As the general election draws closer, the funeral of Jamaica Chamber of Commerce (JCC) Director Emeritus Lazarus Bucknor provides yet another opportunity to show the power of true public-private partnership in Jamaica.

Described by JCC President Phillip Ramson as a “fierce patriot”, “the very best of what the chamber had to offer”, and the “guardian of our institutional memory”, Bucknor, as Ransom further stated, had been a JCC director since 1983, as well as a guide, mentor, and teacher to many presidents. He had only relatively recently graduated to emeritus director status, but still led the JCC’s Customs, Tariff and Port Users Committee right to the end.

Of particular note was the attendance at his funeral of not only Velma Ricketts Walker, CEO and commissioner of customs, but the Jamaica Customs Agency choir. Describing “Lazarus” as “fearless in speech” and committed with “every fibre of his being” to efficient trade, transparency, and truth with “a relentless drive to get things done”, she noted that despite his ability to “challenge your assumptions” in his quest for “systemic improvement”, he did it with a “smile” and “dry humour”. As a representative of the JCC, he always “showed up” every month “without fail”, and she remembers her last “advocacy” conversation in April from his hospital bed.

She highlighted his contribution, particularly to the Jamaica Customs Agency’s “Ethics Committee”, noting that in identifying corruption he was like a “gardener cutting weeds”, as his view was that “Jamaica could lead by example”. He was very proud of the implementation of the Asycuda World system in 2016, as he believed in technology, but “even more in people”. Consequently, in her words, “his voice still echoed in the boardrooms and in our hearts”.

Finally, he was the driving force behind the JCC’s joint annual seminar with customs, an important event on the calendar for importers.

Having had the privilege of giving a speech on the economy at one of his seminars as a last minute replacement (with the requisite five minutes notice), it is important to emphasise once again the critical importance of what the multilaterals call “trading across borders” for an island nation in this new world. For a small non-diversified economy like Jamaica, high import tariffs can be likened to “placing rocks in the harbour”, and Jamaica’s very strategic location, with a major trans-shipment port, now presents different opportunities. In the words of JCC Past President Philip Ogle, “Now that tariffs and counter-tariffs have turned international trade into turmoil, I say to myself, “O for the sound of a voice that is still”.

Pension Industry

One person who is in danger of already qualifying for the title of fierce patriot at a young age is Pension Industry Association of Jamaica (PIAJ) President Sanya Goffe. At the PIAJ luncheon last week Wednesday, also covered in the Jamaica Observer article ‘Pension boss sounds alarm’, published on June 20, Goffe perfectly articulated the issues faced by the private sector in its interactions with numerous government entities.

This section from her speech is worth quoting in full: “Across too many regulatory touchpoints, responses and resolutions are taking far too long. We’re not pushing for shortcuts or special treatment. But when regulators and the industry are largely aligned on the problem, and even the solution, we shouldn’t need an endurance strategy to get decisions made and effect change.”

She notes a number of other priorities of the PIAJ, including exploring the feasibility of micro-pensions (everyone deserves a shot at a secure retirement); piloting community education workshops (so ordinary Jamaicans can understand why saving for retirement is important); promoting pension payout products as an alternative to annuities (allowed, but largely untapped product offering); introducing retirement security education in schools (starting the conversations early); and removing of criminal penalties for trustees under the Data Protection Act (I note that a trustees job is already onerous and often unpaid).

She notes that, globally, pension systems are shifting towards automation and simplification, with a clear focus on inclusion, digital delivery, and outcomes. Her statement, “Jamaica has an opportunity to be part of that forward momentum, but we can’t do it in silos or at glacial pace,” could apply to almost every area of government.

As she correctly puts it, “Getting pensions right isn’t optional. It’s national infrastructure for the future, and it’s time we treated it that way.”

Other key points she made included the shortage of specialists in pension fund auditing (coincidentally, returning auditor Deloitte presented on this issue the day before); the unresolved legal questions regarding the wind up of pension plans; and the long-standing issue of tax refunds. Nevertheless, she noted improved collaboration with the Financial Services Commission (FSC) and that the Bank of Jamaica was reviewing its foreign exchange capital restrictions on pension funds delays and has promised a formal response before the end of the month.

Finance Minister Fayval Williams’ responses were encouraging, in that she suggested the long-awaited phase 2 was nearing the point at which legislation could be introduced to Parliament (and that automatic enrolment could be added to the legislation after it was introduced). She appeared seized of the urgency: “This is not just a retirement gap, this is a looming national risk, one that demands a whole-of-society response,” advising she was one of the first private sector representatives when the new legislation was first introduced roughly 20 years ago. She said the finance ministry is working with the FSC to design micropensions, noting, “I think we need to get to the point where we don’t make the distinction anymore between traditional and non-traditional employment. Work is work.”

It should also be noted that the long-term capital of the pension industry is absolutely critical to a country’s economic development, and pension fund money has been a critical part of financing the Silicon Valley tech ecosystem, for example, among many other areas. In this regard, the recent Export Max Innovation Exchange Pitch forum held at Jamaica Promotions Corporation (Jampro) with the help of the Jamaica Digital and Technology Alliance (formerly the Jamaica Computer Society) shows the need to strengthen the ability to get capital (and business from our large corporates) to our still-undeveloped information technology sector. Pension capital would have to be intermediated through an ecosystem, which is where the Development Bank of Jamaica and Caribbean Alternative Investment Association (Caraia) would come in.

Similar innovative public-private partnerships right across government are the only way to reach the long-promised but not yet achieved five per cent economic growth target.

Lazarus Bucknor

Velma Ricketts Walker

Fayval Williams

Innovative public-private partnerships right across government are the only way to reach the long-promised but not yet achieved five per cent economic growth target.

Keith Collisters