Barbados’ last Central Bank governor Mr Cleviston Haynes said his formal goodbyes on the weekend, ending more than four decades at the country’s lead financial institution.
Not a man known for controversy, at his final departure he was his usual straightforward but equally diplomatic self, when he called on the country’s commercial banks to “do better”. He was at the time also lamenting the fact that he walks away from the Church Village, Bridgetown institution with “unfinished business”.
There may be the suggestion by some that the former governor should have put more bite in his bark when he held the highest office at the Central Bank of Barbados which is the regulator of commercial banks.
“Opening accounts is proving increasingly, and, I would suggest, unnecessarily difficult, often exceeding the expectations of the regulator which simply expects banks to use their discretion and document if necessary.
“A very senior regional public servant recently recounted to me his experience to open an account because of the lack of a utility bill in his name. Surely, we can do better,” Haynes noted at the farewell event in his honour at Hilton Barbados.
We do not hold this against former Governor Haynes, for he was taken up with many pressing issues including stabilising the very institution he headed following the upheaval caused by the circumstances of the exit of his predecessor, the impacts of a once-in-a-lifetime pandemic which disabled the economy, as well as the fear and expectations of Barbadians from an International Monetary Fund (IMF) programme.
Of his grief over “unfinished business”, we commiserate with the experienced economist. However, the country has long learned that the Governor of the Central Bank of Barbados is “a creature of the Minister of Finance” and he or she comes and stays at the Minister’s wish. This is despite amendments to the legislation that maintains the Governor’s position under a fixed contract and provides the holder of the office with some measure of security of tenure.
The humble background of the incoming and very competent Governor Dr Kevin Greenidge has been rightfully highlighted and celebrated. But Barbadians have reason to be equally proud of both men as they are both from side-by-side working class communities. The two men fully exploited the island’s educational structure that allowed them to rise to the highest levels.
The weekend of acknowledging the contribution of this son of the soil, also coincided with the news that the ruling administration has apparently ceded to demands of the lead public sector negotiator in the pay talks for public officers.
Media reports suggest that the administration has signalled its intention to move its pay increase proposal from five percent to seven percent.
While, it is not known how much a seven percent increase is likely to cost taxpayers, if it is accepted by the public servants as the final position, the matter will certainly be on the table for discussion by Governor Greenidge when he delivers his first quarterly review of the economy in April.
Members of the National Union of Public Workers (NUPW) met at their Dalkeith, St Michael headquarters on February 16, to discuss Government’s offer of a five per cent increase over a three-year span. It was revealed then that the deal comprised an increase of two per cent in the first year, two per cent in the second and one per cent in the third year.
That proposal was rejected by NUPW members who believe the rising cost of living in this country demands a significant increase in salaries and wages, if public servants are to feel satisfied that they are not working simply to pay bills and buy food.
Union sources were quoted as saying the ball was now back in the court of the unions to determine whether the new offer from Government was acceptable or not.
What is most interesting is that Government’s pay increase offer will be spread over three years rather than two as the unions were seeking and one must determine whether small percentage increases over three years will have a positive impact on workers’ ability to meet their current and expected needs.
