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Dear Editor,
The recent public outcry led by former Finance Minister Harold Lovell over the government’s $75 million investment from the Social Security Fund into the redevelopment of Jolly Beach Resort is not only short-sighted but also lacks vision and understanding of modern economic realities.
Let us set the record straight. This is not a reckless gamble. It is a strategic, calculated investment backed by clear profit potential, global precedent, and a long-term view of national economic resilience.
Jolly Beach Resort, even in its current underdeveloped state, is already generating US $1.5 million in annual profits.
With a targeted upgrade and competent, transparent management, this figure can easily double to $3 million annually, offering a reliable income stream that not only protects pensioners but also enhances the sustainability of the Social Security system.
Unlike traditional investments that offer fixed, modest returns, this is an opportunity to diversify the Social Security portfolio in a way that yields both revenue and national economic stimulus.
Regionally, there are numerous examples of pension and social security funds successfully investing in tourism and related sectors to boost returns and economic development.
Barbados’ National Insurance Scheme invested in the Hilton Barbados, a move initially met with skepticism but which has since proven to be one of their most lucrative and stable assets.
Similarly, the National Insurance Board of Trinidad and Tobago holds investments in major real estate and hospitality projects that have contributed significantly to their fund’s growth.
Jamaica’s National Housing Trust also engages in developments that not only generate returns but address national infrastructure needs.
These examples demonstrate that responsible investments in local industries can provide steady income streams and stimulate economic growth.
On the international stage, sovereign wealth and pension funds have also embraced strategic investments beyond traditional stocks and bonds.
The Norwegian Government Pension Fund Global, one of the most successful pension funds in the world, actively invests in energy and real estate sectors.
The Canada Pension Plan Investment Board similarly invests in infrastructure and hotels globally to secure returns beyond traditional fixed income.
These funds have shown that with proper governance and professional management, investments in real assets such as tourism can be both prudent and profitable.
Despite claims to the contrary, the Social Security Act does not forbid investment in profitable ventures. The law requires investments to be sound, prudent, and made in the best interest of contributors.
With the proper structures, transparency, and oversight in place, this investment ticks all those boxes.
Furthermore, the involvement of a revitalized Jolly Beach under public ownership helps to retain national assets for the people, creates jobs, boosts tourism revenue, and strengthens the economy, generating a ripple effect that will ultimately benefit all citizens, including pensioners.
Mr. Lovell’s doom-and-gloom scenario deliberately ignores the hard truth.
Social Security’s long-term survival depends on growth, not stagnation.
By investing in a profitable, job-creating sector like tourism, especially at a time when global travel is rebounding, this administration is not gambling but safeguarding the future of Social Security and the economy as a whole.
We understand the skepticism. After all, trust in public projects must be earned. But let us not confuse healthy scrutiny with blind opposition.
The Jolly Beach investment is bold, but it is also smart, timely, and necessary.
This is not about politics. It is about seizing the opportunity to transform a dormant asset into a powerhouse of economic and social returns.
If managed transparently with robust oversight and professional standards, this investment can become a model for sustainable national development rather than a cautionary tale.
The time for timid thinking has passed. The time for action is now.
Anonymous
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Blah! Blah! Please come right out Gaston and put your name, because you are know and not anonymous.
You keyboard happy self praising freak.
If managed right, this could bring real returns for the people.
Me just hope dem do proper oversight and not waste pension money.
Hope it bring back jobs and restore some pride in Jolly Beach.
Dem better fix the place proper. It been rundown too long.
Honestly, Pension fund should be safe and steady—not gamble with it.
No money to pay pensions but plenty to gamble in a hotel and this govt real good at project management, right ?
Sell it. Use the money where it is needed, water, electric and roads.
But I’m years behind with receiving my payments this is the ABLP govermet yall praise. While Gaston and his members living lavishly off our backs look at the massive house Gaston building which is just him being boastful. The road repairs are full of mediocrity because there no drainage included and the materials used is is cheap.
Some of you are just bitter, short-sighted and jealous. That’s why we are so stagnant and behind, and then we wonder why. It can be sold dummy, but then the money done and there’s none coming in to replace it. Investing creates long term cash flow once done and handled properly.
@FC: We might be short sighted but you are totally blind