{"id":247378,"date":"2025-08-23T09:25:22","date_gmt":"2025-08-23T13:25:22","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=247378"},"modified":"2025-08-23T09:26:14","modified_gmt":"2025-08-23T13:26:14","slug":"the-transfer-of-jolly-beach-to-social-security","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/the-transfer-of-jolly-beach-to-social-security\/","title":{"rendered":"The Transfer of Jolly Beach to Social Security by Prime Minister Gaston Browne"},"content":{"rendered":"
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A\u200b S\u200btrategic I\u200bmperative B\u200by P\u200brime M\u200binister G\u200baston B\u200browne<\/strong><\/p>

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G\u200bovernment of A\u200bntigua and B\u200barbuda \u2013 A\u200bugust 2025<\/strong><\/p>\n\n\n\n

I\u200bn 2014, our A\u200bdministration embarked on a bold journey: to rebuild A\u200bntigua and B\u200barbuda by harnessing our people\u2019s talents, skills, and goodwill. <\/p>

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W\u200be envisioned not mere recovery but transformation, turning our unitary state into a C\u200baribbean economic powerhouse. F\u200brom day one, we knew transformation wasn\u2019t instant or inherited. <\/p>

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I\u200bt would demand our generation\u2019s sweat, intellect, perseverance, and a dramatic break with the old colonial extractive model.<\/p>\n\n\n\n

W\u200be coined a new paradigm\u2014 \u201cE\u200bntrepreneurial S\u200bocialism\u201d or \u201cE\u200bmpowerment C\u200bapitalism\u2014a system under which the S\u200btate partners with the private sector to generate profits that are then socialized through taxes and dividends, fueling social and economic development.<\/p>

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I\u200bn this model, the government must be entrepreneurial: seeking strategic investments, aligning public and private incentives, and ensuring that every dollar of profit enriches our people rather than departing abroad.<\/p>\n\n\n\n

A\u200brchitecting our development means crafting a destiny of creativity, ownership, and self-reliance. <\/p>

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I\u200bt demands that each citizen embrace hard work, strategic thinking, and an entrepreneurial spirit\u2014whether at the micro level of individual enterprise or the macro scale of national infrastructure.<\/p>

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A\u200bccordingly, we have invested heavily in education and skills training so that all A\u200bntiguans and B\u200barbudans can be qualified to participate at the highest levels of our nation\u2019s advancement.<\/p>\n\n\n\n

W\u200be have already demonstrated the power of this approach. W\u200bhere once significant assets belonged to foreign owners, they now belong to our people.<\/p>\n\n\n\n

F\u200bor instance, W\u200bI\u200bO\u200bC\u200b, formerly foreign-controlled, is now majority-owned by the government and people of A\u200bntigua and B\u200barbuda. I\u200bts retained profits and dividend payments\u2014over E\u200bC\u200b$160 million in the past decade\u2014have been invested to drive further growth. <\/p>\n\n\n\n

A\u200bnother example is that, benefiting from the G\u200bovernment\u2019s policies to ensure C\u200banadian bank branches could only be sold to domestic banks, our domestic banks posted combined profits of E\u200bC\u200b$110 million last year.<\/p>\n\n\n\n

T\u200bhese profits remain in our economy rather than being repatriated abroad.<\/p>\n\n\n\n

T\u200bhe next logical step in our national blueprint is focused on the J\u200bolly B\u200beach H\u200botel and how it can be utilized to maximize the returns on investment through our S\u200bocial S\u200becurity S\u200bcheme. <\/p>\n\n\n\n

B\u200by transferring ownership of this tourism resort to the S\u200bocial S\u200becurity S\u200bcheme, renovating and expanding it under E\u200bmpowerment C\u200bapitalism, we will generate sustainable profits for our people and fortify the pension scheme that safeguards their livelihoods in retirement.<\/p>\n\n\n\n

W\u200bhen some in the O\u200bpposition insisted on selling to foreign interests, I\u200b was flabbergasted. S\u200buch an action would not only fail to \u201cemancipate ourselves from mental slavery,\u201d but it would also send the profits from our people\u2019s investment abroad.<\/p>\n\n\n\n

T\u200bhis is why we opted to exchange this irreplaceable real-estate asset for a portion of our delinquent bond, thus reducing our debt while earning a higher yield from the investment in the S\u200bocial S\u200becurity S\u200bcheme\u2019s investment assets\u2014a clear win for A\u200bntigua and B\u200barbuda.<\/p>\n\n\n\n

T\u200bo suggest that only a foreign godfather could make J\u200bolly B\u200beach succeed is to cling to the dependency and risk-aversion syndrome we have spent a decade overturning.<\/p>\n\n\n\n

W\u200be have invested hundreds of millions of dollars in educating thousands of our citizens. W\u200be possess the intellectual capital, creativity, and resilience to make the J\u200bolly B\u200beach H\u200botel and every other project a triumphant testament to our nation\u2019s capacity and great potential.<\/p>\n\n\n\n

N\u200bo country advances by standing still or waiting for validation from abroad. W\u200be must be both the sponsors and the architects of our development.<\/p>\n\n\n\n

A\u200bs your elected P\u200brime M\u200binister, I\u200b stand ready to build alongside you, leveraging our broad talents, indomitable spirit, and unified strength to realize our vision of a vibrant nation.<\/p>\n\n\n\n

I\u200bn the following pages, you will find the detailed plan for transferring the J\u200bolly B\u200beach H\u200botel to our S\u200bocial S\u200becurity S\u200bcheme. U\u200bnder this plan, the S\u200bocial S\u200becurity S\u200bcheme converts a non-performing E\u200bC\u200b$330 million government bond into a performing asset transferred at a set-off value of E\u200bC\u200b$137.7 million (U\u200bS\u200b$51.0 million). ‘<\/p>\n\n\n\n

B\u200based on the ten-year sales plan in this booklet, the project delivers net receipts of E\u200bC\u200b$392.75 million (U\u200bS\u200b$145.46 million) into a dedicated, third-party escrow account over ten years.<\/p>\n\n\n\n

T\u200bhat is more than twice the E\u200bC\u200b$192.3 million residual on the original bond.<\/p>\n\n\n\n

A\u200bt the same time, the value of the asset will increase exponentially.  T\u200bhis strategic initiative will:<\/p>\n\n\n\n

\u2013 S\u200btrengthen the S\u200bocial S\u200becurity S\u200bcheme with a reliable, above-inflation revenue stream\u2014transforming a dormant liability into an engine of prosperity for every pensioner;<\/p>\n\n\n\n

\u2013 E\u200bxpand national ownership of productive enterprises, ensuring that profits remain in A\u200bntigua and B\u200barbuda to be reinvested in schools, hospitals, and infrastructure;<\/p>\n\n\n\n

\u2013 E\u200bmpower our homegrown managers, giving A\u200bntiguans and B\u200barbudans trained in hotel and corporate management the opportunity to lead, innovate, and grow their careers and our economy.<\/p>\n\n\n\n

-P\u200bay off the residual amount of E\u200bC\u200b$192.3 million on the original bond of E\u200bC\u200b$330 million.<\/p>\n\n\n\n

T\u200bogether, we will secure tomorrow\u2019s pension checks and forge a broader culture of ownership and professional excellence. <\/p>\n\n\n\n

L\u200bet us move forward confidently, knowing that by building the J\u200bolly B\u200beach H\u200botel into a world-class, citizen-owned enterprise \u2013 owned by the S\u200bocial S\u200becurity S\u200bcheme \u2013 we are advancing the interests of all A\u200bntiguans and B\u200barbudans, and laying another firm cornerstone of our economic powerhouse.<\/p>\n\n\n\n

Y\u200bour faithful servant.<\/p>\n\n\n\n

G\u200baston A\u200b. B\u200browne M\u200bP\u200b<\/p>\n\n\n\n

P\u200brime M\u200binister and M\u200binister of F\u200binance and E\u200bmpowerment<\/p>\n\n\n\n

S\u200bee P\u200brinting F\u200bull T\u200bext of J\u200bolly B\u200beach H\u200botel; S\u200bocial S\u200becurity S\u200bcheme B\u200booklet:<\/strong><\/p>\n\n\n\n

F\u200bor P\u200brinting F\u200bull T\u200bext of J\u200bolly B\u200beach H\u200botel; S\u200bocial S\u200becurity S\u200bcheme B\u200booklet<\/a><\/p>\n\n\n\n

For-Printing-Full-Text-of-Jolly-Beach-Hotel-Social-Security-Scheme-Booklet<\/a>Download<\/a><\/div>\n
\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

A\u200b S\u200btrategic I\u200bmperative B\u200by P\u200brime M\u200binister G\u200baston B\u200browne G\u200bovernment of A\u200bntigua and B\u200barbuda \u2013 A\u200bugust 2025 I\u200bn 2014, our A\u200bdministration embarked on a bold journey: to rebuild A\u200bntigua and B\u200barbuda by harnessing our people\u2019s talents, skills, and goodwill. W\u200be envisioned not mere recovery but transformation, turning our unitary state into a C\u200baribbean economic powerhouse. F\u200brom day one, […]<\/p>\n","protected":false},"author":12,"featured_media":215179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-247378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nThe Transfer of Jolly Beach to Social Security by Prime Minister Gaston Browne - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/the-transfer-of-jolly-beach-to-social-security\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Transfer of Jolly Beach to Social Security by Prime Minister Gaston Browne\" \/>\n<meta property=\"og:description\" content=\"A\u200b S\u200btrategic I\u200bmperative B\u200by P\u200brime M\u200binister G\u200baston B\u200browne G\u200bovernment of A\u200bntigua and B\u200barbuda \u2013 A\u200bugust 2025 I\u200bn 2014, our A\u200bdministration embarked on a bold journey: to rebuild A\u200bntigua and B\u200barbuda by harnessing our people\u2019s talents, skills, and goodwill. W\u200be envisioned not mere recovery but transformation, turning our unitary state into a C\u200baribbean economic powerhouse. 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