Dear Editor,

The report that President Jagdeo will agree to an investigation into what transpired at Clico only if there is a corresponding investigation into the affairs of Globe Trust should be welcomed.  There can be a number of advantages from the investigation.  There will be the obvious assessment of the capabilities of the respective managements but, more important, is the state of the short-term (Globe Trust) and the long-term (Clico) credit market.  The long-term credit market suffers from a dearth of feasible projects which necessitates shifting long-term funds overseas.  That deficiency is usually the result of weak investment programming by the government.  A properly managed investigation may reveal more than President Jagdeo expects.

The President should request the Bank of Guyana to conduct the investigation and seek the assistance of experts and professionals like Professor Clive Thomas, Dr Laurence Clarke and Dr Lloyd Blenman.  These experts are busy but they will make time available to probe into an area about which too little is known.

I hope that we encourage the investigation that the President seems willing to undertake.

Yours faithfully,
Clarence F. Ellis