I was pleased to learn that Sir Alexander Bustamante generated significant wealth as a stock market investor prior to the Great Depression of 1929. It was particularly pleasing because facts support my belief that the Jamaica Labour Party (JLP) has been unrivalled in creating prosperity for Jamaicans since its formation in 1943.

Among the eight aims and objectives of the JLP within its constitution are “(2) to provide equal opportunities for all the people of Jamaica and (3) to develop the economic resources of Jamaica and to accomplish this by encouraging individual ownership and initiative subject to regulation and control by Government when necessary for the common good of all the people of the country”.

Within item (3) squarely falls institutions such as the Jamaica Stock Exchange (JSE), that has given Jamaicans equal access to investment opportunities. It has allowed the average Jamaican to access entities that would have otherwise remained in private hands. Interestingly, it has also delivered tremendous upside as several companies have appreciated by 100+ per cent in 24 months. As a matter of fact, National Commercial Bank Financial Group (NCBFG) appreciated 881 per cent between January 21, 2015 and January 21, 2020.

The growth has found favour with many, especially the younger among us, who yearn for self-sufficiency and independence, and are not willing to wait extensively for either. The stock market has allowed non-entrepreneurs to take risks and be empowered by capital gains.

Jamaicans have also become increasingly financially literate and desirous of knowledge and information. This wave of increased interest in investing among our youth has spawned #FinanceTwitterJA; investment club 876Invest; Earnings Season, the financial podcast; and the event Stocks On The Rocks (SOTR) that most recently featured Finance Minister Nigel Clarke. As a stockbroker I am inundated with requests for investment advice. This and other anecdotes indicate that we have merely scratched the surface where investor participation and market growth are concerned.

In Christmas 2017, Wisynco Group Limited went public and generated 11,000 applications, which contrasts sharply with initial public offerings (IPOs) of years prior that had 300 applications in some cases. The previous record was in the range of 1,500 applications. In April 2019, the Wigton Windfarm IPO — part of the Andrew Holness Administration’s promise to divest Government-owned entities (point #4 of the JLP’s 2016 10-Point Plan) — attracted 31,000 Jamaicans to submit applications totalling in excess of $14 billion for the $5.5 billion sought. TransJamaica, which closed on Monday, March 2, 2020, raised above $14 billion also. This new, sustained interest, and shifting investor profile, has caused our moving as a nation towards ownership and away from mere consumers. This demonstrates how the JLP has distinguished itself from all others where it concerns creating economic empowerment for ordinary Jamaican citizens.

Careful examination of the facts reveals that none of this is coincidental. It is, in fact, in the very DNA of the JLP.

History shows this is not limited to a single JLP Administration. For, 51 years ago, in 1969, the Hugh Lawson Shearer Administration introduced the JSE to the local economic landscape. The premise being that Jamaicans should be allowed to own shares in public companies and participate in the growth thereof. Then finance minister and future Prime Minister Edward Seaga was quoted as saying, “One final institution was needed at this point. A number of new and existing companies showed interest in becoming publicly held corporations, by which their shares could be traded… The establishment of a formal stock exchange was essential. The legislation was prepared in the Ministry of Trade and Industry, and on January 30, 1968 I officially launched the Jamaica Stock Exchange, which opened with over 30 companies.” ( Edward Seaga – My Life and Leadership Volume 1 – Chapter 13)

In 2009, the Bruce Golding-led Administration introduced the JSE’s Junior Market in the midst of headwinds related to the world financial crisis. External challenges notwithstanding, the Junior Market has ushered in household names such as LASCO, Dolphin Cove, Honey Bun, and Blue Power (‘cake soap’ manufacturer) to the scene of public investors and grew 97 per cent (from 379.92 to 748.66) from December 31, 2010 to December 31, 2011.

The Junior Market accelerated the pace of listings that had stagnated in the 90s and early 2000s. From 2000 to 2009, four entities — JMMB (2003), Supreme Ventures (2004), Mayberry (2005), Barita (2009) — went public. In 2010 alone, six companies went public. The People’s National Party Government of the day’s facilitation of the near-closure of the Junior Market’s incentives brought listings to a halt.

Restoration of all incentives by the 2016 Holness Administration (point #2 – 10-Point Plan) gave rise to a flurry of main and junior market listings in 2016 (six), 2017 (seven), 2018 (12), 2019 (12). In Christmas 2018 and 2019, three IPOs were open simultaneously.

Facts, unfortunately, have no friends, and the facts show that the JLP has consistently created opportunities via the public markets for Jamaicans of all persuasions to achieve their personal prosperity over the past 51 years. Long may it continue!

Ryan Strachan is a stockbroker and president of Generation 2000 (G2K), the young professional affiliate of the Jamaica Labour Party. Send comments to the Jamaica Observer or ryanstrachan@generation2000.org.