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Bank of Jamaica Governor Derick Latibeaudiere & Commissioner of Police, Rear Admiral Hardley Lewin Resigns.

11/03/09

Permalink 12:01:37 am, by Melba
Categories: Commentary, News

Bank of Jamaica Governor Derick Latibeaudiere & Commissioner of Police, Rear Admiral Hardley Lewin Resigns.

Bank of Jamaica Governor, Derick Latibeaudiere and Jamaica’s Police Chief, Rear Admiral Hardley Lewin have both resigned their respective positions. So far the Government has not offered an official explanation to the nation on either account. Everyone is speculating, after all we are in the middle of negotiations with the IMF and our escalating crime rate has every Jamaican concerned. Whatever the reasons I’m sure it will all come out sooner or later; in the meantime what could be the implications for Jamaica.

Well already as a direct result of the Bank of Jamaica Governor, Derick Latibeaudiere’s resignation Standard and Poor’s (S&P) has downgraded Jamaica’s credit rating from a CCC+ to a CCC. The question is why should this matter to us? Well, S&P provides investors worldwide with independent credit ratings, indices, risk evaluation, investment research and data about their investment and financial decisions. Therefore anyone contemplating investing in Jamaica at this time is sure to think twice.

Another grave concern on the minds of many Jamaicans is the likelihood of further devaluation of the Jamaican dollar. With failing confidence in the economy comes stock piling of foreign exchange. It’s a matter of supply and demand, the higher the demand the higher the price.

Foremost on everyone’s mind these days is the growing crime rate in Jamaica. Over the last two years we have had two Security, Ministers Derrick Smith and Colonel Trevor MacMillan and two Police Commissioners, Lucius Thomas and now, Rear Admiral Hardley Lewin stepping down. In the meantime the crime rate has escalated.

Another issue plaguing us is the extradition request for Christopher ‘Dudus’ Coke. Word on the street is that this situation could get really ugly before reaching a conclusion. Many believe that Rear Admiral Hardley Lewin was the man to offer some relief/ solutions in fighting the crime situation given a free hand. I guess we will never know, or will we. This is not the first time that the commissioner has resigned. On June 02, 2008 after just 169 days in office, Rear Admiral Hardley Lewin had tendered his resignation. Then, Prime Minister Bruce Golding quickly met with officials from the Police Services Commission and the Minister of National Security. Lewin withdrew his resignation and remained at the helm of the police force. In was back in office June 03, 2008.

The truth is that the silence of the government is deafening. The speculations and uncertainties are not helping the country. Whatever confidence was there is failing and failing fast. Hopefully we will get some answers soon.

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