CABINET NOTES- The Cabinet of Antigua and Barbuda addressed recent public comments made by former Finance Minister Harold Lovell concerning the Government’s decision to support the Social Security Scheme’s investment in the redevelopment of the Jolly Beach Resort.
Mr. Lovell criticized the plan as “reckless,” alleging a lack of financial transparency and warning that the move posed a serious risk to the long-term stability of the Scheme. However, the Cabinet rejected these claims as unfounded and politically motivated, noting that the failed former minister’s remarks do not reflect the legal or economic realities underpinning the initiative.
Cabinet members emphasized that a formal legal opinion provided by a respected legal expert confirms that the Government holds the lawful authority to facilitate investments pursued by the Social Security Scheme. This is supported by international precedent, as many social security entities worldwide engage in diversified investment portfolios to ensure sustainability and income generation.
The Attorney General cited Section 14 of the Social Security (Amendment) Act of 2016, which states:
“The investment of money to the Fund not otherwise required shall be made by the Director in accordance with the directions of the Investment Committee and the Investment Policy Statement and ratified by the Cabinet.”
On June 10th, the Cabinet approved a strategic decision for the Social Security Scheme to invest in the Jolly Beach Resort, a profitable venture. Under this initiative, the Government will inject $75 million EC dollars into the Scheme to support the resort’s expansion into a 500-room facility, including a new condominium section that will be marketed under the Citizenship by Investment Programme (CIP).
This investment forms part of a broader government strategy to build a sustainable investment portfolio for the Social Security Scheme, reducing its sole dependence on payroll contributions and enhancing its financial resilience.
The Cabinet reaffirmed its commitment to the initiative, citing its record in several successful government-led investment projects, including:
- The Eastern Caribbean Amalgamated Bank (ECAB)
- The restructured LIAT 2020
- The acquisition and growth of the West Indies Oil Company Limited (WIOC)
These ventures, the Cabinet noted, demonstrate the Government’s proven ability to engage in responsible investment strategies that yield long-term national benefits.
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West Indies Oil Company? The $200 and little bit of dollars I get yearly can’t do shit, didn’t even see it show up in my account last year