Can we bank on the Church?

Ronald Mason, Contributor

In recent times, there has been a call for the Church to become an active participant in the economic life of the nation, which is struggling to register serious economic growth. This idea is neither new or indigenous to Jamaica. The Church in developed countries has ownership and control of residential properties, retirement communities, and retail outlets.

The Church in Jamaica has had a successful history of spearheading economic activity. Let us think of Andrews Memorial Hospital in Kingston, Nuttall Medical Centre, and St Joseph's Hospital. These are, or were, owned and operated by the Church, different denominations, but all participating in the economy.

The Church also has a strong presence in the delivery of education in the form of some basic schools and high schools, teacher-training colleges and religious-training institutions. This is good, and may they continue to be so involved. However, today's needs are different.

The financial community in Jamaica and the options for the populations are shrinking. RBC Royal Bank will soon be taken over by Sagicor. This means one fewer bank and will only make for less competition and, potentially, drive up the financial costs. Already, Sodality Co-operative Credit Union, founded by the Church, has merged with the City of Kingston Co-operative Credit Union. Reduced options for the public. What we need is more competition. There is much talk that the Church has, and can mobilise, very large sums of money. This is to be expected when we look at the size of their collective membership. Why not the Church create a bank?

MORAL SUASION

The value to be found in this would be very large. They could mobilise the equity through the denominations and have strong collateral in the landholdings of the Church. They have consistent income flows and the expertise in the pews, and, most significantly, they have the moral suasion to convey confidence and gather trust. As such, putting the bank together is doable, but look at what can be done after.

This bank would have a presence in every community across the nation. It could direct funding for the sake of national development, examples being building retirement villages for North American and European retirees on church-owned lands and hospitals for health tourism, to be operated by contracted parties. It could establish research stations in cooperation with the tertiary educational institutions already within their control. These are but some of the projects worthy of a feasibility study.

Look at the ripple effects mobilisation of capital, construction, creation of employment, the earning of hard currency and the economic multiplier effect of increased money in circulation. Create national wealth and compete with those banks who are fixed on financing consumption through auto loans and charging rapacious service fees. The Church and economic activity are not unknown. The Baptists have just recently completed, and offered for sale, a small housing development in a desirable community in Kingston. From all reports, the venture was economically viable and profitable. Do more. Every use of the talents provided by the Creator for the greater good of the congregation finds acceptance in all denominations. Think of the sheer convenience of the church bank, being open on Saturdays and Sundays, respectively to serve their special needs. We all benefit. Let this flower bloom.

AGRICULTURE NOT BLOOMING

The agricultural complex in Montpelier, St James, is not blooming. It is, from all reports, dying a painful death as the equipped agro-processing facility is vacant and the land to be sold for housing development. Is this land not suited for farming? Is it limestone? No possibility of livestock on the 2,000 acres? The Ministry of Agriculture and Fisheries is speaking volumes with its silence on this matter, yet it proposes, endorses and seeks to develop agro parks in other locations. What of the students from the agricultural colleges? Are they not qualified enough and interested in putting their training to use? Are they not part of the solution?

While seeking information from the Ministry of Agriculture and Fisheries, permit me to enquire on the status of the Cocoa Industry Board (CIB). Has it been divested and the citizens of Jamaica allowed to trade in this valuable commodity that this past week traded as high as US$3,030 per ton, while the farmer has not been paid for the crop last supplied to the CIB?

There is a private farmers' group which is permitted to trade in the commodity, and the country was told by the previous administration that the adjustments would be made to allow more participation in the trade. One group is paying the farmer J$2,000 and the other J$2,500 (only if you are member) per box of wet beans. One group selling to the CIB does not get paid in a timely manner, while the other group pays within two weeks. Guess which group is related to the Ministry of Agriculture?

Remember all the regulations were studied and reports prepared and the statement has been made that divestment and licensing can proceed at the same time. Any status update from the ministry would be appreciated by the thousands of frustrated cocoa farmers. It is time for all of us to be allowed to bloom.

Ronald Mason is an immigration attorney, mediator and talk-show host. Email feedback to columns@gleanerjm.com and nationsagenda@gmail.com.