It can’t be business as usual at the Central Bank of Barbados, economist and former employee of the financial institution Jeremy Stephen has warned.
Weighing in on the imminent departure of Central Bank Governor Dr DeLisle Worrell following today’s ruling by the Court of Appeal, Stephen said the first order of business for the new Governor must be internal.
“You need a Governor right now that can reinstate monetary policy along the lines expected by the Government and/or deal with internal operations in a way that is more amenable to the board and the staff of the Central Bank of Barbados,” the economist argued.
Stephen further suggested that the internal changes should include an examination of how the Bank interacts with the Government and this would likely lead to changes in its modus operandi.
While staying clear of identifying any potential candidate for the post, he advised the incoming Governor to “speak to the Press and to communicate what the bank’s plans are,” stressing that the country needed such an assurance from its lone monetary authority.
Meanwhile, the Opposition Barbados Labour Party is not losing any sleep over the pending exit of Worrell, saying that like Barbadians it was more concerned about the ailing economy.
Shadow Minister of Home Affairs, Dale Marshall, told Barbados TODAY Worrell’s dismissal was tantamount to the removal of an annoyance for Minister of Finance Chris Sinckler.
He said while the country would have to await Sinckler’s next move, Barbadians were eager to see the economy return to a position where they did not have to worry about whether they would be paid salaries and be able to meet their monthly bills.
Like Stephen, the former Attorney General expressed the hope that the candidate chosen to fill Worrell’s shoes would speak “candidly and truthfully” to the Minister of Finance on the direction Barbados needs to take.
Also commenting on the issue, Opposition Member of Parliament for St James Central Kerrie Symmonds said more than Worrell’s removal, Barbadians needed to see the back of the Minister of Finance, the Board of the Central Bank of Barbados and the Prime Minister.
Symmonds charged that all of the officials identified had “conspired” in “ruining and wrecking” the financial fortunes of the country and its citizens.
However, the St James Central MP also expressed dismay over the arguments put forward by the Governor’s legal team, which suggested that Worrell’s removal would redound to his professional discredit.
On the contrary, Symmonds suggested that Worrell had discredited himself a long time ago and therefore he was not about to cry over spilt milk.
Symmonds added that a major concern was the outgoing Governor’s willingness and compliance in participating in what he said had been “a long history of financial recklessness” by way of the printing of money, which has resulted in economic misfortune for the entire country.
Symmonds, who is an attorney, also charged that to date no satisfactory remedy has been advanced to deal with the “very urgent issue” of Government expenditure or the institution of “a real and sustainable growth programme” to take the country out of the “economic quagmire” in which it currently finds itself.