The Power of Collective Action Featured Prominently at Handing-Over Ceremony to Mark Change in Chairmanship of ECCB Monetary Council
18 July 2025, Basseterre, Saint Christopher (St Kitts) and Nevis – The power of collective action featured prominently at the Handing-Over Ceremony to Mark the Change in Chairmanship of the Eastern Caribbean Central Bank (ECCB) Monetary Council, which took placeon Thursday, 17 July, at the Conference Center of the American University of Antigua in Osbourn, Antigua and Barbuda.
The Honourable Prime Minister and Minister for Finance and the Council Member for Antigua and Barbuda, Gaston A. Browne, is the new Chairman of the highest decision-making body of the ECCB.
In delivering his Incoming Speech, Prime Minister Browne said the projected growth rate for the Eastern Caribbean Currency Union (ECCU) of about 3.0 per cent represents a call to action for all ECCU citizens and residents to redouble collective efforts, to build resilience, enhance growth prospects and ensure shared and sustained prosperity. Chairman Browne further stated that, “Sustained, enhanced growth requires us to become architects of our own development, reducing our dependency on foreign capital and expanding the domestic ownership class of the revenue-generating assets in our sub-region.”
The ECCB now projects the ECCU would grow by a little over 3.0 per cent in 2025 and 2026, down from 3.7 per cent in 2024.
The Monetary Council Chairman also said: “Ownership is empowerment—and we must own those revenue-generating assets. This policy shift would result in economic empowerment of our people and the retention of profits to fuel more robust growth and development, thereby increasing the individual and collective wealth of our countries and their people.” He added that increased entrepreneurship, intrapreneurship, creativity and innovation must support such a policy shift along with a can-do attitude and bold, frame-breaking action by the region’s people and institutions.
The Chairman went on to say that he is of the firm view that the ECCB has a significant role to play in catalysing investments within the ECCU. He suggested that the Central Bank should utilise a small portion of its reserves, in US dollar-denominated government securities on the Eastern Caribbean Stock Exchange, to provide a portion of the capital that would fund revenue- and foreign currency-generating businesses, especially in the tourism sector.
The ECCB’s current foreign reserves amount to EC$5.5 billion—an increase of EC$351.1 million over the previous year. Prime Minister Browne thanked Governor of the ECCB, Timothy N.J. Antoine, on behalf of all the Council Members, for his “strong leadership and stewardship” of the Central Bank and commended the ECCB management and staff for their “hard work and professionalism in service to our region’s development.”
During her remarks as Outgoing Monetary Council Chairman, the Honourable Cora Richardson-Hodge, Premier and Minister of Finance and Council Member for Anguilla said, “The accomplishments of the past year, including the Central Bank’s record profits, are a testament to what we can achieve through collective action.”
During its 2024-2025 financial year ending 31 March 2025, the Central Bank recorded a profit of EC$126.2 million—the largest in its 42-year history—and its assets continue to grow and now exceed EC$6.0 billion.
During his remarks, Governor Antoine said that the Monetary Council was convening at a time of heightened uncertainty for the global economy. “I believe that now is the time to intensify our focus and execution of The Big Push,” a call led by the ECCB for a doubling of the ECCU GDP over the next 10 years. This will require a sustained real growth rate of
7.0 per cent per annum.
The Monetary Council met on 18 July at the Boat House, Barbuda Ocean Club, in Antigua and Barbuda for its 111th Meeting.
Click on the links to view the respective remarks
Remarks by Incoming Chairman | Remarks by Outgoing Chairman | Remarks by Governor, ECCB
-30-
About the Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat,
Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
Media Contact: Shermalon Kirby, Director, Corporate Relations Department
Phone: (869) 465-2537 | Mobile: (869) 662-2561
E-mail: info@eccb-centralbank.org
We invite you to connect with us and learn more about our projects and services
Visit our Website: https://www.eccb-centralbank.org/
Follow us on Facebook: https://www.facebook.com/ECCBConnects
Subscribe to our YouTube channel: https://www.youtube.com/@eccbconnects2295
Connect with us on LinkedIn: https://www.linkedin.com/company/eccbconnects/
