Political will and social partnerships are crucial for growth

Here is the speech of Christopher Zacca, President and CEO of Sagicor Group Jamaica, after he was inducted into the Private Sector Organization of Jamaica (PSOJ) Hall of Fame on Thursday, October 31, 2024, at the Jamaica Pegasus hotel in St Andrew.

Ladies and gentlemen, thank you all for your support of me and the PSOJ this evening.

First, I would like to thank President Metry Seaga, his officers and executives, and indeed the entire PSOJ for granting me the honor of being the thirtieth inductee into the prestigious Hall of Fame. And what an honor it is.

I have often walked into the PSOJ offices and walked down the hall where the quotes from the 29 Hall of Famers before me are displayed. Each time, I have been in awe of the remarkable men and women whose contributions have shaped our nation. These are giants of Jamaica’s private sector, and I have had the privilege of knowing many of them personally.

As chairman of the PSOJ, I even had the honor to reward five of these loyal people. So believe me when I say that this award is very meaningful. It is a major highlight in a career that, with all its ups and downs, I have enjoyed every step of the way.

Please bear with me as I take a moment to thank those who helped shape my journey – both personally and professionally – towards this recognition.

First and foremost my family, my foundation. You are my rock and I thank you every day. My immediate family are here tonight and I would like us all to give special recognition to the leader of our family, my mother, Lady Zacca.

Thank you to the countless professionals I have had the pleasure of working with over the years. From my days at D&G/Red Stripe to ATL/Sandals, the Air Jamaica team that flew our flag so high, public service and of course my current team, the best team in the world, my Sagicor family.

Tonight I am joined by my chairman Peter Melhado, along with several other members of the Sagicor Jamaica board, my executive team and other team members. I couldn’t ask for a better group of people to work with. I would like to extend a special thank you to all of you for your incredible efforts in steering Sagicor through the difficult times of COVID-19 and beyond. Let’s show the world who we are: stand up, make a Sagicor sound and, in the words of our national icon Miss Lou, clap yourself!

Folks, throughout my life I have had the special privilege of sitting at the feet of several great leaders. I want to recognize them in chronological order:

My late father The Right Honorable Sir Edward Zacca, KCMG, OJ, PC, former Chief Justice of Jamaica, former Acting Governor General of Jamaica, and former Member of the Judicial Committee of the British Privy Council. My father instilled in me integrity, a sense of family and a deep commitment to public service.

Paul Stockhausen is, in my opinion, Jamaica’s best all-round engineer, who mentored me from my early days as a recent graduate at Red Stripe and later helped me join the ATL Group. Stocky, thanks for molding me into a half-decent engineer.

The late Honorable Gordon “Butch” Stewart, OJ. Butch, as you all know, was also PSOJ President and PSOJ Hall of Famer, as well as one of the Caribbean’s leading businessmen. He took a chance on a young engineer. He was my chairman and mentor for 18 years. Butch’s influence shaped my business acumen and leadership style and boosted my national profile.

Former Prime Minister of Jamaica, the Honorable Orette Bruce Golding, who allowed me to act as his Special Advisor. Those years have given me invaluable insight into the inner workings of government, allowing me to understand the perspective of politicians and civil servants; an incredible learning experience that has helped shape me into the leader I am today.

And of course the late Honorable R. Danny Williams, OJ, founder of Life of Jamaica and former minister. He was also chairman of Sagicor and the Sagicor Foundation. Danny guided me like a father from my first day at Sagicor until his death last year. He taught me the value of positive thinking, the importance of relationships at all levels and giving back to Jamaica. He too is a PSOJ Hall of Famer and one of the greatest businessmen in our history.

There are so many names I could mention, but I would like to acknowledge a few of my close friends and confidantes: Gassan Azan, Howard Mitchell, Butch Hendrickson, and Glen Christian. You all keep me grounded – sometimes brutally – and I appreciate your friendship and advice, even when I don’t ask for it.

I have had the unique opportunity to serve as President of the PSOJ for five years, and during that time I have witnessed significant progress in many areas – especially when the public and private sectors have worked together.

Nowhere is this more evident than the transformation of Jamaica’s fiscal economy over the past eleven years. We have seen the debt ratio fall to manageable levels, foreign exchange reserves reach record levels and an independent central bank keep inflation in check. This was unthinkable fifteen years ago. The credit for this transformation goes to the entire society, which worked together to make the difficult decisions that were necessary. It is a testament to what can be achieved through public-private partnerships.

For this transformation, we must recognize the contributions of both political governments. From the PNP government from 2012 to 2016, led by Prime Minister Portia Simpson Miller, Finance Minister Peter Phillips and then Justice Minister Mark Golding, along with other members of that cabinet.

The work continues in earnest today with the current JLP government led by Prime Minister Andrew Holness, and now former Finance Minister Nigel Clarke, also supported by many of their Cabinet Ministers. We must also recognize the invaluable work of the public/private Economic Program Oversight Committee (EPOC), which was originally co-chaired by my former Sagicor chairman and current Governor of the Bank of Jamaica, Richard Byles.

Yes folks, pinch yourself, you’re not dreaming. This transformation took place seamlessly between two successive political governments.

However, economic growth remains slow. We are also navigating a world in turmoil and full of uncertainties – whether environmental, political or ideological issues. Jamaica is not immune, and having weathered the pain of COVID-19 and high global inflation, it is clear that as society deals with these tensions, the rifts in our society are widening and the political rhetoric is becoming increasingly alarming.

Butch Stewart used to say to me, “Chrissy, my boy, when people are in trouble, you all go back to back and fight your enemies.” Now more than ever, we need that kind of unity – a partnership for the whole of society to tackle our shared challenges.

It is time to move to a deliberate two-pronged national strategy, aimed at maintaining fiscal discipline and the crucial institutions, such as an independent central bank, that support it, while promoting robust and sustainable economic growth. We have come too far to throw away the gains we have made; that would be an economic disaster. But fiscal discipline alone is not enough.

I won’t pontificate here tonight about the many possible pillars of such a strategy; there are many good plans on the shelves. But what about finally removing unnecessary and archaic regulations that stifle business and encourage corruption? What about prioritizing agriculture? Let’s also have the hard discussions about how to address the skilled labor shortage that is stifling growth.

I can go on.

These are some of the many ideas that have been discussed for years but still haven’t been implemented. Why? Simply because real transformation requires difficult decisions that will not please everyone. That is why political will and social partnerships are crucial. I remind you that a necessary condition for the success of the budget transformation in successive governments has been a social partnership, united around its urgent need.

I therefore conclude by urgently calling on the PSOJ to take the lead in building a civil society coalition to work alongside the government and the opposition in developing and, most importantly, implementing a new national growth strategy . This coalition must have a respected and influential voice at the decision-making table, ensuring that the difficult choices we face are implemented for the benefit of all Jamaicans.

I have dedicated much of my life to contributing to my country. I have unwavering faith in Jamaica and Jamaicans. I truly believe that we can and will achieve our ambitions.

This night means everything to me.

Thank you for the honor.