Gian Gandhi
by Orlando Pulido (freelance writer)
SANTA ELENA, Cayo District, Thurs. Mar. 6, 2025
The fifth Gian Gandhi Lecture was held at the University of Belize (UB) Jaguar Auditorium this past Wednesday, March 5, in Belmopan. It brought together leading experts from Belize’s Ministry of Finance in honor of Gian Chand Gandhi, who left a large portion of his estate to the University of Belize.
The welcome address was given by Dr. Vincent Palacio, the president of UB. According to Dr. Palacio, Gian Gandhi left Belizeans with a space for critical thinking “on matters that shape our country’s future.”
UB faculty with Hon. Jose Coye, third from Right, and Financial Secretary Joseph Waight, second from right
Reflecting on Gian Gandhi’s life was Joseph Waight, Financial Secretary in the Ministry of Finance. According to Waight, Gandhi would work for Belize 14 hours each day; weekends and holidays were “immaterial.”
Upon arrival in Belize in 1978, Gian Chand Gandhi became a Crown Counsel in the Office of the Director of Public Prosecutions (DPP). In 1982, he was promoted to the post of Director of Public Prosecutions; and after four years as DPP, he was appointed as Solicitor General, a position he held for thirteen years.
But the main event of the day was a presentation by the Hon. Christopher Coye, Minister of State in the Ministry of Finance, Economic Development, Investment, Civil Aviation and Immigration. His keynote was entitled, “The Current State of the Belize Economy and the Outlook for the Future”.
Hon. Coye told the UB students that “Belize is one of the fastest growing countries in the Western Hemisphere, because of its bountiful natural and human resources.”
“What we have seen in 2023 [was] a slowdown, but a pick-up in 2024,” he further said.
Coye said that the Central Bank’s nowcasting model had projected Belize’s real Gross Domestic Product growth to be 5.1% in the fourth quarter of 2024.
Remaining largely stagnant at around $12,000 per annum between 2012 and 2019, income per capita at both real and nominal bases has seen a marked and steady increase since 2020.
On a nominal basis, between 2020 and 2024, income per capita increased by more than $6,000 or almost 60%, from $10,400 to $16,600.
Meanwhile, at the end of 2024, the overall fiscal deficit narrowed to $70.4 million or 1.0 % of GDP, and the primary surplus strengthened to $80.3 million or 1.2% of GDP from $6.0 million or 0.1%
Also, in September 2024, the unemployment rate stood at a historic low of 2.1%, when compared to September 2023 at 3.9%
Hon. Christopher Coye also shared that “we don’t have any devaluation risks at this time.”
However, challenges remain in labor force participation. Female labor force participation in September 2024 stood at 43.6 %, decreasing marginally from September 2023’s 43.8 %; while male participation dropped by a larger margin, from 71.4 % to 69.7 %
“The difference between the two [male and female] is the highest in the Western Hemisphere … that’s a policy issue that needs to be addressed sooner or later,” said the Hon. Coye.
Hon. Coye noted that Belize is ranked 3rd for risk from natural disasters and 5th for risk from climate change among small states. He added that its buildings, mostly located on or near the coast, valued at US$4.6 billion, are highly vulnerable to climate events—hurricanes and sea level rise. Also, in Belize there is a 46.6% chance each year of direct losses due to hurricanes, the highest of all countries analyzed.
While Belize “has been growing quite fast,” there are external factors that can impact our economy, he added.
Hon. Coye told Amandala, “The war in Ukraine, it has been ongoing for a few years now. The primary areas of impact of the war in Ukraine have been in terms of fuel prices and mainly fertilizer prices that have a knock-on effect on to food prices. So, it can have a continued inflationary effect. Prices have come back down [from] when it started to some extent in terms of fuel and fertilizer; but in terms of fertilizer, it has not come back to where it was. Beyond the war in Ukraine, certainly what develops in the US as far as tariffs is a concern. We have to pay closer attention to that, and make sure we do advocacy in the way that it serves our interest.”
Financial Secretary Joseph Waight also told Amandala that we are not immune to extraneous shocks.
Members of the audience in Jaguar Auditorium, Belmopan Campus
“Well, you know, if you have our major trading partners, U.S., Europe … if, imagine there is some natural disaster over there, or there could be perhaps, maybe even some conflict and things slow down at that end … as I said, you know, if these big economies sneeze we catch a cold. So we have to watch what is happening out there … we have little control … we are a very small dot in the ocean, a drop in the ocean. But the best thing that we can do is to manage our affairs well: generate savings; build our reserves so [if there] is a shock we could take it; saving money in the bank, just like personal finances … if you have a problem, you need that little push, you need a credit union account to see you through. Save what you can.” he said.
The Gian Gandhi lecture ended Wednesday with a live presentation by Shefalika Gandhi, niece of Gian Gandhi. Shefalika told the UB students, “We are living in very stressful and tumultuous times; by pushing through you can call on strengths of character … I wish you all the best at the University of Belize.”