Loi M Bakani: Launching of the Ekonomic Society of Papua New Guinea
Address by Mr Loi M Bakani, Governor of the Bank of Papua New Guinea, on the occasion
of the launching of the Ekonomic Society of Papua New Guinea Inc, Port Moresby,
24 June 2010.
* * *
Interim President Mr. James Kiele, the rest of the interim executives of the Ekonomic Society
of PNG, fellow economists, ladies and gentlemen. I am indeed honoured to have been
invited to officiate at the launching of the Ekonomic Society of Papua New Guinea Inc. It is
an occasion that you and I can feel proud that we belong to the economic profession, and
now have a common venue to express our views and contribute meaningfully to debate and
discussion on public policy in PNG.
Before the accountants can account for how money is spent, before the engineers can
design bridges and roads and construct them, and before the lawyers can write our laws and
regulations, and take up legal cases, economists must decide on the allocation of scarce
resources - the economic policies that govern and dictate: the delivery of public goods and
services; and private investment and business decisions. One cannot help but think why is it
then that in PNG there has not been a professional body of economists, just like the
accountants, engineers and lawyers do have their professional bodies. To have a society or
association of economists and thus such an occasion today is therefore long over due. As
the saying goes, it is better late than never. So it is a proud and happy moment for everyone
who has achieved an academic qualification in economics or business studies or economics
major in a degree and who are employed in private or public sector applying some form of
economic technique or knowledge in one way or another, or who are still in the process
seeking employment, or who are self employed in town or in village applying what ever little
economic and decision making skills they have.
Why an Economics Professional Body?
There are some obvious and not so obvious reasons and purposes to have a professional
body for economists. I am happy to note that a lot of the reasons and purposes are provided
for in the Society's constitution.
Some of these are as follows.
(i) to promote teaching, study and application of economics and to contribute to the
development and maintenance of standards for education and instruction for
economists in Papua New Guinea;
There is a

Need for a good number of well trained economists, even to masters and PhD level

Institutions offering economics courses must be of international standard

Need for institutions offering economics courses to achieve and maintain parity with
international standards

Need for adequate teaching staff and quality learning facilities including specialized
library with current titles and up-to-date issues of professional journals

Fostering of proper application of economics as a decision-making tool in all facets
of public policy and private investment decision making
(ii) to encourage professional development and employment of economists;

In public and private sectors
(iii) to promote professional discussion of matters concerning the national economy;

Need for regular professional dialogues for fostering sound alternative rational policy
outcomes

Need for independent evaluation and commentary on official public policies and
issues
(iv) to conduct independent research and make impartial commentary on public policy
matters without fear or favour;

Need to reduce current dependence on overseas experts and researchers with
indigenous and home grown knowledge through professional research

Independent research and analysis can complement official policy and also provide
alternative insights
(v) to make proactive and timely contributions to research and development of public
policy; and

Need for regular forum or avenue for exchange of ideas
(vi) to facilitate dialogue between governmental organisations, nongovernment
organisations, community-based organisations and the private sector;

As a facilitator and coordinator in networking partnerships between all sectors of
society
(vii) to collaborate with other organisations both in country and overseas to further its
objectives;

To ensure parity with international body of knowledge, trends and reinforcement of
professional standards
(viii) to publish journals and other publications consistent with the advancement of the
objectives of the Society;

For imparting and dissemination of knowledge

Capture research findings for promotion of proactive dialogue and for historical or
inter-temporal comparisons
(ix) to organise and participate in gatherings such as conferences, forums, meetings
and workshops for discussion of economics and other matters at domestic and
international levels;

For proactive exchange of ideas and findings

For encouraging professional development
Beside all these, if we get ourselves organized the Society can get recognized by the
Government and other authorities, and can be called upon for advice and representation in
various forums and organizations. Economists are needed in the evolving economy of ours in
this changing and complex age of globalization. For economists have to make the important
decisions macro and micro economic policies and other public policies, planning for delivery
of goods and services to our people before; the lawyers to ensure the legal and governance
issues are in place and are followed; the engineers/architects to design and oversee
constructions of bridges, roads and buildings; and the accountants account and audit where,
what and how the funds were spent (according to budget or if there is a case of misuse of
funds).
Finally, the Society can be the vehicle, at the least, for us get to know each other in our
profession and exchange views and ideas, and socialize. Networking is an important element
of every professional's working life today.
I as the Governor of the Central Bank of PNG welcome very much the birth of this Society
and encourage all who are eligible to become members. I have asked all my Economics
graduate staff to join. The Bank supports this course as evident by it being the very first entity
to make a financial donation to the Society, under the former Governor. This fund has
enabled the Society to set itself up and eventually arrange this launching. I encourage other
employers of economists to assist the Society in its endeavours so it can grow and meet its
strategic objectives, and for the enhancement of the profession in the country. I note and
appreciate all the efforts by the four interim executives in initiating and ensuring the birth of
Association
this Society through the formal incorporation of the Society by IPA under
Incorporation Act on 19th December 2007 and in organizing the launching. It has taken this
long to have the Society formally launched but the important thing is the moment has arrived
and it is happening now. Thank you very much for that.
I am also pleased to note that the Society will hold its first full meeting in one month time to
elect the first full office bearers. I encourage all you potential members to pay up your
membership fees so you can be able to vote on that day and support the Society to see it
mature through time from this birth.
Let us take pride in our profession and in this moment - the launching of the Ekonomic
Society of Papua New Guinea. With all these words, I hereby declare that the Ekonomic
Society of Papua New Guinea is launched.
Thank you.