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Prime Minister Gaston Browne’s latest attempt to deflect responsibility and mislead the public comes in the form of posting an article on global pension-fund diversification.
This is yet another distraction tactic designed to confuse the conversation and avoid accountability.
The article he referenced — “The great diversification: Why pension funds are moving beyond stocks and bonds” — details the strategies of large, well-capitalized pension systems in North America and Europe.
These funds operate with high liquidity, strong funding ratios, and regulatory safeguards. Antigua and Barbuda’s Social Security Scheme is in no such position.
🔷 Our Social Security Fund is underfunded and facing severe liquidity constraints.
🔷 The real issue is not diversification, but restoring solvency and ensuring that pensioners are paid in full and on time.
🔷 The Government’s proposal is not about innovation or financial strategy; rather, it is a gamble on a risky, tourism-dependent real-estate venture.
Let us be clear: This is not a regulated, diversified private-equity investment.
This is a high-risk, single-asset bet on Jolly Beach, with no safeguards and no guaranteed return, because the tourism sector is known to be volatile and vulnerable to natural disasters and economic shocks.
Furthermore, the so-called “non-performing” bond disparaged by the Prime Minister should be yielding 6% interest to the Social Security Fund. It is non-performing only because the Government has failed to honour its payment obligations.
That is not a market failure. It is a leadership failure.
First, PM Browne issued a challenge to debate me, Harold Lovell, on his claim of Jolly Beach being a viable investment for Social Security. Now, he has posted a nebulous article on his Facebook page to “inform” and “enlighten” the United Progressive Party (UPP).
Posting articles like this does nothing to educate the public about sound financial planning or to build financial literacy. This is fluff: distraction dressed up as policy.
What this country needs is transparency, accountability, and real reforms to protect the retirement security of hard-working citizens and residents.
He claims that swapping non-performing government bonds for the 27-acre, 315-room Jolly Beach Hotel, valued at US$25 million, will yield superior returns.
He further suggests that selling rooms under the CIP could bring in US$70 million and that the hotel is currently turning a profit of US$1.5 million annually.
As a former Finance Minister, I am dismissing the theory as simplistic and fictional.
Why not provide audited statements to demonstrate the true financial performance of Jolly Beach?
I am challenging Gaston Browne to open the books and present a viable financial plan, rather than playing Warri with the people’s money.
It is time to stop the smoke and mirrors. Our pensioners and workers deserve more than political spin; they deserve a system that puts their security first.
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Quick! Somebody get this WASHED UP, IRRELEVANT, HAS BEEN, WORST FINANCE MINISTER AND IMF PIMP a wheelchair in the retirement home.
LOST MORE ELECTIONS than anyone else worldwide.
The challenge is set….Lovell vs Browne! Only a debate can settle the smoke and mirror ….we need both men on the podium with a high profile panel asking the questions….the stage is set…don’t fail us now. Mr PM…Mr. Lovell.
ALL aryou play warri, but some get no seed. 🫣🤫🤔🤭😒🙄
You need to stop play warri with politics in Antigua and Barbuda. You WILL get no-seed for the umpteenth time, my friend. After your horrendous stint as Finance Minister a few years ago, you have the effrontery to offer the nation advice on financial matters!!!! Jus’ gway bway!
Welcome back your Most Honourable Harold Lovell. We’ve missed you sir, especially after your narrow defeat at the last General Election by a handful of votes.
It’s important that you ensure that Antigua has a strong and vibrant opposition party. Hopefully, you’ll help the UPP pick up the metaphorical cudgel and strengthen the party and defeat the ABLP and return the UPP to power for at least two terms, so that this great country recovers from the 11 years of neglect.
As you well know sir, Gaston Browne is doing his utmost to destroy the democratic process here, and is trying his hardest to create a one-party state.
Many of his supporters have said so as well.
If the UPP lose at the next General Election, maybe it’ll be time to create another political party (whether it’s called ABC, 123 or even a splinter group that’ll halt Gaston Browne in his dictatorship tracks).
All the best in your upcoming debate 👍🏾
I look forward to your MOLIMINOUS return and victory.
What I will say to Mr. Lovell is that the PM in his personal capacity, has been a successful businessman for most of his adult life. There’s tangible evidence to prove this.
Many consider him a visionary who is willing to take risks. He has laid out a financial strategy to attain higher yield for the Social Security scheme.i hear your argument in defense of his proposal but I would prefer to proposal to earn more then the contributions made by the citizens.
Giving a man a fish feeds him only for one day. Teaching him how to fish will set him straight for years to come.
@ Faithful National #1 > Regardless of the failure of Lovel or others. You are missing the real point of this situation. Social Security Funds.
Is extremely irresponsible for ya’ll to don’t see the high risk to lose million of dollars in this investment.
The PM would be ill advised to debate a NONE ENTITY. A Spent Force. Not even an elected member of parliament. Such a courtesy should only be extended to Jamal Pringle.
@Dave Ray Gaston Browne was never any successful businessman. He run his grocery place in Jennings into the ground.
UPP bail out his sorry ass by giving him the SIC rental to save his ungrateful backside.
All the personal business he did and still doing is with government money.
Ingratitude is a cancer. Time longer than rope.