Prime Minister Gonsalves Raises Concerns Over ECCB Governor’s Residence
Background
Prime Minister Dr. Ralph Gonsalves (right) and ECCB Governors, Timothy Antoine (File Photo)
Prime Minister’s Statement
KINGSTOWN, St. Vincent, CMC -St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves said Wednesday he would neither confirm nor deny sending any correspondence to his Antigua and Barbuda counterpart, Gaston Browne, regarding the construction of a multi-million dollar (One EC dollar = 0.37 cents) official residence for the Governor of the St. Kitts-based Eastern Caribbean Central Bank (ECCB), Timothy Antoine.
"I do not want to say more than I have said there, and I’m not confirming or denying any correspondence I’ve sent or alleged to have been sent until I consider the appropriate time. I try not to get ahead of myself," Gonsalves said on his weekly program on the state-owned NBC Radio.
Letter to Prime Minister Browne
In a letter dated February 17, 2025, Gonsalves wrote to Prime Minister Browne, indicating that he had become aware of the matter through his Finance Minister Camillo Gonsalves, who is also a member of the Monetary Council of the Eastern Caribbean Currency Union (ECCU). Gonsalves expressed his concerns about the excessive spending on the construction of the official residence, which he described as a "mansion of veritable palace proportions."
"This act of excessive spending is outrageous," Gonsalves wrote. "It’s an absolute scandal. Clearly, 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 Central Bank Role
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.
Conclusion
Gonsalves emphasized his concerns about the lavish spending and the lack of transparency in the construction of the official residence, saying that it is a matter that needs to be resolved in a manner that is satisfactory to the people and the currency union.
FAQs
- What is the purpose of the official residence for the Governor of the St. Kitts-based Eastern Caribbean Central Bank (ECCB)?
The purpose is to provide a suitable and comfortable accommodation for the Governor. - Why is Prime Minister Gonsalves concerned about the construction of the official residence?
Gonsalves is concerned about the excessive spending on the construction of the residence, which he believes is not necessary and not justified. - What is the total cost of the construction of the official residence?
The total cost is at least EC$22 million. - What is the role of the ECCB?
The ECCB serves as a central bank for Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and St. Kitts-Nevis, and is responsible for regulating the financial system of the Eastern Caribbean Currency Union (ECCU).
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