No tears for Worrell

It can’t be business as usual at the Central Bank of Barbados, economist and former employee of the financial institution Jeremy Stephen has warned.

Weighing in on the imminent departure of Central Bank Governor Dr DeLisle Worrell following today’s ruling by the Court of Appeal, Stephen said the first order of business for the new Governor must be internal.

“You need a Governor right now that can reinstate monetary policy along the lines expected by the Government and/or deal with internal operations in a way that is more amenable to the board and the staff of the Central Bank of Barbados,” the economist argued.

Stephen further suggested that the internal changes should include an examination of how the Bank interacts with the Government and this would likely lead to changes in its modus operandi.

While staying clear of identifying any potential candidate for the post, he advised the incoming Governor to “speak to the Press and to communicate what the bank’s plans are,” stressing that the country needed such an assurance from its lone monetary authority.

Meanwhile, the Opposition Barbados Labour Party is not losing any sleep over the pending exit of Worrell, saying that like Barbadians it was more concerned about the ailing economy.

Shadow Minister of Home Affairs, Dale Marshall, told Barbados TODAY Worrell’s dismissal was tantamount to the removal of an annoyance for Minister of Finance Chris Sinckler.

He said while the country would have to await Sinckler’s next move, Barbadians were eager to see the economy return to a position where they did not have to worry about whether they would be paid salaries and be able to meet their monthly bills.

Like Stephen, the former Attorney General expressed the hope that the candidate chosen to fill Worrell’s shoes would speak “candidly and truthfully” to the Minister of Finance on the direction Barbados needs to take.

Also commenting on the issue, Opposition Member of Parliament for St James Central Kerrie Symmonds said more than Worrell’s removal, Barbadians needed to see the back of the Minister of Finance, the Board of the Central Bank of Barbados and the Prime Minister.

Symmonds charged that all of the officials identified had “conspired” in “ruining and wrecking” the financial fortunes of the country and its citizens.

However, the St James Central MP also expressed dismay over the arguments put forward by the Governor’s legal team, which suggested that Worrell’s removal would redound to his professional discredit.

On the contrary, Symmonds suggested that Worrell had discredited himself a long time ago and therefore he was not about to cry over spilt milk.

Symmonds added that a major concern was the outgoing Governor’s willingness and compliance in participating in what he said had been “a long history of financial recklessness” by way of the printing of money, which has resulted in economic misfortune for the entire country.

Symmonds, who is an attorney, also charged that to date no satisfactory remedy has been advanced to deal with the “very urgent issue” of Government expenditure or the institution of “a real and sustainable growth programme” to take the country out of the “economic quagmire” in which it currently finds itself.

22 Responses to No tears for Worrell

  1. Ryan Bayne
    Ryan Bayne February 25, 2017 at 2:10 am

    Well, now that Dr. Worrell is gone, expect more headaches and heartaches for this ruling government when they replace him in order to turn this economy around.

    Reply
  2. Bradg February 25, 2017 at 3:41 am

    This administration is incapable of turning the fortunes of this country around, lets not hold our collective breath folks. They simply lack the competence to do so. Its proven. They are more interested in posturing for re-election. God help us if they are returned to office!!!!

    Reply
  3. Hal Austin February 25, 2017 at 3:42 am

    It is a bit late, but what is now very urgent is to establish formal rules governing the relationship between the governor and his executive and the board. The board must not be allowed to interfere with the day to day management of the central bank.
    Similarly, there needs to be formal relations between the bank and its governor and the ministry of finance. The minister must not be allowed to pull the strings of bank staff or the board.
    Finally, we badly need a new central bank Act setting out the bank’s monetary policy mandate and granting it greater independence.
    You cannot on the one hand talk of bank independence, while on the other giving the minister the right to interfere.
    What does the Opposition think about these proposed changes?

    Reply
  4. Sheldine Dyall
    Sheldine Dyall February 25, 2017 at 4:33 am

    All Worrell have to do is educate the people with the truth and know his lying have stop.

    Reply
  5. Sunshine Sunny Shine February 25, 2017 at 5:30 am

    Now that DEM have fired Worrell, it is time for WE to fired Sinckler AND THE REST OF DEM. Geting rid of one bad apple and leaving the rest is not going to stop the ROT.

    Reply
  6. jrsmith February 25, 2017 at 6:00 am

    This sacking is not going to make any difference whatsoever, the same thing could happen tomorrow..
    The problem the (Central Bank) is too close to the politicians in barbados and as we look back , seeing everything they are involve with falls apart…
    Its about time the Bank needs to be ( fully privatize ) as for the
    Bank management committee , they are behaving like a bunch of school kids …. (What need to be explain to these people , this is not they rum shop , or they bat and ball , this is property of Barbados they dont own anything, they are suppose to manage choosing if they have the ability to manage…….

    We had /have an issue in our police force which just carry on for years , without the (BPF) having a chooses leader and you openly see the , the similar attitude as to all upper management .through out government………..

    Reply
  7. Dave Felix
    Dave Felix February 25, 2017 at 6:08 am

    Sinkler should fire heself

    Reply
  8. Zabeeda Alli Abdool
    Zabeeda Alli Abdool February 25, 2017 at 6:19 am

    The truth always hurt…and the truth is your worse enemy…..

    Reply
  9. Ryvan Springer
    Ryvan Springer February 25, 2017 at 6:19 am

    A lier is like a cheater, and what they say about cheaters? Once a cheater always a cheater. In the government or not he will always be a lier, sad.

    Reply
  10. Veroniva Boyce
    Veroniva Boyce February 25, 2017 at 6:48 am

    ENOUGH of the Potholes Spewing Sewage, GET DEMs OUT!!

    Reply
  11. harry turnover February 25, 2017 at 6:55 am

    Now that the short man gone the MOF with the blessings of the Board will RESUME the printing of money and ELECTIONS will be the last resort.
    In other words the PM and the MOF gine cah Bdos and Bajans down to the baller with suffering.

    Reply
  12. Randy Hartman
    Randy Hartman February 25, 2017 at 7:16 am

    Print to your heart’s delight ))

    Reply
  13. Angus Benn
    Angus Benn February 25, 2017 at 8:32 am

    Mr Worrell is the scape goat. How come the prime minister is so silent on this matter Thompson haired both of you and I think the prime minister should address the country.

    Reply
  14. Joan Worrell February 25, 2017 at 9:08 am

    Mia, read the following quote from Symmonds

    ”However, the St James Central MP also expressed dismay over the arguments put forward by the Governor’s legal team, which suggested that Worrell’s removal would redound to his professional discredit.”

    You betta look for a replacement for Symmonds or Nicholls. Somebody poor rakey as Owen would say. lol

    Reply
  15. BimJim February 25, 2017 at 10:31 am

    “You need a Governor right now that can reinstate monetary policy along the lines expected by the Government and/or deal with internal operations in a way that is more amenable to the board and the staff of the Central Bank of Barbados,” the economist argued.

    Seems to me that is the other half of the biggest problem in Barbados today – one half is incompetent politicians, the other half is the Civil Service and bureaucrats forcing the taxpayers to “be more amenable” to them.

    For instance, instead of changing the system, becoming more productive or working faster to handle incoming loads (such as licence renewals), those in the Civil Service take longer lunch breaks, work at their own pace (filled with steuppses), and generally cast a nasty eye on the public before them, as if to challenge them to complain during or after their five-hour waits and see how much more of a wait that gets them.

    The Central Bank is no different. If they find that dealing with the government and the public is onerous then perhaps it is time to change their own process and way of handling them… not try to force their “customers” to change to suit the Bank.

    If the Central Bank is an “arms length” institution, then it is obvious to me the endless printing of money must stop, there must be a rationale placed before the government – no matter who they are – and the Bank refuse to continue to abuse the financial system. Not even a Billionaire just hands the chequebook or credit card to their teenage son.

    Worrell was right, but because 1. he did as he was told and 2. he took too long to make the wrongdoing pellucidly clear to the government and the public, he lost his job. If government Ministers – braying Third World politicians, NOT usually economists – are too financially ignorant to take any but the easiest route then they obviously need educating as to how it should be done – which could be a task for the Central Bank.

    I could be wrong, but I do not believe the Central Bank is the government’s puppet. I think the Central Bank is an “arms length” institution, should NOT be doing as it is told by the Minister, and should be taking the side of the people of Barbados, not simply printing money to the satisfaction of every ignorant braying jackass politician who comes along.

    Reply
  16. Joan Worrell February 25, 2017 at 10:50 am

    @ Bim Jim, you sound great. However, as long as Barbados remains a welfare state, don’t hold your breath for change during your lifetime. Our only hope is that another Party would emerge which would tell the electorate that voting for them does not mean a job in return for the vote.. We have a public service that is bursting at the seams. In order to win a seat , candidates from both parties promise their constituents jobs elections after elections. When elected, they keep their promises and flood NCC, School Meals, Security Guards etc. etc. departments with jobs for party supporters. Are you going to pay them with ”Monopoly” money? I hear all the economic gurus spouting economic theory all day long and the only sensible alternative , I have read so far is Hal Austin’s. I wish he would join forces with Solutions Barbados Party lead by Grenville Phillips. We want real change not change for the sake of changing.

    Reply
  17. Peter February 25, 2017 at 11:41 am

    Hal your comment made the most sense. But knowing how autocratic a political society we dwell in. Neither one of them will adhere to true democracy. Just look at the mighty USA it can be easily called a dictatorship regime based on white supremacy. Maybe we have the return of Adolf Hitler.

    Reply
  18. Ricci Khan February 25, 2017 at 11:43 am

    The present Government is being blamed for a lot of the ills facing Barbados. This Government did not send 43 Government officialsto Brazil to buy 125 Buses which are constantly breaking down. Or build a U.S. $ Jail. Or a dry weather Airport. Or a daylight only Cricket Oval. Or a rope swing accessible Cave. Or construct a multimillion hole in the Ground in St Andrew. Just remembering.

    Reply
  19. Joan Worrell February 25, 2017 at 3:02 pm

    @Ricci Khan
    You forgot Al Barrack? This woman really feel that Bajans stupid. All those things happened under her careful watch and yet she can around an economy.Wastage galore.

    Reply
  20. Joan Worrell February 25, 2017 at 3:04 pm

    Above should read ”turn around an economy”

    Reply
  21. Johnathan February 26, 2017 at 1:24 am

    @Hal Austin did you listen to the press conference by the Leader of the opposition and Dr. Clyde Mascoll. He specifically called for a change that would allow for Paliament to debate and approve any printing of money in the future. His leader agreed. Sinkler has now chosen a career Central banker who has to carry out his instructions which means the printing will continue without consideration to the repercussions. That care nothing about bajans just DEM guts..

    Reply
  22. Joan Worrell February 26, 2017 at 9:17 am

    ”The solution to printing money is for the Government of the day to debate and approve it”. That is the joke of the day. If the Opposition disagrees, can they stop the Government from voting in favour of printing it? Is this the alternative which the BLP expects the Barbados electorate to run with and vote for? Solutions Barbados and Barbados Integrity Movement , I am calling on you to set up Websites and start membership drives. Don’t depend on the current Barbadian media to promote your parties. Social media is your greatest weapon. Give Barbadians meaningful solutions to their current predicament. Another joke of the day, is one of the BLP strategists suggesting that they (BLP) tell Bajans to vote against the DLP, without offering alternative solutions . The reason given is that a ”woman on a bus” advertisement at the last elections blew holes in a noted economist’s privatization plan. The strategist went on to question Bajan intellect for running with advertisement. Is Barbadian intellect different from British intellect? The BRITS voted right or wrong for BREXIT . That was the voice of the British people and the voice of God. That is what a democracy is all about. I am sure that Freundel Stuart is laughing his head off, at the advice given to the BBBBB by this guru strategist.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *