Dollarization is our only hope
Published:Monday | October 28, 2019 | 12:07 AM
THE EDITOR, Sir:
Please allow me space in your widely read newspaper to comment on Densil William’s article titled “The elusive quest for growth” dated Sunday, October 27, 2019.
Firstly,the problem I have had with the media for years is that they seek to highlight solutions for problems from those who created the problems in the first instance. Whether, it’s through vested interest/naviety or sheer incompetence.
We keep coming across this turmoil in representative politics and now in our troubled economy.
In William’s article, he stated that Governor Richard Byles is spot on to have observed that for any serious growth to take place better quality jobs are needed in the economy. What utter nonsense.What is important, is for the creation of mass employment for the people and having a stable currency. Higher paying jobs can only be sustained by a healthy economy which fosters growth. It cannot be the egg before the chicken scenario.
Mr Editor, Small countries like Jamaica cannot sustain its own dollar. Let’s not be fooled by the relative stable currency of islands in the Eastern Caribbean and other small countries around the world. It is a case of the leadership of those countries have not yet questioned the status quo of international politics.
Let’s be practical, measuring annual growth is simply about amassing more in the current year than the base year. If that accumulated volume is systematically being torpedoed by the movement in the foreign exchange rate isn’t it obvious that growth will always be elusive.
Jamaica must dollarize in order to put the country on the path of growth, thereby improving the standard of living of its people. Let’s dollarize, it is our only hope.
Dalgalish Henry Snr