JLP Leader Bruce Golding Urges Local Investment To Reduce Jamaica’S Commerical Debt
September 11, 2005
September 11, 2005, New York, NY --- The Honorable Bruce Golding, Leader of the Opposition, Jamaica Labor
Party, urged Jamaicans abroad to invest in the local economy to relieve the island’s mounting commercial
debt at Columbia University this past Saturday. At the Town Hall forum, hosted by Jamaica Impact, Inc.
(JAMPACT) and Jamaica College Old Boys’ Association, New York, Golding verbalized his discontent with the
government’s inability to pursue a public sector investment program that is designed to stimulate productive
capacity, decrease unemployment, and to continue to provide the public services that the nation is dependent
on for survival.
Former Opposition Spokesman on Foreign Affairs and Foreign Trade, Golding noted that after substantial research,
Jamaica is the only country in which for six consecutive years, the taxes and revenue the government collects,
is insufficient to cover its mounting commercial debt. He acknowledges that in the 1980’s, when the JLP was in
power, the country was in a worse debt crises, but maintains that the debt owed previously was primarily
multi-lateral debt, owed to institutions such as the World Bank and the International Monetary Fund. He maintains
that the debt crises Jamaica faces today is in money owed to foreign commercial banks, where interest rates are
considerably higher and debt forgiveness and rescheduling is not an option. He further noted that in the five
year period ending in 2003, Jamaica had record levels of foreign direct investment totally $2.6 billion dollars.
However he was disappointed in the low impact that foreign investment had on the nation’s economic growth.
"How can you pump $2.6 billion U.S. dollars into an economy, and end up producing only 6.8% economic growth in
five years and only produce 6,800 new jobs," Golding questioned.
He strongly stated that Jamaicans at home and abroad should focus on local production market investment as
a way to increase productive output, so that the economy can sustain itself and begin to tackle the mounting
commercial debt.
During the question and answer period, Golding stated that if he was to be Jamaica’s next Prime Minister, some
legal chances he would make to the Office of the Prime Minister are: enforcing a two-term limit, limiting the
powers of the Prime Minister and initiating a tighter system of policy checks and balances, and setting a fixed
election date.
Among those in attendance were Deputy Consul General Lisa Bryan-Smart and Xavier Murphy, President of JCOBA’s
Florida Chapter, and CEO of Jamaicans.com.
Click here for pictures of the event.
Bruce Golding Bio
Bruce Golding was born on December 5, 1947. He was educated at Alpha Primary School (1955-1957), St. George’s
College (1958-1962) and Jamaica College (1963-1966). He entered the University of the West Indies in 1966 and
earned a BSc degree in Economics in 1969. In that same year (1969) he was elected to the Central Executive of
the Jamaica Labour Party at the age of 21 and was subsequently elected to Parliament in 1972 at the age of 24.
He served as General Secretary of the Jamaica Labour Party (1974-1984) and Chairman (1984-1995). He has had 19
years experience as a Member of Parliament representing the constituencies of West St. Catherine and Central
St. Catherine as well as 9 years experience as a Senator.
He was appointed Minister of Construction in 1980 serving in that position until 1989 and in that capacity was
elected Chairman of the United Nations Commission on Human Settlements (1984-1985). He was the Opposition
Spokesman on Finance and Chairman of the Public Accounts Committee (1989-1995). He has served as a member of
the Electoral Advisory Committee, the Board of Governors of the Institute of Jamaica and the Board of Directors
of the National Lotteries Commission.
In 1995 he resigned from the Jamaica Labour Party and was one of the founders of the National Democratic Movement,
serving as its first President (1995-2001). In 2002, he rejoined the Jamaica Labour Party and in November 2003
was again elected Chairman of the Party. He was appointed Senator and Opposition Spokesman on Foreign Affairs
and Foreign Trade in 2002, and held both positions up to April 2005. On February 20, 2005, he was elected Leader
of the Jamaica Labour Party. On April 13, 2005 he was elected Member of Parliament for West Kingston and on April
21, 2005 he was appointed Leader of the Opposition.
Mr. Golding is a businessman. He and his wife, Lorna, were married in 1972 and have one son and two daughters.
