The Leader of the Opposition Hon. Matthew Wale has criticized Government’s persistent failure to expand the Country’s small and narrow-based economy, stating that the 2024 budget offers no solution to this problem.
Hon. Wale made the statement during the 2024 appropriation 2023 Bill debate in Parliament.
While the Government has repeatedly acknowledged the economy’s vulnerability to international economic and financial developments due to our economy’s narrow-base, the Leader of Opposition has pointed out that Government has not taken any substantial action to addressing it.
“I must admit that I am sick and tired of hearing Government make this statement” Hon. Wale said.
“The fact that it has remained small & narrow for so long is the direct result of Government choice. Our economy is what it is because Government has allowed it to be so” Hon. Wale continued.
According to Wale, the Government’s failure is rooted in incompetence, lack of vision, negligence, and elite capture, leading to a narrowly based economy.
Hon. Wale highlighted Government’s management of the Nation’s forestry resource and the logging industry over 40 years as a prime example of this failure.
“Our forest resource had the capacity to create economies of scale for significant processing and value adding, thereby creating many long-term high-income jobs and earning higher foreign receipts, while ensuring sustainable harvesting,” Wale explained.
Hon. Wale however lamented that political governments choosing not to capitalize on these opportunities to expand the economic base instead has resulted in the theft of resources, poor health and education services, and inadequate infrastructure.
The Leader of Opposition concluded by re-emphasizing the need for Leaders of Government to learn and take responsibility for our economy.
“A small and narrow economic base is not our fate. However, Government has the biggest responsibility to change this” Hon. Wale concluded.
– Opposition Press
