Government to Announce Further Savings for Jamaicans on Electricity Costs
Prime Minister Dr. Andrew Holness has announced that in the coming days the government will outline new savings in energy for Jamaicans.
The Prime Minister revealed that the Government is moving aggressively to drive down electricity prices to make Jamaica more competitive. Upcoming national policies will focus on sustainable energy solutions, including greater investments in renewables and improved energy efficiency across sectors.
“There has to be a national strategy as to how we reduce energy costs for everyone. That is the next step to be able to get to a larger flow of investments in Jamaica. And in a few days, you will see our policy and strategy unfold as to how we intend to make a really profound change in the cost of energy for the average Jamaicans,” said Prime Minister Holness.
The move comes as government works to ensure efficiency, equality and growth in Jamaica.
Prime Minister Holness says Government’s Continues to Enable Private Sector Growth
Speaking on Tuesday (June 24) at the official opening ceremony of the MJS Industrial and Technology complex in Angels, St. Catherine, Dr. Holness has underscored the government’s commitment to creating an enabling environment that fosters private sector growth, innovation, and national development.
The Prime Minister emphasized that the Government’s policies have been carefully structured to encourage investment without imposing additional burdens on citizens or businesses.
Prime Minister Holness said the Government is actively removing barriers while building a stable foundation for Jamaica’s economic transformation.
“Project works when the businessman looking on and saying I’ve had seven years of this government so far and guess what? No new taxes. You have had 10 budgets. So, all the businesspeople who are looking at projects let’s get them off the planning sheets and into reality. Of course, incentives are critical and incentives compensate for losses for projects that wouldn’t make it in the first place. But there are ways to support development. There are ways to encourage industries without necessarily having to give fiscal incentives,” the Prime Minister said.
Prime Minister Holness highlighted that Jamaica’s carefully managed fiscal strategy has resulted in a significant reduction of the debt-to-GDP ratio from approximately 130 percent in 2016 to 68 percent today. The reduction is a move that directly strengthens investor confidence. “That is an absolute important parameter for any of these dreams and wishes to materialize. So even before we decided to develop the Morant Bay Urban Centre as a government, we had to make sure that our debt situation was stable.” Dr. Holness noted.
The Prime Minister noted that a well-trained workforce is among the most valuable incentives the Government can offer to the private sector. Through its strategic investment in the HEART/NSTA Trust, the Government is ensuring a ready supply of skilled labour. “First of all, businesspeople would want a well-trained labour force. If government absorbs the cost of training the labour force, that is a significant incentive for business.”
In the meantime, Prime Minister Holness emphasized that crime is being decisively and strategically tackled to unlock investment, particularly in areas long held back by violence. Since the start of the year, there has been a reduction in serious crime with a 44% reduction in murders.
While progress is evident, Prime Minister Holness cautioned that Jamaica is still far from realizing its full economic potential. Dr. Holness urged the nation’s youth to step forward and seize the opportunities being created, especially in education and employment.
“Put down the gun. Put down the violence and say, I am going to HEART. We’ve made it so easy. Choose the right path. There will be a job for you. You’re not going to get the big pay right away but work with the programme. Every year it gets better.”