Just privatise it!
That’s excellent advice from the
much touted Miller Report.
And it goes hand in hand with a
recent www.caycompass.com poll.
Nearly half of the respondents in
the poll said the Cayman Islands Government should privatise a host of
essential and non-essential services.
The poll options included health
care; the Boatswain’s Beach/Pedro St. James tourism attractions; solid waste
management; the sewerage system; and ‘other’.
But the Miller Report goes a bit
deeper, starting with the sewage system and the new Government office building,
which is under construction.
It also recommended privatising the
Water Authority, the Cayman Islands Airport Authority, the Port Authority, the
Turtle Farm/Boatswain’s Beach, the Cayman Islands Stock Exchange and the Cayman
Islands Development Bank.
We think they are all excellent
ideas, but have to wonder why someone would want to buy assets like the bank
that turn little to no profit.
It is true the Government needs to
shed some of the albatrosses that continually suck money from the country’s
The report also suggested that some
of Government’s holding like Radio Cayman, the National Pensions Office and Computer
Services be formed into government agencies.
There are many functions the
government performs that would be better served within the private sector.
The report consistently states that
there is rampant over-employment in government. It is to the point that the Cayman
Islands is in dire financial straits because our revenues, which could sustain
our country, are being absorbed by too many employees.
We hope that Government doesn’t
ignore this important report and implements some of the many suggestions that
could turn us around financially.
According to the report, our
country could save millions of dollars with a bit of restructuring and selling
off assets it has no business funding.
Our leaders need to heed some of
the advice in the report. Getting rid of functions that are sucking our coffers
dry is a good start.
As the old adage goes, it’s time
now to fish or cut bait.