Former chairman of the Antigua and Barbuda Hotels and Tourism Association (ABHTA), Vernon Jeffers Sr, has expressed support for the government’s controversial decision to invest Social Security funds into the redevelopment of Jolly Beach Resort, while calling for rigorous governance measures to safeguard public interests.
Former ABHTA Chair Endorses Jolly Beach Investment, Urges Strong Oversight
Former chairman of the Antigua and Barbuda Hotels and Tourism Association (ABHTA), Vernon Jeffers Sr, has expressed support for the government’s controversial decision to invest Social Security funds into the redevelopment of Jolly Beach Resort, while calling for rigorous governance measures to safeguard public interests.
Speaking on The Big Issues radio programme over the weekend, Jeffers, who also previously served as general manager of Jolly Beach, said the move was justified given the central role of tourism in the country’s economy.
“I fully support and endorse the idea,” he said, referencing Prime Minister Gaston Browne’s announcement that the Antigua and Barbuda Social Security Board had acquired the property. “If tourism is ultimately our main industry, the government and the people, through Social Security, should be willing to play their role in carrying out such an investment.”
However, Jeffers stressed the need for robust governance structures to be put in place to protect contributors’ funds and ensure the project’s success. He recommended the formation of a dedicated oversight board, separate from the Social Security Board, to manage the project.
“That board should consist of representatives from Social Security, independent financial experts, and individuals who advocate for the public interest—such as a union representative,” Jeffers said.
He added that clear benchmarks and mandatory reporting requirements should be established from the outset, along with the immediate hiring of an external management company to operate the resort.
Jeffers also advised that the oversight board, in collaboration with the management company, conduct detailed market analysis to determine current tourism trends and demands—particularly in light of government plans to add 200 rooms to the facility.
While acknowledging that Jolly Beach is already an existing operation, he said continued evaluation and risk mitigation would be critical to the project’s long-term viability.
“We really need to be looking at all of the associated risks—whether they be financial, operational, regulatory, or environmental—as the project moves forward,” he noted.
The Social Security Board’s investment in Jolly Beach has drawn criticism from some quarters concerned about the risks of using pension funds for commercial development. Jeffers’ comments represent one of the strongest endorsements to date from a key tourism figure, albeit with cautionary recommendations aimed at ensuring transparency and public accountability.
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Antiguans are entitled to know what “baggage” the investor inherits if this is not just a real estate transaction. i.e. will the staff payouts, if any, be cleared first? What, if any, incumbrances are there against Jolly Beach? What are the actual lands and buildings involved? How many rooms are there, and what types? What amenities are included? What access is available to this property, and if any, what access is being granted to neighbouring properties?
With all due respect Mr. Jeffers, we would be fooling ourselves to expect strong oversight in a system that has lacked meaningful oversight over the years. Our state bodies have been just rubber stamp entities for Government and some of their Directors lack even the basic understanding of how the entities are run muchless anything about oversight and control. As one who has contributed to the Social Security Scheme for over 45 years, I am deeply worried and concerned. While those persons in the political directorate bread are buttered and safe, thousands of pensioners and social security contributors cannot afford to wager or venture the little funds we have put into the scheme…