Former assemblyman appointed to Central Bank Board

Former Secretary of Finance and the Economy, Joel Jack, has been appointed to the board of the Central Bank of Trinidad and Tobago.  In accordance with Part 1, Section 5 of the Central Bank Act, “The Bank shall be managed by a Board of Directors comprised of a Governor, not more than two Deputy Governors and not less than six other directors, two of whom may be public service directors”.  Jack served as Secretary of Finance and the Economy for two consecutive terms, from 2013 to 2021, as a member of the PNM after which the Progressive Democratic Patriots won the THA elections. In response to his appointment, the current Secretary of Finance, Trade and the Economy, Petal Ann Roberts, expressed her dissatisfaction with the choice, calling it absolute cronyism. She stated that when she spoke with the Minister of Finance and proposed a candidate, he acknowledged that he knew the person and that they would be more qualified, competent, and suitable for the position.  The CBTT Act also states in Sections 7(4) and (5) that “the ordinary directors and the public service directors shall be appointed for a term of three years” and “all directors shall be eligible for reappointment.”