Prime Minister Andrew Holness says the Government has embarked on a strategy to make Jamaica an “ownership economy.”
Holness, who was delivering his keynote address at Wigton Windfarm’s (WWF) Breakfast Briefing on Tuesday, April 9 at the Jamaica Pegasus Hotel, said this was to give back to the people of Jamaica.
“Our economic strategy is economic independence. For that we mean, the ability of the country and indeed its citizens to make decisions in its own economic interest without having to consider what it owes or what it will lose if it acts or does not act in a particular way,” Holness argued.
In that regard, PM Holness contended that the administration is on a path to secure its economic independence by pushing wealth into the hands of the people.
“Our strategy is not poverty alleviation, our strategy is not welfare, our strategy is wealth creation. I know that in the minds of many Jamaicans there is a fear that wealth creation is synonymous with exploitation. Again, we have to get that out of our psyche, out of our way of thinking. Jamaica is destined to be a rich country and we must never be afraid of wealth, we must not be afraid of making a profit. Profit is a good thing,” stated Prime Minister Holness.
The Initial Public Offer (IPO) of the Government-owned Wigton Windfarm Limited, will be for 11-billion shares to the public.
Prime Minister Holness underscored that there is a list of businesses operated by the Government that will soon be packaged and placed in the hands of the Jamaican citizen via the stock market.
“This will relieve Government of some massive risks; risks of corruption for example. It also ensures that scarce resources are more efficiently used which is usually the case when these resources are in the private sector. So, I believe you can see the strategy of the Government going forward,” he posited.
In the meantime, Holness expressed high hopes for Wigton Windfarm Limited as persons will now be able to buy shares in the company thereby owning a stake in the organisation.
The prospectus of Wigton Windfarm is now on the Jamaica Stock Exchange website. The IPO is scheduled to open on April 17 and will close on May 1, 2019.