Christopher Taylor Hnanguie (LM) a globally acclaimed Macroeconomist has been involved in the transformations, reforms and development of economies in more than 30 countries around the world. Until recently when he returned to PNG, he was a Macroeconomist of the Asian Development Bank leading policy and structural reforms and development in Eastern Europe and across Asia-Pacific.
Hailing from the ranges of Boikin, Wewak, ESP, Chris is one Papua New Guinean that has been widely involved in the development of economies internationally throughout his decorated career. The name Chris is synonymous in the economic, banking and capital markets sectors as well as good governance and anti-corruption.
Sir Chris worked as an Economist for the Asian Development Bank and is recognized by the ICSC as the first Papua New Guinean national to be employed by an international development financial institution as a professional member of its staff cadre. Chris has worked with ADB for more than two decades across the globe before taking early retirement when he was offered the Executive Chairman of the Securities Commission job to return to PNG.
His good intent to return to PNG and share this unique exposure and experience with Papua New Guineans was shattered by politics which side-lined him as the Executive Chairman of the Securities Commission months after he took up the post. The capital markets is one technical area where he could have contributed substantially to the country’s development with is extensive experience had politics not interfered with the opportunity. Despite political interferences to appoint cronies to the position, Chris did contribute briefly to the country’s capital markets and as an ex-officio Director of the Board of the Bank of PNG.
Since his being sidelined by politics from the Executive Chairman post, Chris has been active in the country’s development as a practicing economist and a consultant for various government departments, and financial institutions including as the Chief Economist for the United Nations, as well as Senior Consultant Economist for the Department of Commerce & Industry, the NCOBA and the Autonomous Government of Bougainville leading the first of its kind in PNG – the Bougainville Socio-Economic Baseline Survey; the Valuation of Bougainville’s Natural Assets; and conceptualizing the Bougainville Economic/Investment Summit.
In the private sector, this talented development economist has ventured into raising the bar in the Valuation profession in the country. He registered several business entities with the IPA including the Pacific Capital Markets Institute, the Independent Evaluation Team, and recently together with one of the most prominent registered Valuers in PNG, Ms Janet MH Yagur they created the CJ Valuers Limited – an independent valuation company providing Property, Company/Business and Security valuations, as well as training and consultancy. CJV Valuers aims to capture 50% of the market share in the next 5 years and has the eye to capture a sizable share of the valuation business in the Pacific.
The co-founder and CEO of CJ Valuers Ms. Janet MH Yagur is a strong willed, vibrant and dedicated female entrepreneur who has been in the valuation profession for over 20 years. As the principal valuer of CJ Valuers, Ms. Yagur has a record of over a 150,000 valuations conducted across PNG covering all aspects of the valuation profession. Through her insights she has welcomed the wisdom and the quality asset in the calibre of Mr. Hnanguie. Chris is the Managing Director/Chief Economist of CJ Valuers and provides strategic oversight and capacity enhancement of the company. He brings in not only economic, finance, business insights but the global best practices only a handful of SMEs in PNG have.
At the onset, being a global banker and returning to PNG and contributing significantly to a local SME is profound. Mr. Hnanguie believes in upholding the rule of law and due processes and hence whilst being the Managing Director of CJ Valuers Ltd, he is a registered Company Director with the PNG Institute of Directors – something not many SMEs in PNG are priveledged to have. This brings a lot of confidence to the staff of this vibrant team dedicated to build a successful PNG company under one of its own success story.
When asked, what inspires him, Chris noted that, “Papua New Guineans striving to be better and excel in what they do. It inspires me to see the co-founder of the company Ms. Yagur who laid the foundation of CJ Valuers with Yagur Property Valuations. This formed the basis for CJ Valuers to take-off. Whilst the COVID-19 pandemic forced many SMEs to scale back or simply wind-up, CJ Valuers was transforming, branding and consolidating to be a powerhouse in the valuation business. They acknowledge this to an important client – the Kina Bank Limited. Like all businesses and sectors we have learnt and adapted to maintain our efforts in catering for our clients and fostering new ties and relationships especially in retaining and expanding our client base”. As the “wind beneath the wings”, Chris oversees and ensures that the competitiveness of the firm rests in the quality and timeliness in the delivery of its products and services. Whilst Chris’ and Ms Yagur’s reputation brings confidence and credibility to the firm, it’s the multi-disciplinary approach with strong advanced technological tools to that is giving the cutting-edge notch to CJ Valuers that stands out from other valuers or rivals fall behind.
Development of the valuation industry is also of utmost importance to CJ Valuers especially in terms of educating and promoting women in business as the company believes that it’s also about equal opportunity and making people aware that gender empowerment in the industry is a major aspect in the overall development process of the country.
When asked about the state of the economy, Sir Chris said “the structure of our economy is built on natural resources such as the extractive industries like mining and petroleum as well as the tree crop commodities. Hence its behavior is cyclic and subject to the global demand for our commodities where we thrive when the demand for our resources are high and we fall when the demand is low. The irony is over the past 40 plus years, we are yet to understand this simple cyclic nature of our economy and adopt so that when the economy is heavily rocked by external shocks we are able to sustain ourselves or not to fall so heavily on our face.
Recent years including at the peak of COVID restrictions, this was so evident. “Major players such as the private sector were affected seriously because movement and travel had been contained causing businesses to cut back due to certain policy measures. But as the situation on Covid -19 started improving, policy measures were relaxed and travel restrictions had been lifted and main contributors to the economy such as the private sector have gone back to business and economic activity is starting to flourish compared to the years when the pandemic had hit hard. When I was with the United Nations, I was tasked to conduct the Socio-economic Impact of COVID-19 on PNG, to look at how business as well as the vulnerable groups of society were affected, the report is now online.
All in all, its time for PNG to better prepare for rainy days. When is the Sovereign Wealth Fund going to be established? When are the Special Economic Zones going to be properly regulated? These are some areas that can help cushion the economy when it falls. PNG is in its new chapter – elections are here and the country has lost a significant number of its founding fathers ranging from the Great Grand Chief Sir Michael Somare to Sir Paulias. The coming election would be a major transition in PNG’s overall political and economic system. Papua New Guineans need to look at things in a policy or systematic way on how to cast their votes, our voting system goes with whoever that provides at that particular time and day.
When asked about what he observed to be a challenge as one of the most demanding aspects of his career as an economist? He explained on how PNG politics has continuously interfered and hindered with economic progress – it is sad to see how undue political interference has destroyed the public service. When I returned to PNG I did not get the opportunity to share some of those unique exposure and experience and global best practice in PNG, especially in building the countries Capital Markets which is the piston of the economy and the right gear for creating wealth for our citizens. We can’t afford to allow politics to interfere in all aspects of our economy.
Prior to getting into the valuation industry as Managing Director for CJ Valuers, Chris has been recognized for his achievements and efforts in the economic and financial sector and has received multiple awards at both the local and international level from multiple governments around the world including the governments of Vietnam, Laos and Kazakhstan for significant contributions to economic management. In PNG he was awarded PNG’s Logohu Medal (LM) in recognition for his services in Economic Management and for upholding the principles of good governance.
Chris holds 3 Masters Degrees including a Masters in Business Administration, a Masters in Business Economics, and a Masters in International Political Economy. He also holds a Bachelor degree in Economics and Political Science from the University of PNG.
Currently he is also a senior Consultant Economist to the Commerce & Industry department and the Autonomous Bougainville Government in the country. Christopher Taylor Hnanguie also Lectures in the Master of Business Administration, and the Master of Economics and Public Policy programs at the University of PNG. He is completing his book entitled “Papua New Guinea the Trillion Dollar Economy: Why So Rich Yet So Poor?”
