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Prime Minister Gaston Browne has defended his administration’s plan to use the Antigua and Barbuda Social Security Scheme to invest in the redevelopment of the Jolly Beach Resort, pushing back against fierce criticism from former Finance Minister Harold Lovell.
Speaking on his weekly radio programme on Saturday, Browne addressed remarks by Lovell, who recently likened the investment to gambling in a casino, calling it a “reckless experiment” and a political stunt.
The Prime Minister rejected the characterisation, stating that the initiative was part of a broader strategy to strengthen the long-term viability of the country’s Social Security Scheme, which has struggled with insolvency since 2010.

According to government officials, the fund has historically depended on low-yielding fixed deposits.
Browne argued that this outdated approach had failed to deliver the returns needed to meet growing pension obligations.
“A sustainable pension system requires more than just savings accounts,” he said.
“It requires strategic asset allocation and proactive investment to meet future obligations.”
The administration has pointed to international models where pension schemes invest in real estate and infrastructure to secure long-term, inflation-protected income streams.
The proposed investment in Jolly Beach is part of that shift, intended to generate stable returns while revitalising a key tourism asset.
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Hon. Gaston Browne, Harold Lovell is a SPENT FORCE. Lovell is testing the waters to see if He is still RELEVANT. Lovell is trying to UNSEAT Pringle but Pringle might be the only seat that have the potential of winning the next election. Although, I believe Lamin Newton will win that constituency. Lovell HIDE your DAMN face.
I listened to the Prime Minister on Pointe Fm on Saturday. He explained how Lovell did a BAD investment with our NATIONAL HERO.
Unless I don’t hear it from the horse’s mouth,I ain’t bothering with the……! . With that been said invite the director of the St. Kitts Social security Board to tell how is it that they are able to accumulate B$1.7
Once all you keep paying me till I die and don’t f’up I don’t give 2 fu**ks
It is evident that this guy knows nothing about real business operations; he’s just tinkering. Which SANE person would ever borrow at 7% interest to repay a loan that attracts interest at 1%? Is there any surprise that he’s fumbling? He has cost us money in every single deal and it wouldn’t be any surprise if he had personally gained from them. What did we gain from the Guiana Farms Ltd deal? We lost almost 3500 acres of land. There are so many more that are documented. By the way; who benefitted from the hundreds of thousands of dollars that was given to the trio by R Allen Stanford? Those funds should be confiscated because they were given as bribe money. The longest day has an end so just allow them to have their time. They need to take a look at the Member for St.Philips North.
@PETE
IF Colin James that people like couldn’t even come close to Pringle, how in life the HYPOCRITE LAMIN, like all the other hypocritical members of the ABLP: ANTHONY ‘JUDAS ISCARIOT’ SMITH, WINSTON ‘FENCING’ WILLIAMS, ……
ANTIGUANS DO NOT LIKE HYPOCRITES….WE WILL SEND DEM ALL BACK TO WHERE THEY BELONG.
As to Lovell being a spent force, why are you guys complaining, you should be glad therefore that he will be an easy walk over and a shot in the park.
DONT FORGET THAT THE UPP WON THE LAST ELECTION IN 2023 BUT WAS STOLEN BY THE ‘HYPOCRITICAL ABLP’, because your ‘god’ the PM admitted to transferring voters to other constituencies to enable his colleagues to win.
I personally think this is too much a risky investment for people secured funds. So let’s look at more secure investment like giving social security some of land deals Black Hade..Baba get. Let them build houses and sell, bringing the scheme immediate profits. Find the same innovative enrichment ways, like members of cabinet to assist the scheme to make money.
The people of Antigua would not mind at all , if the scheme had gotten the opportunity to purchase the property on Oil Refinery Road, using contributors money and repair it . Then rent it to DCA. They themselves could do with some space.
Then what about the old social security building. We were doing business there one day and the next thing it’s left abandoned. Then they move into rent and more rent. Can that property be renovated? If not knock it down and use a few million and build- come out of rent.
I recently read an article where the PM was discussing how borrowing in foreign currency causes loans to increase and gave an example with the Italian loan to Antigua. I said what a brilliant guy , head and shoulders above any politician in Antigua. I also said if only this PM could put Antigua and Antiguans interest first. Stop the self enrichment, stop the corruption in government. Consult with the people and don’t force, threaten ABLP supporters to be yes men or women. Urge your people to think for themselves, not to tow the line every single time. Hay use the 75 million to build a truly democratic state – I don’t mind if all is wasted in that – if we have a true democracy we will become one of the wealthiest nations on earth. That would be a far better investment.
I am hearing that UPP is struggling to find 16 Candidates for the next election. At this moment UPP has only 5 Candidates. WHAT A SHAME.. UPP DEAD DEAD. Nobody want to join LOSERS.
This man is calculative, he knows more talks between himself and Lovell diminished pringle into oblivion, but it’s upp fault with their fancy for personality leadership instead a substantive leadership, MP Bowen comes across seriously precise on the issue how he dissect them even though Lovell may be arguing from a historical position of been the finance minister with the empirical data, if Sherfield Bowen had not stood up against Lester bird offers for insurance overpayment for his hurricane damage house and the girl in the video tape, then they trap him and destroy him with that set up, he would have been the one to take over the ALP and prime minister instead of Gaston, Sherfield is by far a more capable intelligent person than Gaston.
I was present in studio with the PM as explained further the plan of action to invest on behalf of Social Security.
The one thing I will say here as an entrepreneur for my entire adult life is that: it’s easier to follow the logic of a tried and true businessman who has himself invested in real estate to build his wealth then listen to others who don’t that capacity. “You can’t see the forest for the trees,” Let’s see the bigger picture as it can yield short. medium and long term higher sustainable profits for our scheme. Monies in the bank yields only about 2% per annum, coupled with all the bank fees, etc. We have to take risks, responsibly so, in order to realize more financial growth and wealth.
It is not worth it for a Prime Minister to spend time to respond to a person that first of all is a non-elected individual, who has lost more elections then any other individual in this country. A person that was once given the change to be the Finance Minister and under his stewardship saw the country’s economy decline year after year and when he received the Actuary repeort refused to do something about it. When the Central Bank told him to do something about the ABI Bank he did nothing. I mean that is a man not worth listening to when it comes to giving financial or economic advice. He was there and blew it up. He allowed Sandals to keep our ABST to the tune of $101milliion. He gave a so called investor our beach front land without that investor paying a dime for it. You just name it. He was the worst Finance Minister ever. No wonder the IMF was called in to run our country. Because they had no other option. They had run out of ideas. So they had to go to the lender of Last Resort.
It’s funny how your brain can clone with ALP or Gaston so perfect on e it’s your friend, did you have any idea of your own, I would be stupid to walk down the road and hear upp or ALP make a pronouncement and I repeat in a frenzy
It’s funny how your brain can clone with ALP or Gaston so perfect once it’s your friend, did you have any idea of your own, I would be stupid to walk down the road and hear upp or ALP make a pronouncement and I repeat in a frenzy
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