Eastern Caribbean Central Bank Governor’s Residence Controversy

Introduction to the Controversy

ST. JOHN’S, Antigua, CMC—Antigua and Barbuda Prime Minister Gaston Browne says he has not seen “any case of corruption” that would undermine the integrity of the Governor of the St. Kitts-based Eastern Caribbean Central Bank (ECCB) Timothy Antoine regarding the construction of a multi-million dollar (One EC dollar = 0.37 cents) official residence for the Governor.

Last week, St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves said he would neither confirm nor deny writing to Prime Minister Gaston suggesting that the Grenadian-born ECCB Governor “of his motion may wish to consider whether or not his continued occupancy of his Office is tenable in all the circumstances.

Prime Minister Browne’s Response

“This is likely to be a painful, personal decision,” Gonsalves wrote in the February 17, 2025, letter to Prime Minister Browne, who has since confirmed to the Caribbean Media Corporation (CMC) that he had received the correspondence.

However, on Saturday’s weekly radio program, Browne said he was confident that the matter would be brought before the Monetary Council of the ECCB.

“What I can say, though, is there’s no evidence that the Governor himself had sought to be excessive, and indeed, I don’t know that I have seen any case of corruption or so that would, you know, create an issue in terms of undermining the Governor’s integrity.

“Maybe, perhaps — and again, look, I feel that at this point, until we get a proper report, we may even have to set up some independent committee to look at this issue. I feel it may be a little injudicious to me to come to any conclusion at this point, other than to say that the amounts spent on the building has raised concerns, and many of us, as Monetary Council members, are concerned,” Browne told radio listeners.

Letter from Prime Minister Gonsalves

According to the letter, a copy of which has been obtained by the CMC, Gonsalves wrote to the Antigua and Barbuda leader, indicating that he had become aware of the matter through his son and Finance Minister Camillo Gonsalves, who is also a member of the Monetary Council of the Eastern Caribbean Currency Union (ECCU).

He said the finance minister had advised him “regarding the extraordinary sum of EC$22 million being expended by the Eastern Caribbean Central Bank Governor to construct an official residence for the Governor.

“This act of excessive spending is outrageous,” Gonsalves wrote in his letter, adding, “It’s an absolute scandal.

“Cleary there has been an insufficient transparency by the Governor on this matter, and the oversight expected by the internal review mechanisms of the ECCB, the Board of Directors of the Bank, and the Monetary Council has been below acceptable or prudent standards.’

ECCB’s Role and Governance

The ECCB serves as a central bank for Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and St. Kitts-Nevis, the countries that, together with the British territories of Montserrat and Anguilla, form the ECCU.

Prime Minister Browne said that the Monetary Council has not met as yet and “I’m sure we’ll have to meet at some point to look at this issue.

But he acknowledged, “We don’t have all of that information.

“What is clear is there are some governance failures there. And you know, in the future, we will have to strengthen the reporting and accountability mechanisms to strengthen the governance framework.

“Because at the level of the Monetary Council, I mean, I would say we were caught flat-footed in terms of the amount of money spent, but I don’t know that we can escape the responsibility. I mean, one can argue that we ought to have known,” Prime Minister Browne added.

Conclusion and Next Steps

It may be a little premature for me to make any definitive statements at this time other than to say that the matter has to be dealt with and resolved, and at some point, the Monetary Council will meet and discuss this issue. And, indeed, we’ll have to keep the public informed about how this matter is ultimately resolved,” Browne added.

In his letter, Prime Minister Gonsalves told Browne, the chairman of the ECCU Monetary Council, that the spending on the residence “rests at the feet of the Governor” and that “such an appalling lack of judgment, the pursuit of apparent vainglory, and a lack of sensitivity or prudence, invites disciplinary action.”

FAQs

What is the controversy surrounding the ECCB Governor’s residence?

The controversy surrounds the construction of a multi-million dollar official residence for the Governor of the Eastern Caribbean Central Bank (ECCB), with some leaders questioning the excessive spending and lack of transparency.

Who is involved in the controversy?

Prime Minister Gaston Browne of Antigua and Barbuda, Prime Minister Dr. Ralph Gonsalves of St. Vincent and the Grenadines, and ECCB Governor Timothy Antoine are key figures involved in the controversy.

What is the next step in resolving the issue?

The Monetary Council of the ECCB is expected to meet to discuss the issue and determine the next course of action, which may include setting up an independent committee to investigate the matter.