CLICK HERE TO JOIN OUR WHAT’S APP GROUP
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
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
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
In principle I’m not against this, but this ALP government doesn’t have a good track record, so most people are cautious. What is the plan? Who is the management team? Will the pensioners have transparency?
SOCIAL SECURITY SCHEME!! ALOT OF BUSINESS NOT PAYING INTO SOCIAL SECUIRTY AND MEDICAL BENIDEFITS TOO..
Dear Writer,
You know, at first, I didn’t want to comment on your article. As it is just full of love praise. No numbers to support your claims of why you believe it to be a good investment. Mentioning that many pension funds around the world invest in the tourism sector. Yes, that may be so. But perhaps it’s just a very small part of their investment portfolio, and perhaps they invest in hotel chains with a proven track record. I mean if Sandals offer shares to sell to Social Security, I would be the first to tell you that it is a good investment. And why? Because of the track record of Sandals. You mentioned Hilton Barbados. Well, the same thing here. Hilton has a worldwide track record. Jolly Beach on the other hand has been a failure of a hotel for many years. You know how many investors came to purchase Jolly Beach and could not close the deal. All because they came to one conclusion. The property itself is worth NOTHING. The land is. So, what any investor will do is demolish the buildings and build them from scratch. What I do not understand is what happened to whomever they had sold the hotel to when they were able to pay the staff their severance? Something doesn’t seem right here. Perhaps they only sold the part to Mr. Calvin Ayre. Which is the part that was previously the Tranquility Bay. And that property, if I’m correct, is still embroiled in legal suits. By the way people should know all this is part of the ABI Debacle, for which Lovell as the then Finance Minister carry lots of blame.
Whenever one wants to make a large investment, you need to present a prospectus or a white paper. I have not seen anything to make me agree with the PM or anyone else, for that matter, that the investment will be a good one. All speculative. Many people, when they go into business, only look at the bright side of life. And when you hold the mirror in front of them with the Worst-Case Scenario, they get cold feet. It was always my task to do exactly that before making recommendations to the investment unit. That way they have both sides, the bright side and the worst-case side.
You have a program on TV that I love for this purpose. It’s called Shark Tank. When people come to the Sharks, they come very enthusiastic, but the drilling they go through with the Sharks makes them think twice sometimes. But when the Sharks see that the business idea is a good one, they then try to outbid one another to get the business. The PM needs to go into the Shark Tank.
And believe me, I understand the good intention of the proposal. But I don’t see how at this moment it will help Social Security. It will take lots of time for that investment will make a return. ROI. What timeframe is that. Perhaps 20 years. Where is the Risk Analysis? Tourism in this region is very high risk. We can be hit with hurricanes each year that wipe out our investment. Or another pandemic. And the way the world these days is on the edge of wars, who knows? That is why we need to diverse our economy. Social Security needs investment that are liquid. I have said it in another post. Perhaps we need to pass laws that mandate that certain companies or industries reserve a percentage of their stock for Social Security. They need to have investment vehicles in this country. Look what they did under Lovell. They took our money and placed it in CL Financial and lost about seven million of our monies. Tell me something, why is it that late Sir Barrett was never interested in purchasing the hotel. He didn’t mind taking the management. Therefore, saying the hotel made profits you need to understand what the conditions were. Did he pay APUA full cost for Utilities? And you need to prove on paper that an injection of $75million will result in a $3million profit. Just saying that proves nothing.
I was involved in trying to help Owen Arthur to sell that heavy burden he had with the Gems of Barbados. A hotel group that was supposed to be an example of the government investing in the hotel industry. Well, we know now how bad that worked out for the government. May I suggest to the PM to let NAMCO makes the initial investment, and when it starts to be profitable, he can then give the shares to Social Security. The risk in the first years of development would then be behind us. Anyway, I leave it here. Much more I can say, but not now. I can suggest to the PM to make this a public exercise and call an investment public debate. It would be good to see the opposition come and make their case. And the PM I’m sure would defend his stand. And what about the Board Members? Lets hear what they have to say.