#BTColumn – Appropriate recognition for Mr Arthur

Disclaimer: The views and opinions expressed by this author are their own and do not represent the official position of the Barbados Today Inc.

From the comments and reflections on the political life and times of the late Rt. Honourable Owen Seymour Arthur, one could conclude that he had an uncanny ability to sort, sift and synthesize economic information. This would have been especially useful in his first term as the economy worked. He would also have had reports on governmental economic templates from other states. These, however, would hardly have had the narrow economic base similar to this small developing state of Barbados.

Then there was a time when Barbados could depend on the three pillars of sugar, manufacturing and tourism to buoy up the economy. When all three performed well, we could be expansive. When two sectors performed creditably, as was the case for the most of his time in office, employment remained satisfactory. One other factor, however, became a significant boon to the country’s economic growth, and that was the offshore financial services which emerged as a key economic driver. Their impact began just over a decade before Mr Arthur took office.

Barbados took advantage of the potential that offshore activity gave to the country, particularly in relation to the Canadian partnership. The Prime Minister, however, also had to contend with the end of the ten-year period of Lomé IV – a partnership agreement between Europe on the one hand and the African, Caribbean and Pacific countries on the other. The government then had to begin to drive a new agreement with the other ACP states to amend Lomé IV, especially in the areas of the environment, energy, enterprise development and access to European markets among other matters. That Convention was signed in Mauritius November 4, 1995.

It would have been interesting to note what economic model Mr Arthur would have proposed in this novel coronavirus economic state. I believe we did hear him say that he would have preferred to use the international loans we secured to fire development activity rather than to first secure the foreign exchange position. That, of course, would have placed us somewhat on ‘the horns of a dilemma’ as foreign exchange would be needed to buy the goods and materials to support that infrastructure and other development activities.

One other wrinkle is to prepare for the possibility of investors pulling back, first, after delays caused by environmental and other challenges and slow approvals; then by the world recession caused by the COVID-19 pandemic. Investors are unlikely to have monies sitting around when start dates and completions are nebulous; even if completion of new hotel construction might collide with hoped for tourism flourish, say in 2024. I suspect that they may have found other investment opportunities by now.

Based on Mr Arthur’s acumen, as I suggested to sort, sift and synthesize economic data and apply solutions in a new way, I propose that we honour his memory by annual awards, viz – a $50,000.00 award to an entrepreneur whose business or innovation is most likely to continue to have an impact on the future development of Barbados for at least a further two years; a two-year post graduate scholarship in economic theory to either the Barbados, Jamaican, or Trinidadian campus of the UWI and thirdly, the Owen Arthur Caricom Leadership Award – Trophy and Medal. This would be based on nominations from states, private enterprise and non-governmental organizations. In this latter category I can think of someone like a Reverend Robert Cuthbert, a Jamaican who started his church development ministry in Trinidad, then continued it from the Barbados office of Christian Action for Development in the Caribbean (CADEC), then back to Jamaica. Or one could consider a Sybil Francis known for her social work at UWI. Then there is a Clive Lloyd, Maurice Bishop (who opened the region’s eyes to a different form of development) or a Reginald Dumas who led us from CARIFTA to Caricom.

I used some historical examples since I know some might be quick to say why ‘X’ or ‘Y’ from a contemporary list. Naturally, a distinguished panel would interview for the annual award.

Owen, thank you for your contribution to Barbados and the region.

Michael Rudder