Members of the economics community have been paying tribute to the late Professor Owen Arthur, former Prime Minister of Barbados who passed away yesterday.
Central Bank Governor Cleviston Haynes shared his tribute as he delivered opening remarks at the bank’s 40th annual review seminar today.
Haynes recalled some of Arthur’s early work, saying he proved himself adept at politics.
“Foremost, Barbados and the region have lost a scholar who applied his scholarship to improve the lives in our region,” said Haynes.
Arthur died in the wee hours of Monday morning at the Queen Elizabeth Hospital where he was being treated for a heart ailment.
“An economist by training, Mr Arthur had a long association with the Bank. Between 1983 and 1984, he served as a member of the Bank’s Board of Directors. His tenure was relatively short because of his successful transition to elective politics, but his erudite contributions to economic and bank-related policy left a mark on our institution,” said Haynes.
Recalling that Arthur oversaw the operations of the Central Bank between 1994 and 2008 when he served as Minister of Finance, Haynes said “he brought to bear his sharp intellect to matters of public policy”.
“He was determined to overhaul the Barbados economy so that it ‘fired on all cylinders’ and to create a thriving Caribbean Single Market and Economy, an initiative that he spearheaded with courage and conviction,” he said.
“In recent weeks, it was fascinating to watch his passionate participation in the deliberations of the Prime Minister’s Jobs and Investment Council. His knowledge and experience were always at the centre of his interventions.
“He willingly shared his insights and was ever ready to engage in intellectual battles on matters such as Barbados’ future exchange rate strategy, the role of international reserves in stressful economic conditions, and approaches to creating an environment to revitalise the manufacturing sector. I sensed that he was enjoying his role as elder statesman . . . His legacy will live on. To his wife and children, I offer my deepest condolences,” said Haynes.
President of the Barbados Economic Society (BES) Simon Naitram also recalled some of the economic policies that Arthur shared.
Singling out the trade and economic policy of import substitution, which is the replacement of foreign imports with domestic production, Naitram said this was one of the most memorable policies that Arthur promoted.
“As we are remembering Professor Owen Arthur and his contribution to economics here, I highlight this because it is what he saw as the solution to this specific problem of the COVID-19 shock, import substitution,” said Naitram.
Meanwhile, senior economist Dr Justin Ram, Co-founder and Chief Executive Officer of GSEC and Justin Ram Advisory, said Arthur’s passing was a great loss to Barbados and the rest of the region.
“I should also say my condolences at this time for the loss of a great regionalist Owen Arthur, who I believe really did so much to move forward the agenda of the Caribbean, and my thoughts are with his family at this time,” said Ram.
A minute of silence was observed at the beginning of the session, which examined The Impact of COVID-19 in the Region: Current Challenges, Future Outlook and Policy Recommendation. marlonmadden@barbadostoday.bb
