SAGICOR Group Jamaica President and CEO Christopher Zacca last Thursday urged the private sector to lead the charge for a new national growth strategy while advocating the cutting of what he described as “unnecessary and archaic regulations that stifle business and incentivise corruption”.

Zacca made the call in an address to corporate giants who filled the Jamaica Pegasus hotel ballroom to celebrate him being the 30th inductee into the Private Sector Organisation of Jamaica (PSOJ) Hall of Fame.

Pointing to the five years he served as PSOJ president, Zacca said during that period he witnessed significant progress in the country in many areas, especially when the public and private sectors worked together.

“Nowhere is that more evident than the transformation of Jamaica’s fiscal economy over the last 11 years. We have seen the debt-to-GDP ratio come down to manageable levels, foreign currency reserves at record highs, and an independent central bank managing inflation. This was unimaginable just 15 years ago,” he said to nods of agreement from the audience.

“The credit for this transformation goes to the entire society, which banded together to make the tough decisions necessary. It’s a testament to what can be achieved through public-private partnerships,” added Zacca who has served on State boards and in 2009 was appointed special advisor to Prime Minister Bruce Golding — an assignment which he said gave him “invaluable insight into the inner workings of Government”.

He also noted that the transformation took place seamlessly across two successive political administrations — 2012-2016 when the People’s National Party held State power and 2016 to the present under the Jamaica Labour Party.

However, economic growth, he said, remains sluggish, therefore Jamaica needs to pivot to a deliberate, two-pronged national strategy focused on maintaining fiscal discipline and critical institutions — such as an independent central bank — while driving robust and sustainable economic growth.

“We have come too far to throw away the gains we’ve made — that would be an economic disaster. But fiscal discipline alone isn’t enough,” Zacca said.

“I won’t pontificate here tonight on the many possible pillars of such a strategy, there are many good plans sitting on shelves. But how about finally cutting unnecessary and archaic regulations that stifle business and incentivise corruption? How about giving agriculture pride of place in terms of priority? Let’s also have the tough discussions on how to address the shortage of skilled labour that is suppressing growth,” he said, eliciting applause.

“These ideas are some of many that have been discussed for years but remain unimplemented. Why? Simply because real transformation requires tough decisions that won’t please everyone. That’s why political will and social partnerships are critical. I remind you that a necessary condition for the success of fiscal transformation across successive administrations was social partnership, united around the urgent need for it,” he argued.

His appeal for the development of a new national growth strategy requires that PSOJ forms a coalition of civil society to work with the Government and Opposition.

“This coalition,” he said, “must have a respected and influential voice at the decision-making table, ensuring that the hard choices we need to make are implemented for the benefit of all Jamaicans.”

The suggestion earned Zacca sustained applause, in the same manner his entrance to the ballroom did at the start of the evening.

On being announced by emcee Otis Hamilton, the man of the evening strode up the centre aisle to the strains of American singer-songwriter Montell Jordan’s 1995 hit
This Is How We Do It, akin to a boxer heading to the ring for a championship bout.

Following Tessanne Chin’s stirring rendition of the national anthem, PSOJ President Metry Seaga welcomed guests and the umbrella group’s newest inductee, saying that his “clear-eyed vision of how the private sector could be a catalytic force for change galvanised his spirit, leading to impactful reforms and groundbreaking initiatives that continue to reverberate throughout our economy, even today”.

Stating that Zacca’s steadfast commitment to nation-building sets him apart, Seaga said: “Chris’s true legacy lies not solely in his professional accolades, but in the lives he has touched and the communities he has uplifted. He is a leader who embodies the very essence of Jamaican spirit.”

Well-produced vignettes showed Zacca’s friends and associates congratulating him and giving insights into the man, his work, and his passion for Jamaica. Among those featured were Nicholas Thomas, gantry crane operator Kingston Freeport Terminal; Gassan Azan, chairman and CEO Bashco Trading Company Limited and MegaMart Wholesale Club; attorney Howard Mitchell; Gary “Butch” Hendrickson, National Baking Company chairman and CEO; Glen Christian, chairman and CEO, Cari-Med Group of Companies; Peter Melhado, chairman Sagicor Group Jamaica; William Mahfood, chairman, Wisynco Group; Adam Stewart, executive chairman, ATL Group and Sandals Resorts International; Chorvelle Johnson, CEO Sagicor Bank Jamaica; Willard Brown, chief technology and insurance operations officer Sagicor Group; and Sue Rosen, former Air Jamaica executive.

The PSOJ’s Executive Director Sacha Vaccianna-Riley brought the curtains down on what many agreed was an excellent evening with the vote of thanks, saying, “For three decades this prestigious ceremony has recognised the visionaries who have shaped Jamaica’s private sector and tonight we add another magnificent chapter to this story of tradition. Success, they say, has many architects and tonight’s triumph is no exception.”