Anthony Rhoden | Edward Seaga: A legacy of economic infrastructure - Part II

The title of economic architect or financial wizard is often used to describe the late Edward Seaga, in his efforts to forge the economic environment of Jamaica.

Jamaica Stock Exchange

Perhaps one of the most lasting financial institutions that Mr Seaga is responsible for, is laying the cornerstone of the Jamaica Stock Exchange (JSE). Opened in 1969, the JSE provides a significant opportunity for Jamaicans interested in investing in the country’s assets. Jamaicans, especially youth, are increasingly taking interest in this vehicle for wealth accumulation. Therefore, it is not surprising that the JSE has been ranked as the best performing stock exchange in the world.

Promoting ‘Brand Jamaica’

The promotion of Jamaica as a profitable investment opportunity is facilitated by the Jamaica Promotions Corporation (JAMPRO), which is another institution that owes its formation to the late Mr Seaga. Formerly known as the Jamaica National Investment Promotion Limited, JAMPRO has been successful in attracting Foreign Direct Investment (FDI) to the island, resulting in the country being one of the top two destinations for FDI in the English-speaking Caribbean.

Adding value to this local brand has also been achieved through the development of Things Jamaican. Started in 1961 when Mr Seaga was Minister of Development and Welfare, the mandate of this organisation was to advance the development of the local craft industry and promote authentic Jamaican products.

Encouraging Economic Empowerment

These efforts by Mr Seaga to empower Jamaicans was also achieved through the formation of the Jamaica Citizens Banks in 1967, the first locally-owned bank in the country. This represents a watershed moment for Jamaica, given its history of foreign dominance in several aspects of economic life.

Jamaica’s leading student financing organisation, the Student Loan Bureau, also owes its creation to Mr Seaga. This objective of this organisation has been to provide Jamaicans in need with sufficient resources to pursue tertiary education.

His efforts to provide a lending hand for those in need is also seen with the development of the Jamaica Mortgage Bank in 1973, with a mandate to finance affordable housing for Jamaicans. It achieves this by offering financial advice and capital for developers interested in increasing the country’s housing stock as well as providing services including mortgage insurance.

The Development Bank of Jamaica (DBJ) can also trace its origins to the stewardship of Mr Seaga. DBJ was founded through the combination of two entities, the National Development Bank and the Agricultural Credit Bank, which were both founded in 1981. The merger of these institutions has facilitated DBJ’s mission, to develop the capacity of the economy with emphasis on the expansion of micro, small and medium sized enterprises.

Fostering Urban Renewal

One of the most recognisable pillars, in my opinion, of Mr Seaga’s legacy is the formation of the Urban Development Corporation in 1968. This organisation has successfully spearheaded the development of the waterfronts of Ocho Rios, Montego Bay, Kingston and Negril. Essentially, the heart of coastal tourism in Jamaica has been influenced directly by the vision of Mr Seaga.

Conclusion

While the Most Honourable Edward Seaga is seen as one of the most controversial figures in our nation’s history, there is no denying that he has significantly influenced the formation of modern Jamaica. Being the last living member of Jamaica’s independence cabinet, his passing represents the end of era marked by institution building. As Norman Manley once stated, “What is the mission of this generation … It is reconstructing the social and economic society and life of Jamaica.” Edward Seaga has contributed to that mission. Now the journey continues …

-Anthony Rhoden is a high school student reflecting on the life of Edward Seaga.