Jamaica is being hailed as “exceptional” for achieving sustained reduction in the public-debt-to-gross-domestic-product ratio (GDP) despite global financial crises, pandemics, and other emergencies.
In a paper titled ‘Sustained Debt Reduction: The Jamaica Exception’, authors Serkan Arslanalp, Barry Eichengreen and Professor Peter Blair Henry, noted that the sharp, sustained reductions in public debt are outstanding “because public-debt-to-GDP ratios have been trending up in advanced countries, emerging markets, and developing countries alike”.
The paper was presented at the Brookings Institute in Washington on Thursday (March 28).
“Governments have borrowed in response to financial crises, pandemics, wars and other emergencies, resulting in higher debt ratios. But only in rare instances have they succeeded in bringing those higher debt ratios back down once the emergency passed,” the paper pointed out.
In the case of Jamaica, the Government was able to cut its debt ratio in half from 144 per cent of GDP at the end of 2012 to 72 per cent in 2023.
The economists said the achievement was despite vulnerability to hurricanes, floods, droughts, earthquakes, storm surges and landslides, noting that Jamaica is ranked as the third most disaster-prone country in the world according to the Global Facility for Disaster Reduction and Recovery.
“It did so despite a COVID-19 pandemic that disrupted tourism and mandated exceptional increases in public spending. Yet, despite this exogenously prompted deviation from plan, the IMF’s baseline projection, in its 2023 Article IV report, forecasts a further fall in debt-GDP to less than 60 per cent over the next four years,” the paper said further.
The paper highlighted the fact that the Fiscal Responsibility Framework, introduced in 2010, required the Minister of Finance to take measures to reduce, by the end of fiscal year 2016, the fiscal balance to nil, the debt-GDP ratio to 100 per cent, and public-sector wages as a share of GDP to nine per cent.
“The framework was augmented in 2014 to require the Minister, by the end of fiscal year 2018, to specify a multi-year fiscal trajectory to bring the debt-GDP ratio down to 60 per cent by 2026. The framework included an escape clause to be invoked in the event of large shocks.
“This prevented the rule from being so rigid, in a volatile macroeconomic environment, as to lack credibility. At the same time, it included clear criteria and independent oversight to prevent opportunistic use,” the paper said.
The paper further pointed to the consensus building exercise entered into by the Government, which was key to the achievement.
“In 2013, a series of ongoing discussions in the National Partnership Council, a social dialogue collaboration involving the Government, parliamentary Opposition, and social partners, culminated in the Partnership for Jamaica Agreement on consensus policies in four areas, first of which was fiscal reform and consolidation,” the paper noted.
“The Partnership for Jamaica Agreement fostered a common belief that the burden of fiscal adjustment would be widely and fairly shared. It supported the creation and ensured broad national acceptance of the Economic Programme Oversight Committee (EPOC) to monitor and publicly report on fiscal policies and outcomes, and to provide independent verification that all parties kept to the terms of their agreement,” the research said.
“By creating a sense of fair burden sharing, Jamaica’s organised process of consultation thus sustained public support for the operation of the country’s fiscal rules, culminating in March 2023 with the establishment of a permanent, independent Fiscal Commission,” the economists declared.
“Jamaica managed its financial system well in this period. It adeptly managed the term structure of the debt, by way of a well-designed fiscal rule, and a partnership agreement creating confidence that the burden of adjustment would be widely and fairly shared.
The fiscal responsibility and the partnership agreement were key, as neither element would have worked to achieve sustained debt reduction in the absence of the other.
Mark Myers is a highly influential figure in Jamaica’s business landscape, recognized for his leadership in the food and financial sectors. As the Managing Director of Restaurants of Jamaica Ltd. (ROJ), Myers oversees the operations of the island’s KFC and Pizza Hut franchises. Under his stewardship, these brands have achieved significant market penetration and operational success, making KFC a household name in Jamaica.
In addition to his role at ROJ, Myers is the Chairman of Barita Investments Limited, a leading investment firm in Jamaica. Since his appointment, he has been instrumental in guiding Barita’s strategic direction, fostering innovation in financial products, and promoting a culture of corporate growth and resilience. His leadership has been associated with Barita’s impressive financial results and expanding influence within the regional investment space
Career Path and Achievements
Mark Myers’ career showcases a trajectory of calculated growth, marked by his ability to innovate and lead in competitive industries. While his business ventures are diverse, his strategic acumen has consistently driven success. At ROJ, Myers has focused on customer satisfaction, operational excellence, and employee development, ensuring the sustained popularity of its quick-service restaurants.
At Barita, Myers’ tenure as Chairman coincided with the firm’s transformational initiatives, including capital raises and strategic investments aimed at solidifying its position in the financial market. His ability to balance risk with opportunity underscores his effectiveness as a business leader
Management Style and Vision
Myers is known for his collaborative and forward-thinking management style. He prioritizes team development and innovation, aligning his teams with the long-term vision of the organizations he leads. His leadership ethos is characterized by adaptability, customer focus, and a commitment to excellence.
Contributions to Business and Society
Beyond his corporate roles, Myers is committed to community development and fostering opportunities for growth within Jamaica. His leadership in both the food service and financial sectors has significantly contributed to the country’s economic development and consumer confidence.
Mark Myers continues to be a vital figure in Jamaica’s business ecosystem, blending expertise in operations, strategic planning, and leadership to drive sustained success across multiple industries.
Christopher Zacca is a celebrated Jamaican business leader whose career spans multiple industries, including financial services, energy, telecommunications, and manufacturing. As President and CEO of Sagicor Group Jamaica Limited, Zacca has played a pivotal role in steering the organization through significant challenges and innovations, solidifying its position as a leader in the region’s financial services industry.
Career Path and Achievements
Zacca’s professional journey is a testament to versatility and strategic vision. Before joining Sagicor, he held executive and advisory roles across diverse sectors, gaining a reputation for transformative leadership. At Sagicor, he has overseen initiatives that have bolstered the company’s financial stability and growth. His tenure has been marked by a decisive response to the COVID-19 pandemic, where he spearheaded the creation of a COVID-19 committee to ensure business continuity while safeguarding stakeholders. This initiative showcased his proactive leadership and ability to navigate complex crises
Management Style and Vision
Christopher Zacca is recognized for his transparent and ethical approach to leadership, which he attributes to the strong moral grounding instilled by his family. He believes in building cohesive teams and fostering an environment of collaboration and mutual respect. Zacca’s strategic focus combines disciplined risk management with innovation, driving both organizational resilience and growth
Contributions to Business and Society
Beyond his corporate successes, Zacca is deeply committed to national development. He serves as chairman of the National Private Sector Vaccine Initiative, reflecting his dedication to public health and social responsibility. His leadership philosophy emphasizes mentorship and learning, inspired by his own experiences with influential mentors such as Gordon “Butch” Stewart
Future Goals
As Zacca looks to the future, he envisions expanding Sagicor’s revenue and geographic footprint by at least 50%. He also plans to transition from day-to-day management to board-level contributions and other roles that enable him to give back to the community while leveraging his extensive leadership experience
Christopher Zacca exemplifies the qualities of a transformative leader, balancing business acumen with a commitment to ethical leadership and community impact. His journey provides inspiration for emerging leaders across Jamaica and beyond.
A Legacy of Leadership at GraceKennedy
Don Wehby has been a transformative leader at GraceKennedy, one of Jamaica’s largest and most diversified conglomerates. Since becoming Group CEO in 2011, he has driven the company’s growth through a clear strategic focus on international expansion and innovation. Under his stewardship, GraceKennedy has expanded significantly in the global food and financial services sectors, achieving a balance of organic growth and strategic acquisitions.
Wehby first joined GraceKennedy in 1995 as Group Finance Manager. His leadership has been pivotal in major milestones, including the acquisition of Catherine’s Peak, La Fe Foods in the U.S., and Consumer Brands Limited. Notably, his efforts helped grow revenues and solidify GraceKennedy’s footprint in key international markets such as North America and the United Kingdom
Visionary Management and Style
Wehby is recognized for his focus on creating a dynamic management team and cultivating Caribbean talent. Drawing inspiration from leaders like Jack Welch, Wehby emphasizes mentorship and succession planning. He actively recruits and develops high-potential executives, fostering a leadership pipeline that positions the company for sustained success. He is also known for his decisive yet collaborative approach, empowering his team to take ownership of key initiatives
Challenges and Triumphs
Navigating Jamaica’s challenging economic landscape, Wehby has championed GraceKennedy’s resilience. From navigating geopolitical complexities to modernizing operations, he has consistently delivered strong results. His strategic decisions to relocate GraceKennedy’s headquarters to downtown Kingston and focus on foreign markets reflect his bold vision for the company’s future
Beyond Business
Wehby has made significant contributions outside the corporate world. As a senator and honorary consul for New Zealand, he has advocated for economic reform and strengthened Jamaica’s global ties. His passion for sports is evident in GraceKennedy’s sponsorship of events like the Boys’ and Girls’ Championships, reinforcing the company’s commitment to community development
Looking Ahead
As GraceKennedy continues its ambitious growth trajectory, Don Wehby remains a cornerstone of its strategy to become a global powerhouse. His focus on leveraging international markets while fostering local talent ensures the company is well-positioned for future success. With his leadership legacy firmly established, the company looks forward to realizing its global ambitions while staying true to its Jamaican roots.
Guardsman Metaverse, in collaboration with Jamaican artificial intelligence company Crimsontide AI, is revolutionizing security across Jamaica with cutting-edge, customizable solutions. This partnership brings together Guardsman’s expertise in virtual security and Crimsontide’s advanced AI technology, delivering a suite of intelligent security offerings tailored to meet the unique needs of Jamaican businesses and institutions.
Through this strategic collaboration, Guardsman Metaverse is positioned at the forefront of the country’s security landscape, offering systems that leverage both immersive digital technology and sophisticated artificial intelligence.
The partnership underscores the importance of local innovation in addressing the security challenges faced by Jamaica today, providing clients with tailor-made solutions that ensure effective protection.
Guardsman Metaverse is committed to offering security solutions that go beyond traditional models, emphasizing customization and flexibility to meet the specific requirements of each client. From large commercial operations to smaller enterprises, the platform delivers a personalized approach that ensures maximum efficiency and peace of mind.
This flexibility is what sets Guardsman Metaverse apart—adapting to each environment’s unique security demands and offering a more responsive, intelligent way to safeguard people and assets.
With AI-driven features that allow for real-time monitoring and proactive threat detection, Guardsman Metaverse empowers businesses and institutions to stay ahead of potential security breaches. Each system can be fully customized to fit the environment it protects, delivering advanced functionality across a wide range of settings.
Advanced Features for Comprehensive Protection
Facial Recognition: Guardsman Metaverse enhances access control through secure, real-time identification of authorized personnel, ensuring that only those with clearance can enter critical areas.
License Plate Detection: For commercial properties, this feature allows for real-time monitoring of vehicle activity, helping to identify unauthorized or suspicious vehicles and notify security personnel immediately.
Personnel Counting and Crowd Management: Especially important for businesses, this feature tracks occupancy and manages crowd flow, helping to ensure safety, meet regulatory requirements, and optimize operational efficiency.
Firearm Detection: Using AI-powered analysis, Guardsman Metaverse detects the presence of firearms, providing instant alerts to security teams to ensure a rapid and effective response to any threat.
Customizable Behavioural AI: Tailored to each client’s specific needs, Guardsman Metaverse’s behavioural AI can be trained to detect and respond to specific actions or patterns that are unique to the environment it monitors.
Infrared Drone Surveillance: Equipped with infrared technology, Guardsman Metaverse drones provide round-the-clock aerial surveillance, ideal for large properties, high-security areas, and search-and-rescue missions, offering comprehensive monitoring that goes beyond traditional methods.
These advanced security features are fully customizable, ensuring that businesses receive a solution designed specifically for their needs. Whether it’s safeguarding large commercial complexes, healthcare facilities or educational institutions, Guardsman Metaverse offers tailored protection that provides complete peace of mind.
The partnership with Crimsontide AI, a rapidly emerging Jamaican company specializing in state-of-the-art patent-pending artificial intelligence software, ensures that Guardsman Metaverse’s solutions are not only technologically advanced but also locally relevant.
Crimsontide AI Limited is at the forefront of technological innovation, and its expertise allows the system to be fine-tuned to the specific security challenges that businesses in Jamaica face.
Through this collaboration, a diverse offering of services is available to various customers and industries, including theft detection at banks, supermarkets, and retail stores, intruder detection and breach prevention at hotels and resorts, as well as risk mitigation and compliance solutions.
Crimsontide’s AI technology also enables businesses to recognize trends in data, detect outliers, and summarize data sets, all aimed at informing better business decisions.
This partnership ensures that Jamaicans are at the forefront of solving their own security issues, with solutions designed by Jamaicans, for Jamaicans. At Crimsontide AI, the commitment to rebuilding a safer Jamaica is at the heart of every innovation, working toward a future where local technology empowers local security.
However, beyond responding to security threats as they happen, Guardsman Metaverse is designed to predict and prevent potential issues before they escalate. By leveraging AI to analyse behaviours and patterns, the system can foresee risks, giving clients the ability to take proactive steps. This predictive approach ensures that businesses and homeowners are always ahead of security challenges, helping to mitigate risks before they become serious threats.
With Guardsman Metaverse, clients are empowered to protect their environments not just reactively but pre-emptively. This next-level security capability, combined with fully customizable features, ensures a comprehensive approach that adapts to the ever-evolving nature of security threats in today’s society.
Studies consistently show that most strategic plans fall short.
The reasons are varied, but a common mistake stands out: teams often assume they understand “strategic” planning, only to end up misguided, compromising their organizations’ success. Often, what they call a “strategic plan” lacks real strategic thought.
How Missteps Occur
If you’ve ever reviewed a company’s strategic plan, you’ve likely seen a list of ambitious goals. They may be grouped in catchy ways, but as you read through, doubts surface. Why?
You sense the organization may lack the resources or focus to achieve all these objectives simultaneously. The longer the list, the more you suspect it may be abandoned when daily issues arise, with lofty goals slipping out of view.
Redefining “Strategic”
One way to prevent this common pitfall is to rethink how we use the term “strategic.” Today, the label “strategic” is often used casually to signal importance, so much so that it’s lost its impact, and audiences tune it out.
This isn’t just a communication issue. When teams invest time in a strategic retreat, they expect the final plan to be truly strategic, yet often that’s not the case.
Typical brainstorming sessions encourage a mix of ideas and positive intentions without much structure. The result is often an extensive report of hopeful outcomes, which can look similar to other plans within the industry—ultimately, another reason for failure.
Enter the Strategy Triad
Peter Compo’s book *The Emergent Strategy* introduces a helpful redefinition of “strategic” by proposing a triad approach:
1. Aspiration: A meaningful, challenging goal that requires effort and won’t happen automatically.
2. Bottleneck: The main obstacle preventing the organization from achieving its aspiration(s).
3. Guiding Principle: A decision-making rule to help navigate actions that address the bottleneck.
Consider a store aiming to increase profits. If the biggest bottleneck is low brand recognition, the guiding principle could be to improve brand awareness through multiple channels—online, in-store, and through partnerships.
Applying the Strategy Triad
At a recent strategic planning retreat, a leadership team was challenged to apply the triad. Initially, it was difficult; identifying bottlenecks from new perspectives required collaboration and creativity, especially without cross-functional data, which led them to rely on firsthand experiences. Yet, they successfully defined bottlenecks and guiding principles that empowered employees to align their daily choices with the strategic plan. This alignment is what leaders want but is often rare.
Why Alignment is Rare
Leadership teams often avoid the challenging, healthy conflict required to build a robust strategy triad. They may take the easier path, creating lists of goals rather than diving into critical strategic planning. Alternatively, when discussions become too heated, leaders may intervene prematurely, cutting off debate and limiting essential buy-in.
To achieve meaningful alignment, it’s important to work through differing viewpoints until agreement is reached. Though challenging, this process builds the intellectual and emotional commitment needed for successful execution. By persevering through difficult conversations, leaders can significantly improve their strategic plans’ success and longevity.