Separation Of Ministries of Finance and Economy Moted

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Economy

Tuesday, 06 December 2011 02:30

By Everton Barnes

Antigua St John's - The Ministry of Finance should be separated from Economic Development to allow these entities to perform their respective roles more efficiently.

The suggestion comes from Antigua & Barbuda's consul general in New York, Dr McChesney Emanuel, in part two of his exclusive interview with Caribarena.com.

While acknowledging that the final decision is up to local policymakers, Dr Emanuel said he nonetheless would like to place the suggestion on the table for consideration as the country seeks to achieve economic growth and social development.

“We need to look at how we structure our ministries," he said. "Not all our ministries are structured to entertain and maximize opportunities that come our way. For example, I would have preferred to see a Ministry of Economic Development separate from the Ministry of Finance. We should be establishing a ministry that is exclusively for economic development. If structured right, this could go a long way in helping the country achieve its goals."

The diplomat said his comments were general, and not specifically geared at Minister of Finance and the Economy Harold Lovell, who is doing a good job despite the challenges. “I give Minister Lovell good marks for stepping up to the plate in this way… by taking bold steps to restructure the department,” Dr Emanuel said.

He likened the Ministry of Finance to the Federal Reserves in the United States that regulates monetary and fiscal policies, while economic development is handled by the Department of Commerce.

Dr Emanuel, who has spent over 30 years living and working in the United States as a businessman, educator, and now a diplomat, said it is imperative for countries like Antigua & Barbuda to quickly adapt to the requirements of a global economy.

“Evolving entities have to shed old characteristics, as these times call for dynamic structures; decisions must be made in real time. Waiting an inordinate length of time to make a decision could cost the country a project,” he said.


Dr Emanuel, who was the head of a public school in the New York area, made a case not only for reform of the nation’s institutions, but also for ongoing training and evaluation.

“We have to focus on a vision and cultivate a culture of management by constantly training our people," he said. "Notwithstanding this, there must be constant evaluation, as this is the only way to keep oneself at the frontline."

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