- TOURISM MATTERS: Package deals the popular option Read More
- Bidding for Black Bess development? Read More
- Hamilton starts up front in US Grand Prix Read More
- Gabriel's best Read More
- JEFF BROOMES: Disappointed by union’s garbage pickup stand Read More
- ALBERT BRANDFORD: To privatise – or not? Read More
- New and old Prince music to be released Read More
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.