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PM Browne Defends Social Security Investment Strategy, Calls Jolly Beach Transfer a ‘Sustainable Move’
Prime Minister Gaston Browne has defended the government’s plan to transfer the Jolly Beach Resort to the Social Security Board as a strategic and profitable investment aimed at strengthening the pension system and replacing underperforming bonds.
Speaking on Pointe FM, Browne responded to criticism from former Finance Minister Harold Lovell, who had questioned the legality and prudence of Social Security investing in real estate.
Browne called Lovell’s claims “fallacious” and said pension funds around the world invest in real assets, including hotels, to generate returns.
“Social Security once had hundreds of millions in deposits in local banks, but by 2010, all of it was depleted. The scheme became insolvent,” Browne said. “It was our administration that made the hard decisions to salvage it.”
The Prime Minister noted that since 2014, the government has contributed over EC $200 million to the Social Security Scheme, compared to EC $60 million during the UPP’s decade in office.
Although the government has fallen into arrears for the past two years, Browne said a bond issue is being prepared to pay approximately EC $75 million in outstanding contributions.
New Investment Vision for Jolly Beach
Browne revealed that the government plans to transfer ownership of the remaining 315-room section of Jolly Beach—27 acres of beachfront property—to Social Security in exchange for a portion of the underperforming $330 million bond issued by the former UPP administration.
“That bond never paid a cent to Social Security. It’s essentially junk,” Browne said. “Now, Jolly Beach is making money—US $4 million in profit last year alone—and we’re giving them a performing asset.”
The government plans to spend US $20 million to upgrade the resort, after which the Social Security Board will sell units under the Citizenship by Investment Programme (CIP). Units would be sold for an average of US $300,000 to US $500,000, potentially generating US $200 million in sales over 5 to 10 years.
“We’re not asking them to spend a cent to acquire it. We’re giving it to them,” Browne said. “This is an opportunity to build a sustainable investment portfolio and increase their revenue base.”
Revenue Forecast and Oversight
Browne argued that even modest annual sales would generate millions for the pension fund, and the CIP model would allow for consistent returns. Investors would use their units only a few weeks per year, allowing the rest of the time for rental income.
“Just the upgraded hotel could bring in $15 million EC per year in profit,” he explained. “After maintenance costs and minor payouts to condo owners, Social Security could clear $10 million annually in perpetuity.”
He also announced new oversight requirements, including quarterly reports to Cabinet from the Social Security Board and plans to appoint an additional member with strong financial expertise.
“We’re not only creating returns, we’re ensuring governance,” said Browne.
Call for Public Understanding and Debate
Browne invited Harold Lovell and others to debate the plan in public, even offering to appear alone if Lovell preferred to bring a full panel. “Let ideas contend,” he said. “If two ordinary citizens can use Social Security land to build the Moongate Hotel, why can’t Social Security itself take on an even better-located asset like Jolly Beach?”
He reiterated that the plan was not only financially sound but would also stimulate economic activity and job creation.
“We’re not giving this to private hands. We’re vesting it in the people’s institution—Social Security,” Browne said. “This isn’t politics; it’s sustainability for pensions and the economy.”
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the people dem a wait on them money for 2 to 3 years and more from Social Security but y’all find money to invest in Folly Beach so already rich womanizing Calvin Ayre to benefit?? a frig you a frig around. this is how you hide and wash money so nobody can track you because all the big projects around the island is your machinery that’s being used you’re greedy and wicked. what you think you’re gonna do with all that money but out God from heaven chupz?
Me still watching this with cautious optimism—big talk need big results.
Let’s not forget—Social Security money is the people’s money. Handle it wise.
A bold move yes, but time will tell if it was the right one.
How this help de pensioners struggling now though?
Me hope de hotel don’t go back down under mismanagement.
Jolly Beach got potential—just hope dem don’t oversell it.
Show we contracts, returns, and who managing the investment.
What is the potential? Is just words guys. Social Security money isn’t a private bank. Try to convince private investor that Jolly Beach is good. Seems like no private investors are too confident about that hotel, plans, Return of investment on a reasonable time frame, Global trend of Hotel business and travels, plus other topic. Is better to use some Funds that is easy to grab and burn it in the construction of some Building, than What? because this money is just to build a Place, nobody can give a real picture what can happens next the building is done and we turn Cash to some Real State structure. The structure can’t pay people. WHats is gonna Happens in 2029 after the building is done and you have to meet the obligation to pay people? Ohh your money is there, in a building, but until we start getting booking we can’t get our shares, but still our share return per years in’t going to be enough to cover the total Bill of the pensioners. So in that moment nobody will take accountability and responsibility for that.. Will be Ohh Sorry guys your money isn’t available at the moment but we promise you it will be ready in the next 3 years..Lmao.
You’re right, Bo. Sell it. Sell it HARD.
You did this so many times before and it always worked. You always fool everybody. No difference this time.
And even if some think otherwise, who is there to stop you?
You know when people steal money they spend it fast, because they didn’t work for it, that’s how fast Gatson Browne spend his stolen loot from the Alpha Nero!
Why didn’t he invest that stolen loot? But here he is trying to spend people hard working money.
This man is a pigheaded fool, and really think he is the smartest crook in the room.
Why didn’t you invest the Free Money you got from the Alpha Gatson?
But we all know where that money went, you two bit swindler you.
Leave SS alone, and go beg your Chinese backers.
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