he enjoyed his stint in the Bruce Golding administration, Wehby said: "It strengthens character."

He added: "There were some tough decisions to be made, including the Air Jamaica Divestment exercise, an emotional issue that had to be treated with care."

Wehby suggested that the loss of political capital after his stint was bad for Jamaica.

"I think it is one of the problems that we have had, the certainty of loss of political capital with these tough decisions ... . One of the issues with our nation today is that we focus on the numerator which is important, but we have some tough decisions ahead of us and, whatever decision it is to get the country on the right track, whoever is in Government is going to lose a lot of political capital and that is why I have always called for unity in terms of major decisions."

Asked if any political party in Jamaica had reached the stage of political and national maturity to risk losing political capital, he flatly answered in the negative.

"We need a sense of maturity, a sense of unity to get to that stage and I don't think we have reached there yet."

gary.spaulding@gleanerjm.com