The decision to terminate the services of the former governor of the Bank Of Jamaica, Derick Latibeaudiere, as stated by Prime Minister Golding in Parliament, was taken because his contractual arrangements were "unacceptable", "embarrasing" and "repugnant". The contract was stated to be of an unusual nature, a glaring example the clauses relating to housing and housing maintenance for the governor.

The remuneration package of $38 million was also a source of contention. This was described as strange and exorbitant. Prime Minister Golding further reiterated that in good conscience no member of Parliament could defend that package.

"Strange" or "exorbitant" were not terms used to describe the $2 million per month being paid to a consultancy firm for the divestment of the sugar industry. In response to public outcry, the Government defended its position. The rationale for the $24 million per annum being paid, was stoutly defended by Agriculture Minister Dr Christopher Tufton and permanent secretary in the ministry, Donovan Stanberry, as "value for money''.

Sugar divestment

Against the backdrop of $24 million per annum being paid to a consultancy firm for the divestment of the sugar industry being value for money, the most pertinent question concerning the $38 million that was being paid to the Central Bank Governor is: Was the country receiving value for money?

Professionals enter into contractual agreements and are remunerated based on their expertise and experience. Latibeaudiere spent 36 years with the central bank, the last 13 years as its governor. The Government has praised him for his performance and valuable leadership. It has also decided that he was not worth the remuneration package he was receiving.

I am, etc.,

DR DAIVE R. FACEY

DR.Facey@gmail.com