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Antigua and Barbuda’s Parliament has approved a controversial plan to transfer ownership of the Jolly Beach Resort to the Social Security Scheme, as the government faces mounting criticism from the opposition over the fund’s long-term viability.
The move, approved four months after Cabinet first signed off on the EC$75m investment, will see the government inject funds into the scheme while settling part of its debt by transferring the resort’s ownership. CLICK HERE TO JOIN OUR WHAT’S APP GROUP
Prime Minister Gaston Browne defended the plan during Monday’s debate, calling it a cornerstone of his administration’s “empowerment capitalism” model. CLICK HERE TO JOIN OUR WHAT’S APP GROUP
He argued that real estate investments would yield higher returns than bank deposits and predicted Social Security could generate a surplus of EC$60m annually from 2026. Browne also pledged a government guarantee to cover potential losses.
However, opposition MPs branded the decision “reckless” and “scandalous,” arguing the fund needs liquid cash, not a debt swap involving what they called a “failed asset.”
Leader of the Opposition Jamale Pringle called for more transparency, including a full valuation of the resort, while MP Sherfield Bowen dismissed the investment strategy as unrealistic.
Barbuda MP Trevor Walker raised concerns over missing financial statements and actuarial reports, saying the public deserves full disclosure.
Despite vocal resistance and protests outside Parliament, the resolution passed with the government’s majority, setting the stage for ongoing national debate about the future of Antigua and Barbuda’s Social Security Fund.
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Oh they did? I am sooooo surprised!!!!
PM Browne is thinking outside the box, I’ll give him that. But bold doesn’t mean bulletproof. Guarantee or not, using Social Security to cover for government mismanagement of Jolly Beach is like paying off a credit card with another credit card.
Investing pension funds into a hotel that has failed before is not strategic, it’s speculative. The elderly who depend on this fund didn’t sign up to be hotel shareholders. If it goes south, the government ‘guarantee’ won’t mean much when bills are due and money isn’t there.
WOW!
What is so hard to understand? No pension fund in the world is doing well. We are no different. People are living longer. Not enough money is going in and bank’s are offering 1% interest. All pension funds are investing to pick up the slack. But 1%? Really?
Gaston Browne is thinking outside the box because he is a financial genius.
But the bottom line is that even if Jolly Beach fails as a hotel, Social Security will still own the valuable asset which can then be sold for a massive profit.
What is so hard to understand? Are our people really this ignorant and stupid?
I never doubted that this will go through and I give the government kudos for ita forward thinking. I hope this doesn’t come back to bute us all in our ass
IF WE RECALL, JOLLY Harbour PROPOSED SALE WENT FROM A LITTLE OVER A 100 MIL. TO ALMOST NOTHING.
see ANR news articles on prior sale proposals on the property.
@Biggs…Go and teach the Class!!!