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ECCB Governor’s Residence Controversy: PM Browne Calls for Governance Reforms
Prime Minister Gaston Browne has addressed the controversy surrounding the Eastern Caribbean Central Bank (ECCB) governor’s residence, calling for stronger governance and oversight in financial institutions following revelations that the property cost $22 million EC.
“There are governance failures there, and we’re going to have to strengthen the reporting mechanisms and the accountability mechanisms,” Browne said.
While acknowledging the concerns raised by St. Vincent and the Grenadines Prime Minister Ralph Gonsalves, Browne said he does not have enough details to make a final determination on the issue.
“At this point, until we get a proper report, we may have to set up some independent committee to look at this issue,” he said. “I feel it may be a little injudicious for me to come to any conclusion at this point other than to say that the amounts that were spent on the building have raised concerns.”
Browne confirmed that the ECCB Monetary Council, which includes finance ministers from the eight Eastern Caribbean Currency Union (ECCU) countries, has not yet met to discuss the matter.
“The Monetary Council has not met as yet. I’m sure we’ll have to meet at some point to look at this issue,” he stated.
Browne said that while the spending appears excessive, there is no evidence of corruption or personal wrongdoing by ECCB Governor Timothy Antoine.
“I don’t know that we can escape the responsibility,” he noted. “Maybe perhaps it’s a little premature for me to make any definitive statements at this time other than to say that the matter has to be dealt with and resolved.”
He added, “At this point, there’s no evidence that the governor himself had sought to be excessive, and certainly, I don’t know that I have seen any case of corruption.”
However, Browne insisted that better governance structures must be put in place to prevent similar situations from occurring in the future.
The $22 million cost of the residence has sparked significant public debate, with Gonsalves describing the project as “excessive and lavish”. Critics have questioned why such a large sum was allocated for housing while many Eastern Caribbean nations face economic challenges.
Browne acknowledged these concerns and said that the Monetary Council will have to address the matter publicly once a full review is conducted.
Browne also revealed that he has been asked to take over as chairman of the ECCB Monetary Council earlier than expected, following a change in government in Anguilla.
“The Monetary Council has not met as yet. I should add here too—just a little caveat—I am not the chairman of the Monetary Council, although there has been a request for me to serve,” he said.
Browne explained that while he was expected to take up the position in July, he has been approached to assume the role immediately but has not yet accepted.
“I have been asked to take it up from now, but I have not accepted,” he clarified.
As discussions continue, Browne said the main priority should be ensuring stronger financial oversight at the ECCB moving forward.
“What I will say is that at some point, the Monetary Council will meet and discuss this issue, and certainly we’ll have to keep the public informed as to how this matter is ultimately resolved,” he concluded.
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So Browne now calling for reforms after all this come to light? Why wait till controversy start?
This ECCB thing smelling real off. How nobody ain’t notice this from long time?
The media is playing football with one of the most important and impactful institutions in the OECS.
In broad terms it is a governance failure, no doubt about it. It is also a failure of leadership within the member countries in every which way.
It is agreed that the previous Central Bank Governor’s recognized as a stately building was in disrepair.
No one has made a public case as to why the previous Governors compound wasn’t repairable.
At the end of the day, rather than an independent investigation by parties who have no political or financial ties; we will see a watered down report of excuses that led to the current situation.
The media will stir up political outrage along the way; but will not produce reporting that leads to reform of the system.
For the media; it is always who has an axe to grind leading to the creation of page views, or listeners.
Until this travesty was made public, few people cared, or were concerned about the ECCB.
Most OECS community of people are not aware of how this institution affects their daily lives.
This provides an opportunity: there are so many issues to be covered about this institution, beyond the cost over-runs of this one project.
In the end it’s like dumpster diving all over again.
The OECS community will just move on without the requisite reforms.
PM talking big on reform, but what he really plan to change? Need to see real steps.
Same old, same old. Them only cry for reform when the public start making noise.
Governance reform good and all, but who go be watching the watchers?
This is why people don’t trust these big institutions. Too much behind-the-scenes dealings.
What’s being thought of many behind-the-scenes dealings were obvious; and in many cases very obvious.
Prime Minister Gaston Browne and Antione as Governor of ECCB maintain a bro relationship which was obvious.
They always gave compliments to each other; which was not extended to other heads of State within the OECS.
It’s going to be very hard for PM Browne to take over the remaining term of his predecessor.
PM Browne needs a “plausible excuse” for not Chairing the ECCB in the initial stages of any investigation against his buddy.
He can always say he inherited the investigations.