Jamaica is emerging as a rising economic power in Latin America and the Caribbean, widely regarded as an International Monetary Fund (IMF) success story. Through a commitment to structural and economic reforms, the country has drastically reduced its debt burden, embraced pro-market laws, and achieved remarkable macroeconomic stability. Today, Jamaica boasts an impressive unemployment rate of 3.5 percent, budget surpluses, and a debt-to-GDP ratio that has been halved within a decade.
Under the leadership of Prime Minister Andrew Holness, Jamaica is poised for future progress. Holness has demonstrated a willingness to confront the systemic challenges that hinder national development. He has repeatedly emphasized the need to rectify Jamaica’s low productivity culture by encouraging a shift toward smart work. His stance is echoed by both public and private sector leaders, who have voiced concern over the work ethic displayed by some Jamaican workers. Speaking at the 2024 Diaspora Conference, a senior public servant lamented:
Overall, the work ethic of Jamaican workers differs tremendously from other nationalities, and a recent visit to a construction site proved the disparity. Asian workers on Jamaican construction sites are renowned for giving the 10 hours they sign up for, while Jamaicans will leave to go “cook their pot or smoke a joint (ganja).”
In response to such concerns, Holness has launched the ASPIRE program—an ambitious framework designed to shape Jamaica’s future. ASPIRE encapsulates his vision for Jamaica’s long-term success:
- A: Access to Economic Opportunity for All (Inclusive Growth)
- S: Safety and Security
- P: People and Human Capital Development
- I: Infrastructure Development
- R: Reform of Bureaucracy to Improve Ease, Speed, and Cost of Doing Business
- E: Economic Diversification and Development of New Industries
Beyond productivity reforms, Holness has also embarked on a strategic initiative to rebrand Jamaica’s global image. An international PR firm has been enlisted to shift perceptions, positioning Jamaica as a hub of safety, security, and sustainability. Holness understands that, while the island’s reputation as an entertainment destination is valuable, true transformation requires Jamaica to also be recognized for innovation, science, and civility.
Currently, Jamaica is undergoing constitutional reform, an opportunity that must be seized to cement economic freedom at the core of governance. A pro-market constitution would ensure lasting prosperity by eliminating state monopolies and bolstering private sector participation. For example, the National Solid Waste Management Authority holds exclusive rights to collect and ship maritime waste—a policy that stifles entrepreneurship in this sector. A revised constitution must prohibit such monopoly privileges, fostering an open and competitive market.
Similarly, property rights—though nominally protected under the Jamaican constitution—remain vulnerable to overregulation. The Jamaica Agricultural Commodities Regulatory Authority (JACRA) exemplifies state overreach by imposing excessive fees and restrictions on farmers. As a de facto marketing board, JACRA encumbers commerce and violates the economic freedom component of property rights. True property ownership extends beyond possession, it includes the right to engage in commerce unimpeded by bureaucratic constraints. The reformed constitution must explicitly recognize economic freedom as a fundamental aspect of property rights.
Another critical concern is Jamaica’s policy of compulsory land acquisition, which has been misused to seize private property for heritage preservation. Even when property owners responsibly maintain historical sites, the government has exercised this authority to take ownership. Such practices undermine investor confidence and disincentivize private heritage conservation. A new constitution must categorically state that compulsory acquisition for heritage preservation will not be permitted.
Additionally, Jamaica must reconsider adverse possession laws, which allow individuals to claim ownership of land if it is left unoccupied for a period. Many properties are abandoned, not due to neglect, but because of threats and intimidation. Absentee ownership should not be conflated with disinterest, and Jamaica’s legal framework should reflect this reality by abolishing adverse possession.
While many Jamaicans are preoccupied with the prospect of becoming a republic, such a transition would not necessarily lead to substantive economic benefits. The example of the Cayman Islands, which remains a British Overseas Territory yet thrives economically, demonstrates that sovereignty alone does not dictate prosperity. Structural economic freedom, rather than symbolic political change, is the key to Jamaica’s success.
Holness has already established himself as a bold leader who guided Jamaica to macroeconomic stability. Now he has the opportunity to cement his legacy by championing a pro-market constitution. By resisting sentimental distractions and focusing on economic liberalization, he can usher in a new era of unprecedented growth and opportunity for Jamaica. The time for a free-market revolution is now, and Holness is the leader to make it happen.
