Encouraging Employers

Twenty odd years ago, I spoke to and about the education system; its learning through rote, its certification via the regurgitation of facts, its lack of critical thinking and its punishment of innovation, resulting in the production of too many Employees and not enough Employers. A recent news report covered the launch of a post graduate programme, which is said to address such inadequacies, creating more employers, through links between academia and the manufacturing sector.

Foreign Direct Investment

At the beginning of the last budget presentation, a few weeks after national elections and the resulting change in the executive, Politics continued with the Minister of Finance painting a negative picture and blaming the previous executive with financial mismanagement, more so in their last three months in office; spending tax payers’ funds on electioneering, leaving massive unpaid bills and running into a negative cash flow position. It is worth mentioning that the Speaker of the House needed to bring order to the chamber several times during the budget presentation, indicating that the previous executive now in opposition were not pleased with many statement attributed to their 2010 – 2015 term in office. This trend is again expected after any national election which results in regime change but is certainly preferred and more acceptable than any Violent Insurrection.

Diversification fuels Opportunities

The vision is to reduce revenue dependency on any single industry or sector and hence, diversifying an economy is to generate an equivalent amount to balance revenue across numerous sources, as to spread and lessen the risks associated with one set of matrix.

Common mistakes are trying to replace strong currency earnings with income of weaker foreign currencies with less purchasing power. Exchanging one volatile industry for another; abandoning hydrocarbon energy, heavily dependent on international pricing, for a tourism gaming industry, which will only grow to depend on international funding. Moving from extraction into energy processing, transport into vehicle building and repairs, trade to light manufacturing, which have similar input/output factors, the value added offers minimal gains while the risk exposure remains the same.

Governance (An extract from Foreign Direct Investment)

A nation, the majority of its population, with a clear understanding of the structure and responsibility of society will benefit from lower crime rates, a fairer distribution of wealth, and many more people, for the right reasons, offering themselves for public office. An indoctrination takes place upon joining new (educational or work) institutions; outlining code of ethics and procedural guidelines to direct acceptable behavior and maintain order. The same is true to drive on the roads; regulations (laws) must be followed. Governance is even more important and necessary for nation building. Hence, the need for civics lessons throughout the voting population.

Economic Drivers (An extract from Foreign Direct Investment)

With energy and commodities international prices drastically declining and forecasted to fall even further, extractive industries especially petroleum exporting nations, must focus on other sectors and industries to generate its foreign earnings. A Ministry of Energy and Energy Industries, responsible for monitoring, controlling and regulating the energy and mineral sectors, developed over the last century, cannot easily be replaced as the main earner, but the effort to do so must start NOW! Not just by investment in renewables but through a mixed of economic drivers.

Infrastructure Management (An extract from Foreign Direct Investment)

In times of surpluses, savings and investments, especially in infrastructure should be expanded. In times of deficits, infrastructure must be preserved; efficiently utilized and maintained. The nation’s housing stock, buildings and general monuments, public utilities, works and transport, and other miscellaneous items needs urgent attention.

The Ministry of Public Utilities facilitates the effective delivery of efficient, affordable and quality public utilities services through a committed, resourceful team of professionals in close collaboration with all stakeholders. It provides meteorological information and advice consistent with international standards towards the pursuit of national, scientific, social, economic and cultural goals and sustainable development. It is responsible for the inspection and certification of electrical works. Directs and regulates the fare distribution of electricity, water and the management of waste through its allocation to and oversight of State Enterprises. And through its Community-based Environment Protection and Enhancement Programme (CEPEP), focuses on environmental protection, enhancement and beautification in communities.

Human Development (An extract from Foreign Direct Investment)

Good health, sound education, social empowerment, physical activities and community interaction are the essentials for Human Development.

Charged with oversight of the entire health system, the Ministry of Health plays a central role in the protection of the population’s health and in ensuring that all organizations and institutions that produce health goods and services conform to standards of safety. This ministry provides effective leadership for the health sector by focusing on evidence-based policy making; planning; monitoring; evaluation; collaboration and regulation. The ministry establishes national priorities for health and ensures an enabling environment for the delivery of a broad range of high quality, people-centred services from a mix of public and private providers. Healthcare involves nutrition, directs wellness through physical activities, controls drugs through dispensary, manages rehabilitation for addicts and delivers emergency programs through regional clinics and hospitals along with special treatment centers, and is responsible for building new, for expanding and maintaining facilities, and recruitment and training personnel, as stated in the national budget.

Fiscal Policy (An extract from Foreign Direct Investment)

The people must appreciate, the nation, the state, the citizenry, the economy depends on sound fiscal policy, the means by which spending adjustments are made to bring it in-line with expected revenues to influence economic growth, controlled by the elected executive cabinet under the direction of the Minister of Finance. The Ministry of Finance (MoF) is primarily in charge of the national budget and the state of the economy; forecasting revenue and collections, approving and disbursing funds previously allocated to budgeted expenditure, negotiating borrowing terms and conditions within the authorized debt ceilings, retiring debt, and dealing with unforeseen expenditures, all to bring about a fair distribution of wealth or of sacrifice.

Resource Preservation (An extract from Foreign Direct Investment)

Crime, corruption and waste are the chief disincentives to sustainable development and economic growth, falling squarely under the ambit of the divisions of the Ministry of National Security and, for all intents and purposes, are key mandates of the Police Service. Employing numerous Resource Preservation strategies to protect life, guard the borders, prevent and detect crime, investigate evidence of corruption, spot and stop waste of the country’s physical assets. The necessary policies, essential tools and equipment, heavily supported by real-time intelligence and both witness and scientific evidence are addressed in the national budget, equivalent to 14.76% of total estimated expenditure up by 42.89% from the previous year.

People ‘An Economic Driver’

The debate has started, with a free top of the line, world class, Human Development system available to all citizens, straight out of the womb, should locally trained but foreign employed persons contribute, voluntarily or by some other enforcement mechanism, back to the Human Development system to maintain standards for future generations. The objective is not to stop the brain drain but to build national pride; it is not to deter immigration but to tangibly show gratitude. The previous generations built this Human Development system that supported the success presently enjoyed and it needs returns on the investment to fund its future successes.