Businessuite News24
Should Jamaica Abandon Its 2030 Vision?
As a Jamaican employed in an organisation, you are worried about the future of our nation. It appears as if our country is stumbling along, barely keeping its head above water. At the same time, you are aware of the power of a corporate vision.
Why hasn’t someone done the same for our 2.8 million people on the island, and the other 2+ million in the Diaspora?
The good news is that something is already in place in the form of Vision 2030. But why isn’t it changing your everyday experience?
The truth is that we need help. The two main things Jamaicans care most about – economy and crime – seem not to have progressed for decades. Instead, we want the hyper-growth of Trinidad-2004 and Guyana-2023. Or maybe even the steady high performance of the Bahamas.
Or perhaps more importantly, we envy the low crime rates of Barbados or Cayman (formerly a Jamaican protectorate.) At some point, we led all these countries in these areas.
Today, we are working hard not to slip into the same zone as Haiti.
If our leading companies can accomplish so much long-term success, why can’t our country, we wonder? While a direct comparison is unfair, maybe there are a few things we can learn from best practices accepted in your organisation.
A Joined Up, Far-Away Future
A “joined-up” future is one that lots of stakeholders contribute to creating. In a company, it means engaging the board, executives, staff, customers, suppliers, regulators, local communities and more.
Shouldn’t our country do the same?
Based on my experience and queries of colleagues outside government…we don’t know that we already have a joined-up faraway future…at least on paper. In fact, the process used to create Vision 2030 Jamaica from 2003-9 is a world-class model. As such, I have shared it at in-person and online strategy conferences as a case study.
Perhaps you recognise the summary statement: “the place of choice to live, work, raise families and do business.” In times gone, it was the tagline of speeches given by the Governor General, Prime Minister, Leader of the Opposition and many others.
But I looked over the recent Budget Debate notes. I struggled to find much of a mention. A Google search didn’t help. Here are a few ways business people at all levels could intervene now to prevent what former leaders of our country seem to be telling us…this is too important to allow it to be eaten up in regular chakka-chakka.
Why the urgency?
With six or so years remaining until we cross the finish line in 2030, we can’t afford to waste a single moment in mid-race. Remember when Miller-Uibo glanced up at the screen and lost her lead in the 400m final of the 2017 World Championships? We are likely to stumble into defeat also as a nation, unless we pay attention to the following.
A Divisive Election – You and I watch the bitter combat underway in the USA. It appears that cooperation towards common goals is impossible. Within a year, our political parties will try to win the next election by emphasising their differences. This is natural. But it’s the opposite of the intent of Vision 2030 Jamaica. Just imagine if the board of your company were divided into opposing camps. Let’s intervene so that their attention remains on what is most important.
Continuous Inspiration – Your ability to recite our National Pledge and Anthem were picked up as a child. We could elevate Vision 2030 Jamaica to that level of importance, starting with the Forward by Dr. Wesley Hughes, which states in part:
“Today, our children, from the tiny boy in Aboukir, St. Ann, to the teenage girl in Cave, Westmoreland, have access to technologies that were once considered science fiction. They seek opportunities to realise their full potential. This Plan (vision) is to ensure that, as a society, we do not fail them. “
Updated Business-like Measures – How can we know the progress we have made from 2009-2023? Are the measurable results listed in the document beyond reach? Do we deserve an A-? or a D+?
How about fresh, intuitive measures of success which tell us whether or not Jamaica is becoming “the place of choice”? Let’s measure the length of lines outside the US and Canadian Embassies for those seeking permanent residency and how they are growing or shrinking.
Wheeling and Coming Again – Companies have no problem resetting fresh objectives when the old ones no longer do the job. In business, a strategy that is not working is replaced as soon as it’s found to be lacking.
We can do the same for Vision 2030 Jamaica to keep it relevant. This is the beauty of long-term strategic planning.
An honest read of the original document reveals that certain assumptions about the government’s capacity to lead the effort were unquestioned. Today, after over a decade of effort, we have learned much. For example, it’s hard to argue that the planning done in 2009 was enough.
While we once led the world in long-term national planning, we aren’t doing the same in the more difficult world of national strategizing and execution. But there’s time.
As the clock ticks down to 2030, things are likely to become more awkward for all of us. As you may imagine,. the human tendency is to avoid the issue entirely, hoping it goes away.
That may yet happen. But if we don’t confront the gaps in our initial attempt to create a joined-up, faraway vision, we’ll block our citizens from ever believing in a national vision again.
In fact, it would be better if it were declared null and void, than ignored. At least that would have some integrity and enable us to move on to a better national vision, lessons earned.
Better National Strategic Planning
And that is perhaps the biggest lesson for all concerned. We Jamaicans say that we are great starters, but poor finishers. In other words, we know how to kick things off. But when the going gets tough, we aren’t strong at bringing them to fruition.
Said differently, we don’t know how to keep promises just because we made them.
The point here is that Vision 2030, with some five to six years remaining, puts us in an awkward spot. But that’s a lie. We have put ourselves in an awkward spot.
At some point we were strong in envisioning great things. Like a company who creates BHAGs, our executive team gave its sacred honor to accomplish a great thing, like the framers of the Declaration of Independence.
However, we haven’t put in place mechanisms sufficient to rescue our current situation. At the current rate, we won’t be closer to being a “place of choice” than we were in 2009.
In a company it’s easier to find individuals or a team of leaders who may hold themselves accountable for a game-changing result. Often, the metrics are clear.
Unfortunately, no such clarity exists around Vision 2030. And given our impending election fever, it may not come from politicians. Instead, it’s time for business to step up and bring sound strategic planning to the accomplishment of the most important outcomes of our national lifetimes.
Let’s inspire each other to intervene so we can have what we already
know we want. It won’t happen any other way.
Francis Wade is the founder of the Jump Leap Long-Term Strategy newsletter and podcast, and operates a management consulting firm.
Business Events
Jamaica Stock Exchange Regional Conference “Guyana’s Capital Markets: Wealth Creation and Retention”.
This conference will be held on October 8 – 9, 2024, at the Pegasus Suites and Corporate Centre, Seawall Road, Kingston – Georgetown, Guyana.
Guyana’s Conference will be centred on the theme, “Guyana’s Capital Markets: Wealth Creation and Retention”. The President of the Co-operative Republic of Guyana and Commander-in-Chief of the Armed Forces, His Excellency Dr Mohamed Irfaan Ali is expected to open the Conference. He will be joined by visiting government dignitaries from Jamaica, other Caribbean Regions, and the rest of the Diaspora.
For More Information CLICK HERE
Walkbout Global Adventures
“Explore The World, Live The Culture, Go Beyond The Destination”
Discussions on Jamaica-Brazil Airlift Agreement Well Advanced
The Jamaica based Global Tourism Resilience and Crisis Management Centre (GTRCMC) and Brazil’s Ministry of Tourism have signed a groundbreaking Memorandum of Understanding (MOU) to facilitate cooperation in boosting tourism resilience.
The areas of cooperation covered under the MOU include: Climate resilience in tourism; Entrepreneurial tourism resilience; Tourism security resilience; and Tourism pandemic resilience.
Minister of Tourism, Hon. Edmund Bartlett revealed that the partnership will also see the establishment of a GTRCMC satellite centre at the University of San Luis.
This partnership, formalised during a ceremony in São Luís, Brazil, earlier this week, seeks to equip stakeholders with the tools to navigate future challenges and build a more resilient tourism industry.
Minister Bartlett, who signed the MOU alongside his Brazilian counterpart, Hon. Celso Sabino and Governor of Maranhão, Carlos Brandão, emphasised the importance of this collaboration.
“Building resilience has become the foundation on which sustainability can be achieved. So, my colleague, Minister Sabino and I will build, together, an intellectual institution to develop resilience and make stakeholders capable of recognising difficulties and overcoming them quickly, with the best information, good ideas and innovation,” Minister Bartlett said.
It was noted that the establishment of the GTRCMC satellite centre at the University of San Luis will take place in September 2024, coinciding with the G20 Tourism Ministers’ meeting, at which Minister Bartlett is expected to present on tourism resilience and sustainability.
Additionally, Jamaica is poised to become the most connected English-speaking Caribbean destination to Brazil and by extension South America, following high-level discussions led by Minister Bartlett, and his Brazilian counterpart, Minister Sabino.
The discussions focused on securing full air connectivity between the two countries and strengthening tourism collaboration.
Minister Bartlett also noted that the Brazilian government has expressed its willingness to offer incentives to airlines operating this route, a significant step towards enhancing connectivity and facilitating travel between the two countries.
“This will undoubtedly deepen our social and cultural ties to South America, opening the door to new economic opportunities for all countries in the region. Our meetings with Brazilian stakeholders underscore our commitment to fostering sustainable growth and expanding Jamaica’s reach in Latin America,” Minister Bartlett added.
Minister Bartlett’s visit to Brazil also included meetings with public and private sector stakeholders, where discussions focused on further strengthening the tourism partnership.
Mr. Bartlett further explained that the collaboration is expected to significantly increase the number of Brazilian visitors to Jamaica, contributing to the country’s economic growth and development.
By:
Walkbout Global Adventures
“Explore The World, Live The Culture, Go Beyond The Destination”
The Bank of Jamaica (BOJ) has signalled to commercial banks and other deposit-taking institutions (DTIs) that interest rates are on a downward path.
For the first time since October 2022, the BOJ’s Monetary Policy Committee (MPC) has decided to cautiously ease its monetary policy stance.
Effective Wednesday (August 21), the Central Bank’s indicative policy interest rate was reduced by 25 basis points to 6.75 per cent per annum.
This reduction means that commercial banks and other DTIs could commence lowering the rates at which they offer loans and other lines of credit to consumers.
Speaking during the BOJ’s Quarterly Monetary Policy Report press conference at the Montego Bay Convention Centre on Wednesday (August 21), Governor, Richard Byles, noted that consumers started to benefit from its previous decision to increase market liquidity, adding that the policy rate reduction will continue that trend.
“Rates have started to come down already from June, and the policy rate reduction of 25 basis points is really a signal. In and of itself, it is not really such a material thing. A bank that has a deposit with us earning seven per cent yesterday is not likely to move that out in a rush because it went to 6.75 per cent. But it says to the banks and to the business community that [reducing interest rates] is the trend… so get ready,” he said.
Based on assessments coming out of meetings on August 16 and 19, the MPC determined that the current economic environment supports a cautious easing of the monetary policy stance.
The Committee also disclosed that there was a unanimous agreement to implement several key decisions aimed at promoting stability and growth in the Jamaican economy.
Other decisions which were made include plans to continue gradually reducing BOJ’s absorption of liquidity from DTIs through open-market operations.
The BOJ said the MPC’s previous decision in June 2024 to reduce liquidity absorption has already injected $20.5 billion into the system.
Rates have started to come down already from June, and the policy rate reduction of 25 basis points is really a signal
Additionally, efforts will be made to maintain relative stability in the foreign exchange market.
Following the last consumer price index report from the Statistical Institute of Jamaica (STATIN), inflation was found to be more anchored within the Bank’s four to six per cent target range, with annual headline inflation reported at 5.1 per cent in July 2024.
The MPC noted that inflation has consistently remained within the target range over the past five months.
Core inflation, excluding agricultural food products and fuel, was at 4.5 per cent in July 2024, indicating a gradual decrease in underlying inflation since the beginning of the year.
“Despite the impact of Hurricane Beryl, the MPC projects inflation to remain largely within the Bank’s target range over the next two years. Short-term forecasts indicate a temporary rise in inflation, primarily due to disruptions in agricultural supplies caused by the hurricane. However, the MPC expects inflation to return to the target range after this initial shock,” Governor Byles indicated.
Looking ahead, the BOJ said economic conditions appear favourable for maintaining low, stable and predictable inflation.
The MPC believes that domestic fiscal policy responses to the post-hurricane recovery efforts, along with the Bank’s monetary policy posture, will continue to support favourable economic conditions.
Domestic demand, wage pressures and inflation expectations are showing signs of moderation, aided by stable foreign exchange rates and international commodity prices.
The MPC emphasised that any future decisions regarding further interest rate reductions will be data-dependent.
The next policy decision announcement is scheduled for September 30.
By: Andrew Laidley JIS
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