WITH the deadline for the departure of Finance Minister Dr Nigel Clarke fast approaching, there are growing concerns over Prime Minister Andrew Holness’s delay in naming his replacement with increasingly louder whispers that he could move into the role.

But there is no indication yet from Government sources that Holness is considering giving up the Ministry of Economic Growth and Job Creation — which he has described as the key to driving the prosperity he wants for the country — to take direct control of the country’s purse strings.

A highly placed source says Clarke is to resign from the Cabinet today, and tender his resignation as the Member of Parliament for St Andrew North Western on Tuesday, before leaving the island on Wednesday en route to Washington, DC, to take up the post of deputy managing director of the International Monetary Fund (IMF) on Thursday.

Clarke will likely make his last address on a local political platform this evening as he has been advertised as a speaker at the ruling Jamaica Labour Party’s Area Council 1 meeting at Pembroke Hall community centre.

On August 26, when Holness made the surprise announcement that Clarke would leave the job as Jamaica’s finance minister to move to the IMF he said: “The Government has identified successors to Nigel Clarke in both his ministerial and parliamentary responsibilities and there will be a smooth transition in both capacities. We will provide updates in due course and the public can expect policy continuity and a continuation of the economic achievements that this Government has worked so hard to secure.”

Now, 64 days later, there has been no announcement from Holness, sparking jitters in the financial and business sectors locally and overseas.

Among those expressing concern over the delay in naming Clarke’s replacement is Opposition spokesman on finance Julian Robinson, who on Saturday told the Jamaica Observer that the delay is unacceptable and sends a bad signal.

“I am very concerned that eight weeks after the announcement was made that he would be leaving, and given the prime minister’s statement at the time that he had somebody lined up, that there has been no announcement. We know that he has to depart in the upcoming week, and it is almost as if this is going to be held a State secret until his departure,” said Robinson.

“This is probably the second most important portfolio in any Government and it is important to know who is going to take over that responsibility, and to go eight weeks without any indication from the Government does not send a good signal to the country or to the markets,” added Robinson.

According to Robinson, shortly after the prime minister announced that Clarke would be leaving it would have been in good order to signal his replacement.

“It is an intangible element of confidence which markets respond to, and this level of uncertainty does not bode well for confidence that, two months after what would have been a surprise announcement, and the prime minister said at the time he had somebody… why he would not indicate who the person is and that the person would be taking over at a particular point in time,” Robinson said.

But president of the Private Sector Organisation of Jamaica (PSOJ) Metry Seaga is not as concerned. He told the Observer he understands the challenges faced by Holness in selecting a new finance minister.

“The truth is, the prime minister has a very difficult decision to make as Dr Clarke leaves some big shoes to fill. I expect that, after his resignation on Monday or Tuesday, we will hear in short order who the minister of finance will be,” said Seaga on Sunday.

“So we wait with bated breath, [but] I don’t think that naming someone before this would have made any difference,” added Seaga.

In the meantime, a leading member of the financial sector, who is usually willing to comment publicly on national issues but requested that his name be withheld based on the country’s current political climate, argued that Holness moving to finance would not be a bad decision at this time.

According to the financial manager, Holness was integral to the policies introduced by Clarke and his presence at the finance ministry would inspire confidence in the market.

“Whether you liked him or not, you have to admit that in the six years that he has served as finance minister Dr Clarke has done well in terms of keeping the country on the right fiscal track, managing one of the most difficult crisis the country as ever seen in COVID-19, and leading the reform of the public sector.”

The Ministry of Finance building at Heroes’ Circle Kingston which houses the finance minister’s office. (Naphtali Junior)