948 Million Dollars-Show us the Money!

President James Michel shocked the country in his State of the Nation address when he announced that 948 million dollars was generated by the Seychelles economy in 2007 according to Central Bank estimates. He says that this compares with 644.6 million dollars in 2003. The President lamented that only 268.1 million dollars goes through the local banking institutions. This is a shocking statistic, especially more so that it comes from the mouth of the President in his State of the Nation address. However, what is more shocking is the fact that the President did not say what is he or his government was going to do about this unacceptable situation.

It seems that the government has been struck by inertia and has run out of ideas how to resolve the most basic of problems, especially the one outlined by the President. Surely there must be ways and means to compel economic actors in this country who generates foreign exchange to bring this money here and ensure that it goes through the banking system for the benefit of all. At a time when the country is starved of foreign exchange it is unacceptable that the bulk of the foreign exchange generated by the local economy is going through the banking system of a foreign country and benefiting a country other than Seychelles. And for the President not to announce any measures to curb this prevailing situation is preposterous.

The foreign exchange problem is one which has protracted and has defied all government measures to bring it under control. According to research conducted by Le Nouveau Seychelles Weekly, there is possibly one billion dollars which the economy generated in 2007 with the potential for a further and additional one billion in the next five years if the economy is managed properly. The foreign exchange crisis is arguably the biggest and most urgent economic malaise which the government must resolve. Simply for the President to announce that there is a problem and he knows the cause of the problem is not enough. A government is supposed to solve problems and make people’s daily lives easier. It is supposed to remove all the hurdles and barriers which continue to hamper progress and development in the country. It is imperative that it finds creative ways and means to solve all the problems for the country to create wealth and progress.

Similarly, the President stated that there is allegation of corruption in the judiciary. However, the President failed to tell us what his government has done about the allegations. It is not enough to simply state the problem or the cause of the problem. The people have a right to know what the government is doing about the problem, If the government has the ability and the means to solve the problem. The President must tell us how he plans to solve all the problems in the country. This is what a State of the Nation is all about. We were all waiting to hear what the President and his government has accomplished, what are the remaining problems and how the government intends to solve these problems in the coming months and years.  If there are allegations of corruption in the judiciary then the least the people expect is an investigation and ultimately prosecution if there is evidence to prosecute. Although corruption is rife in the country, the government has always referred to it as a “perception” or an “allegation” of corruption. Rhetoric like “zero tolerance”, although music to the hears, will not solve corruption. No one has ever been prosecuted or convicted for corruption or corruption related crimes in Seychelles to date. The practice has been to ask anyone incriminated to politely resign. The Chief Justice may very well be a case in point and that is why the President singled out the judiciary for special mention in his State of the Nation address.

February 29, 2008
Copyright 2007: Seychelles Weekly, Victoria, Mahe, Seychelles