Antigua and Barbuda Government to Support Social Security Scheme Through Strategic Investment in Jolly Beach Resort
In an effort to strengthen the long-term viability of the Social Security Scheme of Antigua and Barbuda, the Cabinet has approved a strategic investment in the redevelopment of the Jolly Beach Resort.
As part of this initiative, the Government will inject $75 million into the Scheme, which will be directed toward transforming the Jolly Beach property into a 500-room resort.
The development will also include the construction of a new section featuring condominiums, which will be sold under the Citizenship by Investment Programme (CIP).
This new policy is designed to diversify and enhance the investment portfolio of the Social Security Scheme, allowing it to generate sustainable revenue through both contributions and income-yielding investments.
To facilitate this transformation, the Government will introduce amendments to the Social Security Act, enabling the Scheme to restructure and actively participate in commercial ventures.
The Cabinet has emphasized that the Jolly Beach Resort holds strategic significance for Antigua and Barbuda’s tourism sector.
This policy will ensure the property’s full refurbishment, expansion, and long-term profitability, reinforcing its role as a key contributor to the national economy.
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Mr. PM. All these measures you are taking are not helping Social Security. You are thinking like a businessmen and not like an accountant. You gave social security the Military Base, however you are the one controlling the base. Therefore Social Security really has no business in this asset. Actually any Auditor should disclose this in the financials according to IFRS Standard .
IFRS 15 states that: Control of an asset refers to the ability to direct the use of, and obtain. substantially all of the remaining benefits from, the asset.
IAS 16 and IAS 38:
IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets, provide specific guidance on recognizing and measuring assets within these categories. Both standards emphasize the need for the entity to control the asset and expect future economic benefits.
according to IFRS standards, an asset for which a corporation has no control and does not enjoy the economic benefits of should not be included in its Plant on the balance sheet. An asset must be controlled by the entity and capable of generating future economic benefits to be recognized as an asset in the financial statements, according to the IFRS Conceptual Framework.
All this is just to indicate that you need a different approach to the Solvency of the Funds. Do something like what was done when establishing the CCJ.
In the past Social Security was saddled with government lands to offset the debt of government. Since then Social Security has been liquidating lots of these lands and they have failed to book gains on these sales. Actually most of the times lands were sold below the market value to friends and company. May I say with no transparency nor accountability. Their was no public auction done by an INDEPENDENT Auctioneer. It was all sold and approved by one person ONLY. The Head Nigger in Charge.
You putting an investment in Jolly Beach and saying it belongs to Social Securitty is not the answer. Just leave it with NAMCO. What you can do is divest government share of WIOC and let Social Security hold some. Perhaps in the future when LIAT 20/20 is profitable you may trenasfer more share to Social Security. And please go to parliament and strnaghten the Social Security Act. Give the Board more authority and take away some of the Head Nigger in Charge. The Board Members are powerless at this point. And pass a law that will protect Social Security Funds from any government in the future. What happened in the past should never be able to happen again.
Another operational thing is to register everyone. Whether you are here legal or illegal you should be registered with Social Security, Medical Benefit and Education Levy. Once you work in this country you should contribute to the shemes. Lots of peole working illegally can don’t pay anything. Especially in the hotel sector and the construction sector. The UPP use to do what Trump is now doing. Go on the job site and arrest them. I say why do that. They have not committed any crime. They are actually contributing to the economy by through their labour. Anyway I know when it comess to Social Security you are playing deff. But I have to warn you of things. What you do is your prerogative. The Box stops with YOU.
500 rooms? jolly beach resort? ABTA positioning us as luxury.
Where?
Physically the property appears to be hemmed in by the new Jolly Harbour Development & the new Ayre & Nikki Beach Developments.