Editorial | Aid for Cuba

We are fully behind the Jamaica Stock Exchange (JSE) in its relief effort on behalf of the Cuban people who are struggling due to hurricane damage and fuel challenges, amidst their worst economic crisis in 30 years.

This newspaper has referenced the recent challenges of Cuba including chronic and severe shortages of the basics, including fuel, medicine and food. Additionally, shocks to its limping electrical grid caused by hurricane damage, have plunged left entire villages in the dark.

This timely initiative is being executed by the philanthropic arm of the JSE, known as the Jamaica Social Stock Exchange (JSSE).

In her appeal, JSE managing director, Dr Marlene Street Forrest said, “Cuba is our closest neighbour and they have been badly affected by the storm. We must do something to help them, so we are appealing to the public to give what they can. People are in need of food and clothing so the donations will go a long way in easing some of the hardships.”

The crippling effects of a decades-old US embargo that was not eased by the current administration as promised, poor economic management, diminishing help from friendly Governments, have all combined to place Cuba in dire straits.

Tellingly, a 2023 study by the Cuban Observatory of Human Rights found that some 88 per cent of the population is living in extreme poverty.

In its appeal, the JSSE specified the need for cash, goods, such as electrical equipment, food, medicine and building materials.

STERLING LEADERSHIP

As we take note of the JSSE’s worthwhile initiative on behalf of the Cuban people, we would be remiss not to call attention to the sterling leadership of Street Forrest, as she heads into retirement soon.

The JSE opened in 1969, turning the clock backwards prior to Street-Forrest’s entry, a different picture emerged of an organisation merely trudging along. To her credit, the JSE pitted against some 90 markets, was named one of the best performing equity markets in the world in 2015, 2018 and again in 2019. Under her leadership too, the JSE adopted a more agile, business-friendly face. She will leave the JSE one of the largest, most liquid and stock-diverse equity markets in the Caribbean.

Stock markets are broadly seen as an indicator of a country’s economic strength. Enticing investors to raise capital to expand and grow their businesses is one way in which the JSE has excelled, as it develops new platforms and products to meet the needs of issuers and investors alike.

For example, one of the successful innovations was the introduction of the Junior Market which allowed small and medium-sized emerging businesses to raise capital for growth and expansion. By throwing the glare on these companies, many became visible to potential investors and new partnerships have blossomed in some instances.

Only recently the JSE turned its focus on training needs of the financial sector when it inked a three-year memorandum of understanding with the University of Technology, Jamaica.

The multi-faceted role of the JSE as market operator, educator, regulator and social conscience, was highlighted when it introduced its social programme, the Jamaica Social Stock Exchange (JSSE) in 2019.

According to the JSE, it is their sense of corporate social responsibility, which has driven the JSSE agenda. The idea is to urge companies listed on the JSE to willingly contribute to improving the quality of life of Jamaicans by investing in social programmes. Connecting capital with opportunities is what the JSE does best, helping the Cuban people is a noble humanitarian endeavour.