The need for transparency

Story Created: May 18, 2011 at 1:04 AM ECT

Story Updated: May 18, 2011 at 1:04 AM ECT

The need for greater transparency in business as well as governance is a universal problem. No nation is immune but developing countries (like Trinidad and Tobago) where the state often seems to be the biggest and most obvious source of revenue face an even more pronounced threat. Long a taboo subject in the international arena, issues like corruption caused by a lack of transparency have increasingly come to be recognised as a significant obstacle to economic and democratic development. Development over the last week that allege a lack of transparency over Government contracts and a Government Minister immediately suggest that the State needs to pay greater attention to how it directs its budget allocation decisions. At the same time it must ensure that the private sector is allowed to continue operating in an environment that allows it to move development forward, albeit in a transparent fashion. Government needs to be the leader in the battle against corruption, by promoting transparency and accountability, checks and balances and strengthening the rule of law. It is simply not good enough to respond months after warning lights first went off and a week after a headline brought the issue into the public domain. Even the perception of a lack of transparency could play havoc with Trinidad and Tobago's international reputation and could have destabilising effects on political stability and economic growth. The business sector can play the role of a support player in promoting greater levels of transparency and accountability, but it remains up to Government to lead the way. Vocabulary transparency governance immune revenue taboo corruption significant democratic allege budget allocation albeit accountability headline

domain perception destabilising sector