by Linda Straker
- Regional Government Securities Market created in 2002
- “Building a Culture of Financial Literacy,” “Access to Capital and Financial Services” and “Collaboration and Partnerships” important in promoting long-term wealth creation
- Investment conference included keynote address by Timothy Antoine, ECCB Governor
Finance Minister Dennis Cornwall believes that the regional securities market in the Eastern Caribbean Currency Union (ECCU), is a key mechanism through which citizens of the subregion can provide opportunities to build wealth, as well as support the regional economy through thoughtful investment.
The Regional Government Securities Market is a primary market for the issue of securities by the Governments of ECCU member countries. The market was created in 2002, with the basic objective of establishing a fully functional and efficient regional market to meet the financing needs of the Member Governments of the ECCU as they pursue their development objectives. The initiative sought to strengthen the existing primary market for treasury bills and bonds, and to promote the development of a secondary market for these securities.
“At its core, financial empowerment is about shaping the behaviours of individuals, creating opportunities for them to access the tools and resources needed to achieve sustainable wealth. It is about ensuring that all citizens, regardless of background, have the ability to invest in their futures and improve their financial well-being,” Cornwall said while delivering remarks at the 2024 investment conference organised by the Grenada Co-Operative Credit Union League.
Pointing out 3 areas which the credit unions in Grenada must focus on, the finance minister said that “Building a Culture of Financial Literacy,” “Access to Capital and Financial Services” and “Collaboration and Partnerships” are important in promoting long-term wealth creation.
Elaborating, he explained that financial literacy is key to any effort aimed at creating wealth. “We must equip our citizens with the knowledge and skills they need to make informed financial decisions. From a young age, we should teach the importance of saving, investing, and even managing debt. Financial education must be woven into the fabric of our society, regardless of one’s socioeconomic circumstances,” he recommended.
In the area of “Access to Capital and Financial Services,” Cornwall said that one of the barriers to wealth creation, particularly for underserved communities, is limited access to capital and financial services. “This is a challenge we must confront head-on if we are to unlock the full potential of our people. I commend the credit union movement for its intentional expansion into rural communities, ensuring that all our people have access to financial services,” he said, informing the conference that Government is committed to creating an enabling environment for additional financial services.
He said these will include digital financial services, to expand access to credit, microfinance, and investment opportunities — particularly for women, youth, and small and medium-sized enterprises.
For “Collaboration and Partnerships,” the finance minister said that financial empowerment and wealth creation are not endeavours that any one government, institution, or individual can achieve alone. “It requires partnerships between the public sector, private sector, civil society, and regional and international stakeholders,” he said.
The conference was held at the Grenada Trade Centre under the theme “Financial Empowerment through Wealth Creation: Investment Opportunities in the Eastern Caribbean Currency Union (ECCU).” The one-day event included a keynote address by Timothy Antoine, Governor of the Eastern Caribbean Central Bank (ECCB), as well as presentations from investment brokers and local and regional financial sector experts.
