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Parliament to Debate Jolly Beach Investment Proposal Next Week
Antigua and Barbuda Parliament will convene next Thursday to debate the proposed multi-million-dollar investment in Jolly Beach Hotel.
Attorney General Sir Steadroy Benjamin confirmed the development after Cabinet discussions, which included input from Social Security Scheme officials David Matthias and Geoffrey Joseph. Both backed Cabinet’s plan for Social Security to invest in the resort’s redevelopment.
The officials cited the Social Security Act, which allows a committee, overseen by the responsible Minister, to manage the Scheme’s investments—requiring Cabinet approval.
Cabinet reaffirmed its commitment to maintaining fiduciary responsibility, recalling the 2010–2013 financial crisis that led to a $30 million IMF bailout. Under Prime Minister Gaston Browne, the Scheme has since stabilised, despite recent challenges like the COVID-19 pandemic.
With 47,000 active contributors and a monthly surplus of EC $2 million, officials warned that longer life expectancy could impact the Fund’s long-term sustainability. The current contributions-to-payout ratio is 5.9:1—well below the ideal 10:1.
Plans are underway to strengthen the Fund through financial restructuring, property investment, legal reform, and regional partnerships.
The Social Security Scheme was introduced in 1965 by the Antigua Labour Party to replace the Poor Relief System with a more sustainable safety net.
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Jolly Beach Hotel – Social Security.
Investment in real estate is commendable. We expect our government to invest with safeguards and caution. We trust Social Security to set limits on the percentage of real estate that can be held.
Jolly Beach Hotel, or what remains of it, is situated on prime beachfront and boasts a successful history of operational effectiveness and property price appreciation. In recent times, operational profitability has been disappointing to say the least.
Real Estate appreciation has shown substantial gain in this prime location.
Jolly Beach real estate has undergone substantial changes. The number of rooms and the acreage were downsized. The Public should be informed of the details.
If Jolly Beach is a going concern, we would expect to be informed about its current assets, liabilities, and operations. Are we purchasing shares or lending money? On liabilities, is there a contingency for staff severance? Are there registered charges? Payroll liabilities, Registered loans?
Regarding the real property component, the public should be informed of the total acreage, the number and condition of rooms, amenities, and registered rights of access. Will the government have a controlling interest? What is the investment share?
Just strategic….when people are drunk and disorderly.