VIDEO: PM Browne Defends Social Security $75M Investment in Jolly Beach Hotel

Big move—turn pension fund into profit! Barbados and Trinidad do it, why not we?

$75 million is serious money—must bring real returns, not repeat old mistakes.

Me like how PM mention global best practices—pension funds investing in assets is normal.

Profit last year was $1.5M—if doubled, pensioners benefit too.

Funny some accusing without offering better ideas—this is strategic, not reckless.

Wealth funds worldwide invest like this—why we must shy from progress?

This is a GREAT move but need to be articulated to the grassroots within Their terms. We need a DAMANI TABOR to articulate to the grassroots of Antiguans and Barbudans.
Prime Minister use Damani to explain to the People,He is a wonderful communicator.

Sometimes Prime Minister , Sometimes Prime Minister uses terms that local Citizens cannot understand.

Well we haven’t heard of those concerns post covid. The problem, thru mass death, went away.
Thinking outside the box..

Any risks?

People nah even get dem pension but you can get 75mil

The man is a furnace guy so I trust his judgement

* over*** not flower

What’s the projected annual return flower the next decade?

I’m not really into the politics but I agree with the PM on this one. Good move

This move is backed by the actuarial report for Social security. It was pointed out that SS needs to ensure it get returns at or above the inflation rate. The scheme depositing its funds in a bank account will not get it returns above inflation rate. I hear dated Lovell arguing against this plan but he was the one who put forward a scheme where some 300 million owed to SS would be placed in a government bond and get no yield for the initial years. At that time he also proposed the remaining 200 million that they get government owned real estate. Its hypocritical that during his tenure its ok for them to exchange the debt for government assets but now he is opposition an asset as important as Jolly Beach is a no. Is it that Lovell dislikes black people and hence thinks they should not own ocean front lands?

I want to preface my response here by saying that I am not affiliated with either UPP nor the ABLP. I have long been an independent mind and thinker, always choosing what I think is best for Antigua and Barbuda over political parties. That is why at times you see and read my support for initiatives put forth by the Honourable Prime Minister, when I think it is necessary and my support for the oppositions side when I consider their option to be better.
All that said, it is no doubt that Social Security need to seek out higher returns for pensioners and others by investing in “good stocks.” But Government and the Social Security Board must be very careful of our choice of investment portfolio because it could be very detrimental to pensioners present and future. We simply cannot invest in risky assets. I consider the Jolly Beach portfolio to be uncertain, tricky and risky and this makes it dangerous for pensioners. Investing in Jolly Beach is a big “hit and run gamble ” that might be ok for politicians whose “cake is baked” but not for the many persons that are totally reliant on Social Security for their monthly pension.
That is why we need serious independent minds and thinkers on boards such that they can meaningfully contribute to debates in these circumstances and not just go along with the government just because they are a supporter and an appointee.
This investment could be one of the most dangerous and consequential actions for pensioners now and later. Only time will tell.