Eastern Caribbean Central Bank (ECCB) Governor Dr Timothy Antoine recently visited Saint Lucia for discussions with stakeholders as part of its continuing country outreach missions to member-states, this time to discuss the regional bank’s push towards ‘Transforming the Eastern Caribbean Currency Union (ECCU) Through Innovation and Collective Action’.
Governor Antoine met local Civil Society stakeholders on September 10 and outlined the bank’s ‘Big Push’ towards ‘Pursuing Bold Actions to Transform Saint Lucia’s Economy’.
The proposals were based on assessments of ‘Key Messages from International Economic Developments, Regional Monetary and Macro-Economic Developments, Developments in Saint Lucia, the ECCB’s Role in Regional Development and Selected Ongoing Activities.’
Among the key questions discussed was: What would it take to double the size of Saint Lucia’s economy over the next 10 years, from $5.74 billion in 2023 to $11.48 billion by 2033?
The bank made a case for structural reforms and examining potential growth gains, as well as ‘building the island’s human capital with emphasis on embracing skills for the future.’
Urging stakeholders to ‘Imagine Saint Lucia as a hub of human capital fit for the 21st century’, the bank urged the pursuit of ‘a formal human capacity development strategy that involves retraining and investment in skills to ensure a future-focused and fit workforce.’
It also advised that the island ‘Develop a national Artificial Intelligence (AI) strategy that is pro-worker and lifts all sectors of the economy and society.’
Another suggestion was to ‘Build climate resilience in current construction projects such as in housing, education, health facilities, road networks, port facilities, water and electrical systems.’
But after all was said about what was to be done and where to begin, the sub-regional bank offered a brand-new topical suggestion.
Inspired by the recent Paris 2024 Olympic Gold and Silver medal win in the Women’s 100m and 200m by Julien Alfred, the ECCB referred to the University of Texas-based record-winning collegiate athlete and amazing track-and-field record-buster as ‘The fastest woman in the World!’
That said, the Bank suggested:
‘Following the recent success of Ms Julien Alfred at the 2024 Summer Olympics in Paris, sports should be deployed as a channel for collaboration, conflict resolution and national pride’ as well as ‘for economic growth through sports tourism.’
According to the ECCB: ‘This would require building out the sporting infrastructure at the national and community levels.’
It also revealed: ‘The ECCB is currently working on a policy paper exploring the use of sports as a deterrence for crime.’
The bank’s new focus on Sports Tourism as a potential economic earner and crime-buster for Saint Lucia was welcomed by participants, but the outreach meeting wasn’t only about present or future economic prospects, or sports tourism.
Also attending were representatives of the Institute of Surveyors of Saint Lucia (ISSL), who presented Governor Antoine with four points of concern regarding institutional challenges to members and the general public, harming members’ bids to deliver services within the context of ‘Ease of Doing Business’.
The local surveyors complained that in December 2023, the authorities ‘streamlined the list of Appraisers providing professional/ independent valuation services’ to ‘Licensed Financial Institutions’ (meaning banks).
But the institute didn’t only complain: it also proposed the formation of an Eastern Caribbean Appraisals Institute.
President Clive Hippolyte says: ‘The Institute also proposed support to ECCB to re-pilot the Eastern Caribbean Institute of Appraisers previously piloted under (the late) Governor Sir Dwight Venner.
He explained that ‘The move is meant to complement the established OECS Institute of Accountants, which the ECCB established under its Prudential Rules’; and President Hippolyte was ‘happy to report that Governor Antoine advised that the move is still very much on the cards.’
Meanwhile, Saint Lucia has been reaping much positive reputational capital from Julien Alfred’s incredible wins on her first Olympic outing representing Saint Lucia. Alfred is also the global brand ambassador for 1st National Bank St. Lucia Ltd.
Saint Lucians are also readying to pay Ms Alfred a deserving tribute next week, with four days of national activities, starting with her arrival at Hewanorra International Airport on Tuesday, September 24 and ending with the celebration of a ‘Julien Alfred Day’ holiday on Friday, September 27.
The holiday will include a special concert event at the Darren Sammy Grounds, named after Saint Lucia’s biggest international cricket star and former Cricket World Cup-winning Captain of the West Indies (Windies) Cricket team.