CABINET NOTES: The Cabinet invited the Governor of the Eastern Caribbean Central Bank (ECCB) to present his Country Report on Antigua and Barbuda, and the Bank’s Report on the economic performance of the ECCU region, to make projections and recommendations for strengthening the state’s and the region’s economic performance.
For two hours, the Governor of the Bank held an interactive session with the Cabinet, addressing a wide range of issues that hinge on good economic performance in Antigua and Barbuda, and throughout the other ECCB member countries.
The Governor declared that resilience is the watch word that all the member countries must adopt. They must in fact “bounce forward” following every crisis.
He noted, for example, that Antigua and Barbuda’s health system has been significantly strengthened in the post-Covid era.
There are now more nurses and doctors, medical personnel, hospital beds, poly-clinics and other health infrastructure available than before the pandemic.
The Governor noted that the Antigua and Barbuda gross domestic product (GDP) stands at 5 Billion EC dollars.
What, he asked, would it take to double the size of the economy? What would it take to double income in Antigua and Barbuda?
The governor noted that while 60% of adults in the United States invest in financial instruments, only 4% of the Antigua and Barbuda people invest in financial instruments.
While savings in Antigua and Barbuda exceed 2 Billion EC Dollars, bank interest rates are at 2%, which is lower than the rate of inflation.
More Antiguans and Barbudans need to invest in financial instruments than is now taking place.
He noted that inflation is declining; in the United States; latest figures show inflation at 4%. Antigua and Barbuda imports inflation which tracks the rate in the United States, such that inflation stands at about 5%.
Nevertheless, the National Debt-to-GDP-ratio has been declining; the acceptable ratio is 60%.
The Governor of the Central Bank and his team will make the rounds to the Bankers Association, the Chamber of Commerce and Industry, to the Barbuda Council and others before departing on the weekend.
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Each citizen should have access to their $45, 454.54.
I wish the Governor would hold a Townhouse Style meeting to listen to the complaints of the people about the role of the banks on our Island and what it is the ECCB can do for us.
How the ordinary person can invest in instruments other than CD’s
The banks are certainly not encouraging us. As far as the banks are concerned, we can leave our monies with them and stay poor for the rest of our lives. They are not in business to see anyone of us grow in wealth.
Not surprised of this GDP figure which is not relevant to the poor and black people of Antigua. It’s the increase in foreign exchange extraction in areas like large sums of monies on sale of real estate properties in Barbuda lands that drive it up and alienate the poor and reducing our ability to get financing on low interest loan rates. Some times I wonder if our black dealers not leaders cannot consider it’s ethnic humanity placement in this world after 400 years as chattel slaves, to becoming a bit educated to assist the neocolonial in it perpetual wealth extraction just as cotton and cane was. Are we children of a lesser god ? To continue this crabb in a barrel syndrome between all Caribbean ruling and opposition party climbing on each other’s back to an elevated height to pass the resources to the whites, and the little they steal is still control by white financial institution in offshore banks, we cut each other’s throat to be elected to serve white monopoly capital wealth expansion. Please give me hope that we are not animals as the racist description opine, and we will find our humanity some day to love our black race and empower them.
Once again Burford did a great job interviewing the Governor of the ECCB. We have learned a lot. And what most touched me is that the Governor was made aware of the bad customer service of the banks. But as he said he had no authority to do something about it. But he will let them know in his meeting today that they should listen to the customers and improve their relationship. And the ECCB will establish an OMBUDSMAN where people can go to and report issues. Too long the banks have taken their customers for granted. They are very disrespectful to their customers. Young and Old are made to stand outside in the hot sun, waiting to get in to be served. Governor, I thank you for having listen to the Antigua and Barbuda people and I hope you can make a difference in how we experience doing banking in this country.
Dear Governor, please make it your mission to educate the people of this twin Islands State to understand what GDP means and how it translates to the average man/woman on the street. I am tired of trying to do so. And in particular the UPP and their cronies do not seem to understand this economic term. I have given examples such as a business growth in revenue. That doesn’t mean that all the staff suddenly get paid more. The increase in the country’s goods and services just means the economic pie is getting much larger. And indeed, a government needs to put policies in place to ensure that the pie is shared more equally. But the government cannot just go and take up monies and say, here all poor people an extra $1000 each for you for being a good citizen of this country. Everyone will have to position themselves to earn some of the cake. As we have seen for a couple of years now, construction workers are hard to come by. Everyone runs to PLH in Barbuda. Because there is plenty of work down there and they are paying very good. Like in the days of Stanford. He was sucking up all the good skilled tradesmen.
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