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Country needs business-minded leaders — Mahfood
BY KARYL WALKER Editor — Crime/Court Desk walkerk@jamaicaobserver.com
Tuesday, May 28, 2013
MANAGING director of the Wisynco Group, William Mahfood, believes Jamaica's economic and social woes would be greatly eased if business-minded persons served in positions of political leadership.
Mahfood's statement, made at yesterday's Jamaica Observer Monday Exchange, comes on the heels of similar views aired on the weekend by Richard Byles, Sagicor president and CEO, who is also co-chairman of the Government's Economic Programme Oversight Committee.
"What we have lacked over the development of our leadership is business-minded people running the country. Not only have the leadership in the political constituency been at fault, but [also] the leadership in the private sector and the leadership in civil society, because we have sat back and allowed it to continue. So we are as much at fault as to where the country is today," he said.
When asked if his cousin Andrew Mahfood — whom he described as one of the best financial minds in the country — would serve as a finance minister if the Constitution was amended, William Mahfood replied in the affirmative.
"I have said many times that I think Andrew would make one of the best finance ministers in Jamaica," he said.
Under the current constitution only an elected member of parliament can serve as finance minister.
Yesterday, William Mahfood indicated that he was confident that, despite the country's current economic stagnation and limited growth, the pendulum can swing in a positive direction if the proper measures are implemented.
"There are problems, there is no question. From a leadership point of view, from a political point of view, from an economic point of view, we do have social problems, violence and crime, all of those things are problematic, but there is nothing that cannot be fixed," he said.
He pointed to Wisynco's positive economic turnaround from the financial doldrums in 1992, when the company was almost insolvent, as proof that Jamaica can recover.
"We were so indebted then that our combined debt payments were greater than our entire wage bill, and it was, for me, a very, very depressing time," said Mahfood.
"I looked at it and said we were working exclusively for the banks and interest rates [were] trending up. So we said we had to make a move to reverse our debt position. We did that, we changed the strategy of the business, and the rest is history. So it can be done. It takes time and you have to apply the correct principles and you need the proper determination, and you have to have the right people to manage," Mahfood said.
BY KARYL WALKER Editor — Crime/Court Desk walkerk@jamaicaobserver.com
Tuesday, May 28, 2013 MANAGING director of the Wisynco Group, William Mahfood, believes Jamaica's economic and social woes would be greatly eased if business-minded persons served in positions of political leadership.
Mahfood's statement, made at yesterday's Jamaica Observer Monday Exchange, comes on the heels of similar views aired on the weekend by Richard Byles, Sagicor president and CEO, who is also co-chairman of the Government's Economic Programme Oversight Committee.
"What we have lacked over the development of our leadership is business-minded people running the country. Not only have the leadership in the political constituency been at fault, but [also] the leadership in the private sector and the leadership in civil society, because we have sat back and allowed it to continue. So we are as much at fault as to where the country is today," he said.
When asked if his cousin Andrew Mahfood — whom he described as one of the best financial minds in the country — would serve as a finance minister if the Constitution was amended, William Mahfood replied in the affirmative.
"I have said many times that I think Andrew would make one of the best finance ministers in Jamaica," he said.
Under the current constitution only an elected member of parliament can serve as finance minister.
Yesterday, William Mahfood indicated that he was confident that, despite the country's current economic stagnation and limited growth, the pendulum can swing in a positive direction if the proper measures are implemented.
"There are problems, there is no question. From a leadership point of view, from a political point of view, from an economic point of view, we do have social problems, violence and crime, all of those things are problematic, but there is nothing that cannot be fixed," he said.
He pointed to Wisynco's positive economic turnaround from the financial doldrums in 1992, when the company was almost insolvent, as proof that Jamaica can recover.
"We were so indebted then that our combined debt payments were greater than our entire wage bill, and it was, for me, a very, very depressing time," said Mahfood.
"I looked at it and said we were working exclusively for the banks and interest rates [were] trending up. So we said we had to make a move to reverse our debt position. We did that, we changed the strategy of the business, and the rest is history. So it can be done. It takes time and you have to apply the correct principles and you need the proper determination, and you have to have the right people to manage," Mahfood said.
Wisynco Managing Director William Mahfood addressing yesterday’s Jamaica Observer Monday Exchange. (PHOTO: NAPHTALI JUNIOR)
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