by Curlan Campbell
- Growth projection between 4 and 5% for ECCU in 2025
- Initiatives like “Big Push Challenge” to significantly expand EC economies over next decade
- EC dollar remains strong with a current backing of 98.3 per cent backed by growing reserves
Governor Timothy N J Antoine’s end-of-year message for the Eastern Caribbean Central Bank (ECCB) centred on a crucial question: What will it take to double the size of our economies over the next decade?
In his nearly 5-minute address, the ECCB Governor outlined strategic plans for 2025 aimed at strengthening the regional economy to navigate the ever-changing geopolitical and financial landscape better. He emphasised the importance of collaboration and collective action to achieve this goal.
Antoine reaffirmed the ECCB’s commitment to initiatives like the “Big Push Challenge” which aims to significantly expand the economies of the Eastern Caribbean over the next decade. The ECCB Governor emphasised several key focus areas, including establishing a regional regulator for citizenship-by-investment programmes, facilitating easier access to banking services, enhancing financial literacy, and promoting sustainable financial practices.
Easing the opening of bank accounts, new products for small investors and more financial protection for customers, are some initiatives the ECCB will press ahead with.
“Specifically, the ECCB will press ahead with our work for you on financial stability, the establishment of a regional regulator for citizenship by investment, CBI or CIP, ease of opening of bank accounts, the greening of the financial system, the full roll-out of the credit bureau financial investing for financial resilience through financial literacy accompanied by new products such as mutual funds and retail bonds for small investors, more financial protection for customers and data and digital transformation,” Antoine explained.
Grateful that most areas escaped major hurricanes this year, Antoine acknowledged the region’s challenges, especially the ongoing threat of climate change which presents a “clear and present danger.” He pointed to positive economic signs, and observed the acceleration in economic activity was primarily fuelled by the tourism sector and better air connectivity, but cautioned that prices are still slow to fall significantly.
“We are grateful that our EC dollar remains strong, with a current backing of 98.3% and with growing reserves, the base of economic activity has quickened, powered by tourism and some improvement in air connectivity, and inflation has fallen from a peak 2 years ago, but we know only too well that prices are sticky downwards,” he said. “We are very grateful to each of you for your prayers, partnership and support. And I seize this opportunity to thank our member countries and partners nationally, regionally and internationally for your support this past year.”
The ECCB Governor stated that the economic growth projection of 4 to 5% for the ECCU in 2025 sounds promising. The ECCB will “pursue opportunities for more collaboration and faster collective action now more than ever.”
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It’s as important what the ECCB does NOT say as it is what it does say.
What it does not say is that the Central Bank allows member banks with abnoxious levels of surplus liquidity to take billions of our EC Dollars and invest them in US Government securities – making the USA richer while keeping our poor people erpetually poor or poorer.
What the Bank does NOT say is that it does nothing about real financial sector deepening – relegating OECS savers to ridiculously low returns on their (cash) investments of 1% to 2% especially when the cost of living is galloping away at 5% to 10% annually.
And what the Bank does NOT say is that there is a glearing need to transfer/ invest our hard earned savings into income earning infrastructure projects across the region and emphasize the urgent need for PPPs (rather than to invest it in US Government securities).
Silence can be golden. But not when speaking out is in the best interest of our national and regional development. Especially when we are NOT persuing any proactive financial sector policies aimed at sustainable wealth creation.
Nice Quote for show-tell purposes by ECCB Governor from ” Luke 2:10 “: it surely lacking all genuine sincerity.
Them old authoritarian days & ways of the Doc on the Throne & Timothy
as his faithful Servant in Ministry of Finance still bear heavy losses and toll of the many victims having been used and abused and swept under the rug by the mighty NNP Regime.
Amazing how that top .01% self praises and glorifies own backs –
while the pains of those hurt, with salt rubbed into their wounds just
never goes away.
Evil sure has ways to keep up all of the charades and smoking mirrors ways. That Climate just Goes On.
Happy New Year !!