PM Warns Banks May Be Forced to Contribute More to Education, Agriculture from Record Profits
Prime Minister Gaston Browne has warned that banks and other private companies may soon be required by law to contribute more meaningfully to national education, saying he is considering mandating that a portion of their profits go toward developing key social sectors.
“Two banks in this country made over $110 million in profits last year — ECAB made $60 million and ACB over $50 million,” Browne told Parliament during debate on the ABCAS Bill.
“You’re telling me they couldn’t cut a $100,000 cheque to Antigua State College? That’s immaterial in the context of the profits that they make.”
The Prime Minister said if the private sector does not step up voluntarily, legislation may follow.
“If they’re not doing it voluntarily, we must force them to do so as legislators,” he said.
“We have to force them to make at least 5% of their profits available for funding farming, food security, or manufacturing.
These are the kinds of revolutionary decisions we have to make in this country.”
Browne proposed establishing a dedicated trust fund for the Antigua and Barbuda College of Advanced Studies (ABCAS), suggesting an initial government contribution of $20 million that could yield $1.6 million annually in returns to support operations and maintenance.
He also recommended setting up an alumni fund to encourage consistent contributions from former students. “If I’m called upon to do a standing order of $100 a month, I’ll gladly do it,” he said.
“Someone like the Hon. Daryll Matthew can do $1,000 a month.”
Emphasising the need for financial independence in educational institutions, Browne said: “We don’t want them waiting months for a special warrant. They must be able to operate seamlessly.”
The Prime Minister argued that supporting education was integral to building national resilience and advancing economic goals.
“What we’re doing here is quintessential to the sustainable development of this country,” he said. “You can’t sustain economic growth without supporting intellectual development.”
His remarks came as Parliament approved the ABCAS Bill, which merges four tertiary institutions into one statutory body with the goal of eventually achieving university status.
The Prime Minister’s comments form part of a broader appeal for greater corporate social responsibility, particularly from institutions that benefit directly from the nation’s human resource pool.
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That’s all you can do sit by and watch people money why you don’t give some of your own
It’s a very good idea P.M but did you approached the banks and other private sectors with that suggestion before you spoke about it in parliament? Enquiring minds would like to know
@Real Antiguan. Of course he’s willing to give some of his money – a whole $100.00 a month.
Will this lead to more affordable mortgages or business loans? That’s what we need.
Are we talking about a tax, a levy, or just a strong suggestion?
Will this apply to credit unions too, or just commercial banks?
Banks already pay all the necessary taxes plus a tax for uwi, the PM keeps deflecting. Show us how you have been spending taxpayers money!
No it will make rates go up because essentially he is taking the banks profits, making it harder for us the people
I would honestly view this as government overdo and overreach. Forcing banks to share their profits could reduce their capital, potentially harming their ability to lend and invest which would negatively impact the economy. Profits are a private company’s right and the government should NOT have the power to decide on what they do with it or how they use it.
Wa education levy fa????? In 1970’s Education levy was “temporarily introduced to enhance the education system.” It was supposed to be for four years and four years only. Yet still, my child born and still a pay Education Levy. Give me a damn break! The prime minister yall pick up seeking funds from alll over to cover up all the money that lost.