Don’t mind Arthur!

Ince accuses ex-PM of having ‘hidden agenda’

A Government Senator is rejecting claims by the Opposition of a possible devaluation of the Barbados dollar.

Addressing Democratic Labour Party (DLP) supporters at the Princess Margaret Secondary School last night, Parliamentary Secretary in the Ministry of Finance and Economic Affairs Jepter Ince argued that a value could not be applied to the Barbados currency since it was not recognized internationally.

At the same time, he accused the Barbados Labour Party (BLP) of spreading propaganda and attempting to ignite fear among the public with talk of a possible money downgrade.

“You cannot devalue anything that has no value,” Ince asserted, adding, “I cannot travel with Barbados dollars when I go to the United States”.

However, he told residents of St Philip North that if there were anything to fear, it would be devaluation of the country under the leadership of the BLP.

“What are you [BLP] going to devalue? The only thing that you are going to devalue is the people of Barbados. That is the only thing you are going to destroy,” Ince said.

However, following recent confirmation by Central Bank Governor Dr DeLisle Worrell that the island’s foreign reserves had fallen to the lowest level in 14 years to $681 million, which is equivalent to 10.3 weeks of import cover, Ince acknowledged that foreign reserves were essential to stabilizing the local dollar and sustaining the economy. Nonetheless, he assured party supporters that there was no cause for concern at this time, given there were several projects slated to come down the pipeline.

“Now the foreign reserves [are] where we want them,” Ince said, while also contending that “there is no reason to go to the market to borrow money for foreign reserves”.

He also rejected the economic advice of former Prime Minister and Minister of Finance Owen Arthur for Government to enter into a formal arrangement with the International Monetary Fund (IMF), while accusing Arthur of having a hidden agenda.

“The former Prime Minister and Minister of Finance has an agenda, so when he says to us go to the IMF and get funding, he knows very well that you only go the IMF when you have balance of payment problems, . . . . When you cannot meet your foreign reserves requirement is when you go to the IMF. The IMF doesn’t give you no money for any infrastructure development,” Ince warned.

The Government Senator also downplayed suggestions that Government was not doing enough to spur economic growth, saying, “People believe that all of a sudden this economic growth is going to come from local activity.

“Tell me what we have in Barbados. We have no gold, no copper, no barley; we have no wheat. The only thing we have is our people,” he pointed out, adding that Government was prepared to stick with its economic plan.

“We must continue to export, continue to build our manufacturing sector, continue to improve our tourism product,” he said.

39 Responses to Don’t mind Arthur!

  1. ch January 31, 2017 at 3:55 am

    “..you cannot devalue anything that has no value”. So I won’t waste time on his statements.

    Reply
    • Fiona Waldron January 31, 2017 at 5:18 am

      I was wondering if i read that right!!! Crazy man!

      Reply
    • Gearbox1964 January 31, 2017 at 9:16 am

      LOL…I agree ch…that statement is pure hogwash designed to kafuffle foolish people who can’t think for themselves.

      Reply
    • Gearbox1964 January 31, 2017 at 9:20 am

      Could Barbados be anymore devalued than it is right now under the DLP?? But of course he is only doing his job by trying to convince a few simpletons that MIa and the BLP can do worst. LOL

      Reply
  2. Hal Austin January 31, 2017 at 4:04 am

    Someone told me that Jepter Ince is an experienced financial analyst.
    Is this really true?

    Reply
  3. jrsmith January 31, 2017 at 5:58 am

    The economic growth is going to come from local activity………
    We must continue to export , continue to build our manufacturing sector, continue to improve our tourism product……..

    What do we manufacture ,which is exported ??????..
    Our tourist product is overpriced , comparing to the region ,which is offering cheaper products to compare barbados..
    In 2015 there was an increase in tourist numbers but this never made any difference to the stalled Barbados economy……..

    As this talk of economic growth from local activity , bajans is forced to sustain a badly run tourist product on bajan wages.. not even some of the profits from the industry is ever deposited in our bank or reinvested in Barbados , its all on the one way street out of Barbados,
    …………………………………………………………………..
    On barbados wages, in barbados , bajans are the tourist product we are left holding the baby high prices by greedy local businesses…….

    Reply
  4. Angus Benn
    Angus Benn January 31, 2017 at 7:25 am

    How could I trust you.This is not the same DLP wanted Mr Arthur to be a part of the Government.

    Reply
  5. Guy Smiley January 31, 2017 at 7:25 am

    Lol Hal. He said he worked on Wall Street.

    Reply
  6. Lilian Lloyd
    Lilian Lloyd January 31, 2017 at 7:35 am

    WAAAAIIITTT MR, MC GOO THE APPROACH OF 2018 GOT YOU ALL GOOD

    Reply
  7. Harry January 31, 2017 at 7:46 am

    Experienced financial analyst ??? and didn’t know the difference between Fiscal & Physical ? his main claim to fame -besides being a DEM – is assisting Leroy Parris at CLICO and we all know where that ended. A clown at the very least….

    Reply
  8. Antonio Phillips-Griffith Bsc
    Antonio Phillips-Griffith Bsc January 31, 2017 at 7:48 am

    Jepter Ince is a poppet

    Reply
  9. Hal Austin January 31, 2017 at 7:50 am

    Guy,

    Was he a cleaner? This is not the first time he has come up with financial nonsense.

    Reply
  10. harry turnover January 31, 2017 at 8:08 am

    THE SAME THING I have been saying all along.They are going to use the phrase ‘ it would be devaluation of the country under the leadership of the BLP”. knowing FULL WELL that by the time elections are called and doing EVERY THING to lose it,that the ONLY alternative would be to devalue.
    Hope that latest stunt doesn’t back fire and wunna are elected again then to come with another stunt that devaluation will be the last resort like the layoffs.

    Reply
  11. bajan boy January 31, 2017 at 8:28 am

    Hal Austin what analys he is rabbit in the raw sense without hair…an excuse for a piece uh politician..like most of them in that party..

    Reply
  12. Hal Austin January 31, 2017 at 8:31 am

    Has anyone every seen one of his financial reports, heard him delivering an analysis to a group, were did he study?

    Reply
  13. Augustus Searles January 31, 2017 at 8:37 am

    When is the interest of the country going to be put before partisan politic?

    Reply
  14. Eddy Murray
    Eddy Murray January 31, 2017 at 8:43 am

    Another DOUCHE

    Reply
  15. Sam Pillie January 31, 2017 at 8:56 am

    What I don’t understand is that you NEVER EVER hear anything about devaluation of our dollar when the BLP is in power, but EVERY TIME the DLP gets power, there is always talk about devaluation.

    In my humbled opinion it all boils down to management and, how the two parties governs Barbados.

    Look, as known in Barbados under a Tom Adams Government, before we felt the pressure of the then recession, Tom Adams introduced measures to save our foreign exchange by increasing the amount of down payment to purchase anything that was imported including Cars, Appliances and anything that cost us foreign exchange.

    However, after eight years in power the present Government still struggle and fail to control our foreign exchange.

    To correct this, FIRE the head of the Central Bank, the Minister of Finance and anyone else who encourage spending this money wild.

    Reply
  16. Aneta January 31, 2017 at 9:00 am

    He is a known joker. I went to one of his seminars and walked out because he was not versed on what he was speaking on. He is just a class act and a damn fake. I spent many years in the financial sector so I know what I’m peaking about.

    Reply
  17. Bajan boy January 31, 2017 at 9:04 am

    Hal you ate thinking a little too high and a little too hard. I jyst told you Jepter is a Cu#£. He kissed up and even sucked enough to get s pity both at Clico where Thompson got him and them put him on the Senate. Because Frrundel just dont have any friends,so he cannot replace anyone as he just does not the people to do it with..

    Reply
  18. Dwayne Durant
    Dwayne Durant January 31, 2017 at 9:26 am

    This man can’t be serious these is the people that running the country?Lord help we

    Reply
  19. Zeus January 31, 2017 at 9:34 am

    Mr Austin why don’t you make your credentials public so we the public can also scrutinize your opinions based on your educational background

    Reply
  20. Peter January 31, 2017 at 9:36 am

    Mr. Jepter Ince, Sir, No one speaks of devaluation unless it is looming and posing a real threat. I do not know where and when you studied this matter of devaluation. Once the consumer price OTC (Over the counter) is increased, we will need more cash to make purchases whether it’s goods or service. It is cleverly disguised as Cost of Living in both economical and political terms jrsmith, see my following comment.

    Reply
  21. Hal Austin January 31, 2017 at 10:04 am

    Zeus,

    I did not go to school. I have said that before.

    Reply
  22. Peter January 31, 2017 at 10:23 am

    jrsmith. You are correct Every economy MUST earn foreign exchange through exports. The only local activity that is booming in Barbados right now seem to be selling drugs. No educational qualifications are required there. But jrsmith, what do we export and at what cost? Manufacturers have to import raw materials, which are transformed into finished resalable products.Let’s look at these costs. The purchase of raw materials. That’s foreign exchange leaving. Shipping and Insurance into Barbados. Port charges which includes storage and handling. Customs Brokers fees. Customs duties plus VAT. Local trucking charges. Cost of actual manufacturing such as energy costs, labour costs plus employers NIS contribution, Advertising and marketing, preparation charges for shipping out, actual shipping out charges. Incidental expenses such as damages, theft and “dead stock.” Energy and labour costs affects this tremendously tremendously as we have to compete fiercely with other countries. Tourism is a service not an export product. Study it. In my follow up comment, I shall once again expound an idea for all to see including politicians and private investors and business people.

    Reply
  23. Ren Forde January 31, 2017 at 10:59 am

    The talk of devaluation was not one that was mentioned by the BLP. The Governor placed the subject on the table as the country has not performed in the way he expected. It is unfortunate that we are in this position. More pain would be inflicted as the Prime Minister indicated that cuts would be made to reduce the deficit.

    Reply
  24. Tony Webster January 31, 2017 at 11:34 am

    What utter drivel…but there again…we have but only ONE Jester…sorry…Jepter…who does not qualify to even clean Mr. Owen Arthur’s shoes.

    The other senators who are obliged to endure screeching, high-volume, psuedo-economics from this joker….have my sympathy

    Reply
  25. Peter January 31, 2017 at 11:36 am

    My IDEA! given that Barbados IMPORTS all of the canned and frozen packaged vegetables on sale at our supermarkets. The Barbados Agricultural Society in association with a few investors led by the Government of Barbados, can lease a plot of very arid agriculture land about 10 miles by 10 miles or 100 sq. miles.in the north west region close to the coast and accessible to the Pomeroon River, a river some 90 t0 100 ft. deep and empties into the Atlantic Ocean Go Google Earth it. This is unused, unoccupied jungle land. That piece of land will be just over half the size of the whole of Barbados. After clearing and preparing it, plant and cultivate Tomatoes, Bora Beans, Pigeon peas, beets, sweet peas, sweet corn, carrots, hot peppers and a number of other vegetables which can be processed and packaged and canned and branded here in Barbados. Plantains, pineapples and other cannable fruits are so easily available and very cheaply so, can be added to the list. These items can be brought into Barbados duty free and VAT free. Instead of losing foreign exchange through importation of these food matter, we can then export worldwide which can earn Barbados over US$ 500 million. Let me guess your question. At what cost? There are high speed catamaran type ferries plying the Canaries Islands, the Hawaiian Islands and even in Canada and the Great lakes all of which the seas can be rough with 5 meter waves. These high speed vessels can make a one way trip from Guyana to Barbados within three hours. It can carry over 1,000 passengers seated in first class style comfort, plus about 300 large truck type vehicles. one way. There’s shopping on board too In the others, there’s gambling. Lots of money to be made there too. Passengers at BDS $ 100.00 per one way or $180.00 Bds $ return translates to at least $160,000.00 dollars per round trip. Far more cost effective than any airline. not to mention cargo profits. One can either Google or YouTube these high speed Ferries for more amazing details. We import IGA, Valrico, Delmonte, Prego and the whole lot. This is lucrative FOREIGN EXCHANGE earners. If properly fine tuned, this can be overwhelmingly successful. Foods, healthy foods will be far cheaper in Barbados. A healthier nation will resonate. All investors will benefit. Oh Power. 5 offshore 10 Megawatts wind turbines can more than power this manufacturing entity as well as Hotels electrical expenses. A desalinization plant or two can be constructed to suffice these needs by both hotels and manufacturing plants. Let’s make things happen. Not watch things happen nor wonder what happen. Remember, without vision, a nation perish. Check Proverbs, Chapter 27, 28 0r 29….. one of them there.

    Reply
  26. Hal Austin January 31, 2017 at 11:44 am

    Good idea, Peter. Draft a plan.

    Reply
  27. Mr Rapha Gabriel Benjamin January 31, 2017 at 12:36 pm

    Barbados has a lack of natural resources by which to become economically sustainable in its own right so they are right to say that the true economic power comes from its people! but the true source of innovation amongst people comes from Civilisation and not the state and certainly not from international economic competition!

    Barbados and the Caribbean needs to sustain itself upon its true civilisation as its source of invention and innovation! for 3 years Daniel studied in Babylon the riches of its city and civilisation but Barbados is not Babylon and certainly not the source of economic ingenuity!…

    Reply
  28. Alex Alleyne January 31, 2017 at 1:04 pm

    I for one who hope that there is on devaluation because “its my money”.

    Reply
  29. Hal Austin January 31, 2017 at 1:39 pm

    Alex,
    It is not that bad. Devaluation will only affect you if you are buying imports or trading overseas.
    We already have internal devaluation: imported inflation and dishonest supermarkets increasing retail prices even if wholesale prices have not increased.
    We can stop this by establishing a prices and incomes commission which would have power to approve all price and wage increases.

    Reply
  30. Carson C Cadogan January 31, 2017 at 2:52 pm

    Arthur is a joke dont pay him any mind.

    Reply
  31. Frank White January 31, 2017 at 2:54 pm

    These ministers only speak in forums where they are party supporters so as not to be questioned. It somewhat amazes me that grown men and women could sit and listen to politicians speak and know that they are wrong and ask them nothing and clap when they’re finish, smile in their faces and then go away just as foolish as they came but yet Barbadians say that they are the most educated in the Caribbean. Whose education I might ask…

    Reply
  32. Tony Webster January 31, 2017 at 3:01 pm

    Common-sense 101, trildren: you getting nutten at de bank for your savings, so what to do with your savings? Put it in de credit union? Well, as long as you have it in something like BB$…it is at risk, or either:-
    (a) a formal devaluation, like , say, BB$3=US$1…or
    (b) other forms of imposed forms of psuedo-devaluation, like taxing your savings at the bank ( credit unions already have taken a hit)…it could be depositors turn next.

    So, what to do? Well, if you separate your own personal Teresa’s from tgat of the nation as a whole ( takes some doing), you could just consider placing, i.e. Converting, your saved funds ( or borrow some from your bank) into something tangible, like a new kitchen, fridge, car, paint the house, change the Windows, or if you are a businessman, you could get in some stock ( if you are a GOOD businessman, your bank should be VERY willing to lend you some of its idle funds.

    Now, all you have to decide, is whose interests are the greater: yours, or the country’s. Good Luck!

    Reply
  33. Greengiant January 31, 2017 at 7:33 pm

    It’s simple for the country, unfortunately not so simple for citizens who’s only alternative from this government is back into the embrace of a B L P administration.

    If we examine the record of the B L P during their last term, much of the foreign exchange was earned from land sales, and project investment. Our foreign dept was still high as was our import bill. Manufacturing and other export sectors struggled, our agricultural sector was even more weak than it currently is. We borrowed our way to manage our foreign external depts.

    If any of you are in doubt, see the economic reports from the Central bank each of those years. So my position to all these issues we currently face is that the B L P is not a good alternative at this time as their economic history was and still is unsustainable.

    Until they can present a sound economic plan my position remain the same. Furthermore the team being built is quite inexperienced so the question need be. Can this team manage an economy in crisis? Will some of us vote based on party support and historically mentioned national swing of popularity? I certainly hope not. Barbados needs real change, not simply walking a road already traveled. This message needs to be sent to our politicians loudly.

    Reply
  34. Troy January 31, 2017 at 7:34 pm

    Cuh dear Jepter…if yuh ain’t got nutten proper to say…please shut yuh mout. I remember I was in a conversation with Mr. Ince a few years ago in the NUPW yard buying fruits from a vendor and I was appalled at what he said…he stated that the people that weed the road and clean the drains offered economic value to the country. I was appalled at his statement. Then low and behold a few months later thousands of workers were retrenched. Coincidence??..i think not.

    Reply
  35. Mikey January 31, 2017 at 7:52 pm

    Hal Austin,,, PLEASE TELL READERS WHAT PERCENTAGE OF CONSUMABLE ITEMS ARE NOT IMPORTED INTO BARBADOS.
    IF YOU CANNOT TELL THEM , THEN TELL THEM WHAT PERCENTAGE IS IMPORTED.

    Then work out who and how many Barbadians would be affected.
    I forgot you said that you did not go to school, only thrown out !!!

    Reply
  36. Hal Austin February 1, 2017 at 4:54 pm

    Mikey,
    Here is an idiot’s guide to devaluation: by devaluing, imports will become more expensive, some goods and services prohibitively so.
    This will go somewhere towards rebalancing the current account deficit (importing more than we export), thereby putting the economy in a relatively better position.
    Hope that is OK. Plse ask again if you do not understand.

    PS: What’s your name?

    Reply

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