Many financial analysts agree that a poor governance structure contributed to the collapse of Wall Street, and precipitated a global economic meltdown not experienced since the Great Depression. A consequence of it all, small countries like Barbados have seen ‘wanton’ destruction to gains accrued to standard of living built out over the years.
On the regional front we have not been immune to the G Virus. We witnessed it with the collapse of Stanford Bank and more visibly with CLICO. The CLICO mess exposed the lack of a robust regional regulatory framework to govern pan Caribbean companies. Several years after the demise of CLICO the jury is out whether any serious attempt has been made to improve the regional regulatory framework. It is ironic to note however that despite a commitment to Caricom by regional leaders, they all own Central Banks with the exception of the sub region.
Locally, we are confronted by the G Virus at every turn. The best example is the perennial disrespect which both political parties have directed at the Office of the Auditor General. Exceptions to the financial rules of government have been highlighted by successive Auditor Generals and ignored by successive governments. How can we be serious about being competitive and building out a disciplined society?
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