On August 12, under what was then the threat of resignation from 7 cabinet ministers, the prime minister made an address to the nation, stating that social security would cease all investments in private enterprises. It was a move meant to allay public concerns that public money was being used to sponsor dubious private investments in enterprises owned by those close to the ruling party. But when he said "no" to private investments, the prime minister left the door open to public investments. And that's just what Social Security did. 4 days after the prime minister made his statement.
On August 16th., Social Security bought two thousand acres of undeveloped land in Northern Ambergris Caye for 6.8 million dollars. Last month, under pressure from the media to justify an investment in what seemed to be land speculation at a time when Social Security's investments were under scrutiny, general manager Narda Garcia defended the purchase, and challenged the media to prove that the land was swamp, as it had been widely described. Well, it took some doing, but our Alfonso Noble took up the challenge and files this report from Northern Ambergris Caye:
Alfonso Noble Reporting
Narda Garcia - General Manager SSB
"2,000 acres of swamp? I don't know where you got that from. Have you been there? Have you been there to see the land that was bought?"
Well Mrs. Garcia we decided to take that question as a challenge and decided to visit Northern Ambergris Caye where Social Security has purchased 2000 acres of land for 6 point 8 million dollars. And yes it's all swampland, mosquito infested and all.
Said Musa - Prime Minister
"I keep hearing all this talk about swamp land and all this. It's not all swamp land, please. You do have…."
Jules Vasquez
"It contains swamp"
Hon Said Musa
"It contains swamp. That's a different statement."
True it contains swamp, and seems to be mostly that. We took a chartered flight over Northern Ambergris Caye to view the entire area. As is evident from our footage it seems that the majority of the 22 thousand acres swathe which comprises Northern Ambergris Caye is covered with water. While there are areas that do not seem to be under water, 12 thousand of that is government reserve which takes up leaving 10 thousand acres. Social Security's three thousand acres is believed to fall somewhere in that remaining ten thousand - a part of this dense mangrove wetland.
Significantly, the entire area in question has no beach-frontage, as every foot of the highly valued beachfront from San Pedro Town all the way to the Mexican border is privately owned.
Even with all those considerable points of disfavor, speaking to us in September, Minister of State in the Ministry of Finance Jose Coye said that after revision of the investment it may not be a bad one after all.
Hon. Jose Coye - Minister of State- Ministry of Finance
"We have looked at that investment. Certainly it is one that we had singled out for questioning. And from the information that we had so far it would seem to me that the investment that the Social Security made is not an investment that I would consider to be an unwise investment. I wouldn't consider it to be such. But what I would say is that the timing was not good."
And while minister of state in the ministry of finance, Jose Coye thinks that this investment may still be worthwhile, all be it ill timed, our question to the good minister is: Couldn't this 6 point 8 million dollars have been invested elsewhere.
Well, the wisdom of the investment will be known in time, but when she spoke to the press in August, Garcia was clear and confident, even if no purpose had been determined:
Adele Ramos - Associate Editor - Amandala Newspaper
"What do you intend to do with it?"
Narda Garcia,
"I think that's a decision the investment committee and the board will make."
Adele Ramos,
"So the decision has not been made?"
But until they do figure out what they want to do with it; we have a recommendation: this place would make one heck of a malaria testing site.
Reporting for 7 News from Northern Ambergris Caye, Alfonso Noble.
In August G.M. Garcia stated that the one thousand acres that Social Security owned before the latest purchase, has been valued at 4.8 million dollars, making the 3.4 million dollars per thousand acres, a bargain in the estimation of the board of directors and its investment committee. Up to two weeks after the money was paid, no title had been transferred.