Data generating information and leading to intelligence coming out of the nation's Auditor
General Office, Central Statistical Office and Central Bank, which is used to
formulate ecological, social and economic development strategies, make
knowledge based decisions and set implementation timelines, must be trusted by
all groups of the society. Groups intended to distribute profits to its single
or many owners via dividend payouts, so called (Profit-Sharing) private or
public companies. Groups organized to keep profits for its future operations,
so called Non-Profits or (Profit-Retaining). Groups that negotiate for working
conditions, via individual or collective bargaining, so called Workers' Unions.
Noting that, all such groups are and must be Profit-Making, as it is such
profits that offer that crucially needed continuance, for Business must
generate growth to paid salaries, taxes and continue, Unions must protect jobs
and fair trade, and Government must balance its budget to improve living
standards and protect the nation's most vulnerable.
Audit data is used to identify revenue trends and spending anomalies,
to reconcile cash positions, to report on fixed assets registries and debt
profiles. The Auditor General Office is led by a tenured public professional
officer, with the requisite skills and experiences, with an executive team
surrounded by technocrats and further supported by external private audit
firms, as needed, who is mandated to report all findings, as scheduled, to the
nation's parliament.
Statistical data is used to track unemployment, job
creation, population and household growth, the percentage of the population
living below the poverty line, and much more. The Statistical Office, also
mandated to publicly report via the parliament, is led by a competent chair and
directors, employed as public officers, and staffed by trained and experienced
full-time and, as needed, contract workers, and supported by external bodies to
test any red flagged data.
Monetary data is used to measure local and foreign cash
balances, currency values, positive or negative inflation, GDP by sector and
many other economic indicators. The Central Bank, with its large mandate
reports on a timely basis to the public as to the effects of its present
policies and its forecast of key interest rates going forward, is headed by a
governor and a board with deputy governors and supporting staff, and can hire
contract workers to assist in non-routine tasks.
An independent Office of Budgets uses all available data,
from such trusted sources, to project the effects of recurrent and capital
expenditure and to forecast tax and non-tax revenues, control assets and
capital income, and to calculate borrowings, if necessary, and manage debt
servicing, to balance the national budget in the short-term 1-3 years, over the
medium-term 4-6 years and in the long-term 7-10 years and beyond. Hence, the input
data, information and intelligence used in decision-making must be trusted by
Government (Executive & Opposition), Business (Profit Sharing or Retaining)
and Unions.
So, as the nation matures it should assign a fair value to
assets, once labeled as strategically important, which has grown into
profitable state enterprises operating in key sectors (Utilities, Transportation
and Tourism). Now, taking tough data driven decisions to raise cash, to fund new
industrial sectors while reducing liabilities via disposal of state assets, can
easily be justified and accepted by all society's groups. With the nation
divesting a small portion of combined state enterprises, via listings on the
local stock exchange, remains in operational and regulatory control, reserving
a fixed portion for and encouraging workers and their unions to become
owners/investors through an employee share ownership plan (ESOP) and their
traditional pension plans.
Rationale
T.A.J & Associates Company Limited uses this occasion to comment on topics that have been covered, both academically and by the mainstream media, to add its opinion and point out investment opportunity, not to invoke any social action.
