Nation e-Edition

Report omitted critical point

By – Sir Courtney Blackman

| Tue, August 13, 2013 - 12:01 AM

Report omitted critical point ()

An article attributed  to me appeared in the  DAILY NATION of August 5.

The critical point of my  interview with the reporter  was left out thus giving a false impression of my position  on the issue of privatization.

In fact, my thesis is that our statutory corporations make  huge losses not because they are Government-owned but because they are poorly managed, and because successive Administrations refused to staunch this costly hemorrhage of public funds.

The fact that some statutory corporations go for years without submitting financial statements  or annual reports to their responsible Minister, as required  by law, is a clear indication  of their gross mismanagement.

The Minister of Finance promised some time ago to to take steps to improve the efficiency  of these institutions but nothing  has been done so far.  The Central Bank, the Insurance Corporation  of Barbados and the Barbados National Bank (now Republic Bank) have proved that Government institutions, when well managed and allowed operational  autonomy, can be successful.

It is also true that private  sector corporations, for example, CLICO and RedJet, can also  suffer severe losses if mismanaged.

Furthermore, there is no reason why Government should allow private sector groups to milk profits from valuable state assets, such as the airport, which, if well managed, could earn significant revenues  for the benefit of all Barbadians.  

Finally, as the late Professor Peter Drucker repeated again  and again: “Economic and  social development above  all means management.

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