Speech: Official Launch of the 50th Anniversary of the Bank of Papua New Guinea
OFFICIAL LAUNCH OF THE 50TH ANNIVERSARY OF THE BANK OF PAPUA NEW GUINEA
Ms Elizabeth Genia AAICD, Governor (acting)
1 November, 2023
Daba namona and Morning Tru, Prime Minister, Hon Kessy Sawang Minister for Labour & Employment, Sir Yano Belo, Mr Augustine Mano Managing Director for MRDC, Distinguished Guests, Mr James Gore, Mr. Richard Kuna, Members of the Board, the Management and Staff of the Bank of Papua New Guinea, Ladies and Gentlemen.
Let me start by recognising the traditional owners of the land on which we stand, the Motuan and Koitabuan people, and pay respects to elders past, present and emerging.
Welcome to this special celebration, that has brought us all together, at this special place and on this Special Day, to mark the 50th Anniversary of the Bank of Papua New Guinea.
I invite you now, to travel back in time with me, to over 50 years ago, to the early 1970’s and a time before Independence – before the dawn of the internet or the advent of the mobile phone. A time, when even a landline connection, was considered unreliable.
The year is 1973 and the governing of the Territory of Papua New Guinea was still in Australian hands. The spot on which we stand was a Branch of the Reserve Bank of Australia and, while key decisions on economic matters and our fledgling financial system were made here, the stamp of approval still came from beyond our shores.
In 1973, the winds of change were altering the course of history and the dream of Papua New Guinea taking responsibility for our own affairs was slowly becoming a reality. Though still two years away from achieving Independence, our young and emerging nation would need strong and stable institutions to support a peaceful and inclusive society, as well as the leadership needed to embrace the challenges the future would bring.
A year earlier, elections in 1972 saw the formation of a coalition headed by Chief Minister, Sir Michael Somare, pledging to lead the country to self-government and beyond to Independence. Political Independence would require economic independence, and on this date, on the 1st of November, in 1973, the Bank of Papua New Guinea came into being.
The mantle of leadership was handed to a young Sir Henry ToRobert, our founding Governor – the first of seven to be permanently appointed, whose name this building bears, and stands to this day as testament to his enduring legacy.
There is little doubt the Bank would have been able to grow, and to evolve, as successfully as it has over the past 50 years, without the discipline instilled in us by the late Sir Henry. There are many among us here today, who served under him, and witnessed his dedication to the Bank – and his dedication to the staff. He believed in us, and we believed in him, and through him, we saw a window into the past, to a place where the Bank’s journey first began.
In the 20 years of his Governorship, the late Sir Henry established a workplace environment where real effort was valued, where hard work was acknowledged, and where life-long learning, and continuous skills development went hand-in-hand with mentoring and supporting others to reach their potential.
Today, is a time of reflection, as well as a celebration of our history, and at 50 years young, a history not yet fully lost to time, and I have with me some words that were spoken on that day, just 50 years ago.
They are from the hand of Sir Julius Chan, Minister for Finance at the time and delivered at a dinner on the evening of November 1st 1973 to commemorate the establishment of the Bank earlier that day. Sir Julius could not be with us today but very generously shared with us his speech at that dinner, and I would like to share some of that with you today, and I quote;
“Today marks a notable step forward in Papua New Guinea’s assumption of responsibility for managing its own affairs….I feel the successful birth of the Bank is an example of how to set about the difficult business of transferring power. I only wish that all our future transactions, whether in banking or any other field, could be handled in the same spirit of cooperation, and with the same care for detailed planning”
“The establishment of our own Central Bank is a step which is full of meaning for the future progress and development of this country….I trust that everyone here tonight appreciates the significance of what we are commemorating…. The Bank is, and must continue to be an expert institution. It must not, however, become an elite institution, removed from, and out of touch with, the needs and aspirations of the people it is ultimately set up to serve. This of course applies equally to all Government Departments, and is a thought which needs to be repeated frequently.”
“It is particularly important, however, in the case of this Bank, since it has responsibility for directing and controlling the financial system. The Bank must therefore first establish its own direction, and its own goals, and it can only do this well if it is tuned into the needs and wishes of its people. I believe that we have an opportunity in Papua New Guinea to do this – right from the start. I would therefore urge the Bank not to lose itself in research and statistics, important though they are, to an extent that will mean that its basic objectives are lost. In other words, the Bank needs vision, and a sense of purpose, as well as technical ability”
I wonder did Sir Julius know then that his words would resonate as strongly today as I’m certain they did 50 years ago today, at that dinner to commemorate the launch of Papua New Guinea’s Central Bank.
A month later, on December 1st, 1973, Papua New Guinea became self-governing and achieved Independence less than two years later in September 1975.
When we gather on occasions like this, when our thoughts are directed back – to just prior to our Independence, when history comes to life and we hear the same words echo as loudly today, as they would have back then, it highlights our humble contribution, when compared to the vision of our forebears.
We too have our Vision, our Vision 2050, which will guide us towards the middle of this century, where we envision our Bank to develop into a trusted and modern central bank by 2050, helping to oversee the social and economic transformation of the country and in creating the environment needed for economic opportunities for all Papua New Guineans. But on a day such as today, we reflect on our first 50 years, on the legacy we have inherited, and the responsibility we carry.
Just as the establishment of the Bank opened the door to our Nation’s Independence, 50 years later, we are tasked with contributing to an environment that will serve, as a gateway to economic opportunities for all Papua New Guineans.
This is the vision statement for the Bank’s first long term strategy, BPNG Vision 2050, which is aligned with the Government’s overall Vision 2050, with the objective of “enabling a dynamic and competitive economy.”
As we move forward through the next 50 years, I pledge to you today, that the Bank of Papua New Guinea will continue to play an essential role, in the development of our economy, and the financial health of our nation, just has it for the past 50 years.
May we embrace the legacy that we have inherited, with the good grace and humility, of those great men and women who have gone before, and have now passed the mantle, on to us.
Ladies and Gentlemen, Tanikiu Bada Herea, Tenkiu Tru.
It is now my honour to welcome the Prime Minister, Honourable James Marape MP, to share his thoughts with us.
Thank you.
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Elizabeth Genia