Government Moves to Cut Energy Costs and Unlock Jamaica’s Investment Potential
Prime Minister Dr. the Most Honourable Andrew Holness has reaffirmed the Government’s commitment to driving down the cost of energy in order to accelerate national growth, improve the cost of living, and position Jamaica as the premier industrial and manufacturing hub in the region.
Speaking on Tuesday (June 24) at the official opening of a new economic complex developed by the Musson Group in Spanish Town, the Prime Minister outlined the clear link between energy reform and economic opportunity, stressing that affordable energy is essential to unlocking Jamaica’s full potential.
“We must reduce the cost of electricity to businesses if we are serious about growing our economy and realizing the dream of Jamaica as a manufacturing and industrial powerhouse,” said Prime Minister Holness.
Dr. Holness noted several strategic measures already in motion. These include the reduction of GCT on electricity from 15 percent to 7 percent, a major investment in prepaid metering to cut down online losses, and Government-funded support for household wiring upgrades, all of which are aimed at lowering energy costs for families and businesses alike.
The Prime Minister also signaled a national policy shift toward renewables, pointing to falling prices in solar panel and battery technology as an opportunity to accelerate investment. However, he warned that any transition must be strategically managed to ensure that costs are not unfairly transferred to those who remain on the national grid.
“There must be a national strategy. We are focused on reducing energy costs for everyone, not just a few,” he stated. “That is the next big step toward attracting even greater levels of investment and creating the jobs our people need.”
Prime Minister Holness hinted that a new energy policy and investment framework will be unveiled in the coming days. This, he said, will form part of the Government’s broader “pivot to growth” agenda.
He further pointed to recently completed developments such as the transformation of the former Garmex Free Zone into a modern special economic zone housing companies in warehousing, media, and technology, as a signal of the country’s investment momentum.
Even so, the Prime Minister acknowledged that Jamaica is still operating well below its true investment capacity.
“Despite all the activity we are seeing across the country, in tourism, in construction, and in logistics, we have not yet unlocked even 50 percent of the potential that exists for foreign and local investment,” he said. “But I am confident that with the steps we have taken and those we are about to take; Jamaica will become a fast-growing economy in this new era.”
Prime Minister Holness encouraged Jamaicans, especially the youth, to recognize the transformation happening around them and to seize opportunities at home.
“I understand the desire many still feel to migrate. But the world is changing, and the real opportunity is here. We are building a Jamaica where you can fulfill your dreams, raise your families, and live a good life. That is our mission.”