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Dr. Kevin Greenidge Reflects on His First Year as Governor

Since ascending to the post of Central Bank of Barbados Governor on March 1, 2023, Dr. Kevin Greenidge has been both visible and vocal in the role. To mark the first anniversary of his six-year tenure, the former International Monetary Fund (IMF) senior economist and Senior Advisor to Government sat down for a wide-ranging interview that touched on how he views his role as Governor; the state of Barbados’ economy, and developments in the local financial sector.

On How Being Governor Differs from His Previous Roles

During the interview, Greenidge revealed that while his previous positions with the IMF and the Government of Barbados also involved providing economic advice, he considers the role of Governor to be one that comes with more responsibility:

“I’m leading an organisation of almost 300 people, and so now I’m directly responsible for their wellbeing. And I’m still giving advice to Government that impacts the rest of the country. We’re giving advice to banks and monitoring to improve the wellbeing of the entire [financial] ecosystem… You’re impacting more lives with every decision you make.”

On When Macroeconomic Gains will be felt on the Ground

A key role of the Central Bank Governor is to report on the state of the economy, which has now rebounded from the COVID-19 slump. At the end of 2023, GDP was higher in both nominal and real terms than it was pre-pandemic, but, there is concern that the average Barbadian isn’t feeling the positive effects.

In the interview, Governor Greenidge acknowledges that “economic growth takes a while to be felt at all levels. When an economy begins to grow, the first thing you will see is an improvement in corporates.” He says, however, that there are already indications that Barbadians are benefiting as well. “If you look around, in general you’ll see evidence of that growth. You see people going out and dining out. You see that there’s increased demand: at every social event, people are there.”

On Developments in the Financial Sector

The Governor also touched on a number of financial sector issues, including developments in the payments system, bank fees, and the perpetual issue of high liquidity. He revealed that banks currently have $3 billion in excess cash. “Banks don’t really need our deposits anymore… It’s a cost to them.”

During the interview, Governor Greenidge reveals where he sees the Central Bank and the country as a whole in five years, and answers the question about what keeps him up at night.

Business

Director of Youth Affairs, Cleviston Hunte, is pleased about the support for this year’s National Summer Camp Programme, which is being rebranded by the Ministry of Youth, Sports and Community Empowerment.

A donation of art supplies was received last Friday from the Prince Godwill D. Fomusoh Foundation (PGDFF) and its partner, Affinity Plus Credit Union Ltd., at the Ministry’s headquarters, Sky Mall, Haggatt Hall, St. Michael.

Mr. Hunte, who accepted the donation from the PGDFF and Affinity Plus Credit Union said: “Today is really the day that we actually see the fruits of the labours of our stakeholders…. The donation that you are giving to us here today is well received.”

Noting the crucial role that corporate sponsorship plays, he stated: “We enjoy the corporate sponsorship that we get because we know that the benefits for the children are really significant,” adding that such support ensures the well-being and holistic development of the children.

Stating that the Arts was a key component of the Summer Camp Programme, he stressed: “It gives our children an opportunity to explore themselves, explore their imagination.”  He said that aspect of the programme aims to foster creativity and imagination among the youth.

Director Hunte also urged other corporate entities to join in supporting the programme. “We want to invite other corporate sponsors or stakeholders to come on board and provide these kinds of donations that really enhance the lives of the children of this nation of Barbados,” he said.

Managing Director of the PGDFF Caribbean, Anita Sundaram, expressed gratitude to the Marketing Manager of Affinity Plus Credit Union, Valerie Hope, and members of the PGDFF team for their part in the initiative.

Ms. Sundaram, in commending Ms. Hope, remarked: “When we came to you (Affinity Plus), you just trusted us with this and went with it. And, I really want to thank you for partnering with us. 

“I think incorporating colouring and art into early childhood development is extremely important. It helps develop so many skills, whether it’s writing skills, … their creativity skills, or emotional management, there’s so many plus points for this. And lastly, it’s just a lot of fun. ‘Who doesn’t like to colour?’ 

“We’re happy that we’re able to provide this for the Summer Camp Programme, from PGDFF Caribbean, in partnership with Affinity Plus Credit Union.” (PR/GIS)

Caption: Director of Youth Affairs, Cleviston Hunte (third from left); Managing Director, Prince Godwill D. Fomusoh Foundation Caribbean, Anita Sundaram (second from left); Marketing Manager of Affinity Plus Credit Union, Valerie Hope (centre); staff of the Ministry and representatives pose with the donated art supplies. 

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MOUNT GAY AND WEST INDIES RUM DISTILLERIES CELEBRATE CARICOM’S 50TH ANNIVERSARY WITH LIMITED EDITIONS

Mount Gay Distilleries and Stade’s West Indies Rum Distillery proudly unveiled their commemorative Caribbean Community (CARICOM) 50th Anniversary limited editions to The Prime Minister of Barbados,  Hon. Mia Amor Mottley, during an intimate ceremony at Ilaro Court today.

The two local rum producers, both esteemed members of the West Indies Rum and Spirits Producers’ Association (WIRSPA), marked the significant milestone in Caribbean history with the release of the two limited editions, both available at their respective Visitor Centres.

The initiative saw rum producers in 13 CARICOM member states, under the guidance of WIRSPA, presenting limited editions highlighting this 50th Anniversary to their respective governments across the region, during the month of June. The unique expressions not only celebrate CARICOM’s half-century, but also stand as a symbol of unity, culture and heritage across the regional rum industry.

Andrew Hasell, Managing Director, WIRD

Antoine Couvreur, Managing Director of Mount Gay Distilleries, expressed his enthusiasm and pride on this special occasion, “As the world’s oldest running rum distillery in the world, Mount Gay has played a pivotal role in Barbados’ national and global identity in the spirits industry, since crowning the island as the birthplace of rum over 320 years ago in 1703. Today, Mount Gay is synonymous with Bajan rum and Barbadian pride in more than 70 countries.

“It is an utmost privilege for us to be able to honour the heritage of CARICOM, established by the Treaty of Chaguaramas in 1973, with this limited edition 50th Anniversary label of the Mount Gay Black Barrel Cask Strength expression. It is our toast to people across the region, working side by side to create a dynamic future, with a rum which embodies the spirit of unity that defines the Caribbean.”

Couvreur explained that the Mount Gay limited edition was a blend of rums distilled in copper pot and column stills, matured in American whiskey casks and finished in charred Bourbon casks. 

Andrew Hassell, Managing Director at Stade’s West Indies Rum Distillery warmly congratulated CARICOM, as it celebrates 50 years of promoting economic integration and cooperation among its members, ensuring they are better able to reap the benefits of integration equally. 

Hassell explained, “The unique rum we offer today embodies the dedication and expertise that our distillery has poured into its craft every day for over 130 years. Planteray Legacy 120 is dedicated to three men who have devoted their lives to making Barbados rum.

“It celebrates their combined 120 years of distilling and blending expertise. Henderson “Digger” Skinner joined Stade’s West Indies Rum Distillery 41 years ago, and continues to operate our old copper stills. Mark Walker and John Kinch, both Master Blenders, have been tending to barrels of delicious rum at the distillery for 40 years and 39 years respectively. Together with Master Distiller Don Benn and Master Blender Alexandre Gabriel, the “120” team created an extra old Barbados rum that honors their starring roles in the unique history of Stade’s West Indies Rum Distillery.” 

Hassell said, “Therefore, we are proud to present this very rare, high quality rum as our gift to the entire Caribbean Community as we celebrate the momentous occasion of their 50th Anniversary and offer our team’s continued support as they continue their mission.” (PR)

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Interns grasping RUBIS opportunity

The 2024 RUBIS internship program continues to deliver exciting results for ten budding professionals who are focused on grasping the opportunity for real-world experience to enhance their professional development. 

The interns have already completed their first few weeks of a 10-week programme, gaining key insights into the operational aspects of RUBIS, and participating in insightful table talks with department heads.  The orientation week included tours to Barbados National Terminal Company Ltd. (BNTCL), Grantley Adams International Airport, and RUBIS service stations. The interns also successfully passed CPR and First Aid courses and undertook fire safety training at Barbados Fire Academy in Arch Hall, St. Thomas.

HR Manager Delores Batson said the internship program was again proving to be a mutually rewarding experience and continued to be one of the most sought-after internships in the sector. “Each year, we look forward to the youthful exuberance and enthusiasm that comes with this internship experience, and 2024 has been no exception. This program benefits the interns with real-world experience, and we welcome the opportunity to embrace youthful energy and perspectives within our company.” 

Marketing intern TaShauna Weekes, who recently earned her Bachelor’s Degree in Management with Marketing from the University of the West Indies, Cave Hill, said she was excited about the growth and network-building opportunity presented by the RUBIS internship. “I hope to gain valuable experience to help me in my future endeavours. I’m also keen to establish relationships with marketing professionals and will seek constructive feedback from supervisors and peers to find areas for growth,” Weekes said.

The keen group of interns includes local and international university students pursuing Bachelor’s and Master’s degrees in various disciplines. They have been assigned to Sales and Marketing, Operations, Legal, and Finance departments in the RUBIS Welches headquarters and Spring Garden terminals. The HR manager said this approach will allow the interns to gain experience relevant to their selected areas of study. (PR)

Caption: The 2024 group of RUBIS Summer Interns with some RUBIS employees including Delores Batson (HR Manager), Mechell Warner (Marketing Specialist) and Annette Shorey (Internal Controls Specialist).

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