Antigua.news Antigua and Barbuda Cabinet Responds to Criticism Over Social Security Investment

Cabinet Responds to Criticism Over Social Security Investment

28 June 2025 - 07:11

Cabinet Responds to Criticism Over Social Security Investment

28 June 2025 - 07:11

(file photo)

The Cabinet of Antigua and Barbuda has issued a statement in response to public comments from former Finance Minister Harold Lovell regarding the government’s recent decision to support the Social Security Scheme’s investment in the redevelopment of the Jolly Beach Resort.

Mr. Lovell criticized the investment plan, labeling it “reckless” and alleging a lack of financial transparency. He warned that this move could undermine the long-term stability of the Social Security Scheme.

In turn, the Cabinet dismissed these claims as unfounded and politically motivated, asserting that Lovell’s remarks do not align with the legal and economic realities surrounding the initiative.

Cabinet members highlighted that a formal legal opinion from a respected expert confirms the government’s lawful authority to facilitate such investments.

They noted that international precedent supports the diversification of investment portfolios by social security entities globally to ensure ongoing sustainability and income generation.

 

The Attorney General referenced Section 14 of the Social Security (Amendment) Act of 2016, which states that investments not otherwise required by the Fund shall be made by the Director according to guidelines from the Investment Committee and must be ratified by the Cabinet.

On June 10th, the Cabinet approved a strategic investment of $75 million EC dollars into the Jolly Beach Resort, aimed at expanding it into a 500-room facility, which will include a new condominium section marketed under the Citizenship by Investment Programme (CIP).

This move is part of a broader government strategy to create a sustainable investment portfolio for the Social Security Scheme, minimizing reliance on payroll contributions and bolstering financial resilience.

The Cabinet reaffirmed its commitment to the initiative, citing a successful track record in various government-led investment projects, including the Eastern Caribbean Amalgamated Bank (ECAB), the restructured LIAT 2020, and the acquisition and growth of the West Indies Oil Company Limited (WIOC).

These successes, they noted, demonstrate the government’s capacity for responsible investing that delivers long-term benefits for the nation.

About The Author
<a href="https://antigua.news/author/shermain-bique/" target="_self">Shermain Bique-Charles</a>

Shermain Bique-Charles

Shermain Bique-Charles is an accomplished journalist with over 24 years of dynamic experience in the industry. Renowned for her exceptional storytelling and investigative skills, she has garnered numerous awards that highlight her commitment to journalistic integrity and excellence. Her work not only informs but also inspires, making her a respected voice in the field. Contact: [email protected]

12 Comments

  1. Even though the horse has already left the stable, I am still on the fence maybe it’s because I’m not a big risk taker but more of a ” bird in hand is better than two in the bush” type person. I have questions: So what happens if the condominiums don’t sell as planned? What if the US says we have to end tgh CIP? What if WWWIII breaks out? What if there’s a world wide economic down turn? Then what? Is there a plan B, C, D? You know – a plan to back up the plan because I’d rather be in a position where I can get a little of something than a whole lot of nothing.

    Reply
    • I would rather be in a position where I can get my social security benefit and pension when time is due

      Reply
  2. Social Security money belongs to the people. If this project fails, who pays the price? We need more public consultation.

    Reply
    • We will pay for it, they will increase the contribution, and we will be poorer and poorer

      Reply
  3. The clowns! The morons! And the empty barrels! Upp always wants to be in the spotlight. Stop giving them what they want Gaston, they are nobodies. and Harold shouldn’t be sticking his nose in political business, didn’t he reitre

    Reply
    • Devorn Carter, Sir,

      Please tell me just WHERE have You been LIVING For the past 30+ years at Least…..
      It couldn’t have been in 🇦🇬 Or if it was in ANU/BAR, then you must have been Existing under A ROCK Somewhere …. So I will NOT RESPOND To your NONSENSE ……

      However, I have a few questions for the Persons ELECTED TO BE THE SERVANTS OF THE PEOPLE OF THIS NATION. If They are able to Answer them, then You, Mr. Carter, may be able to learn A Thing or THREE from THEIR Answers!
      …. that is if These Answers are Ever Provided to US THE PERSONS who, Not ONLY Pay Their Monthly Salaries, but Also Allow THEM ALL To Disrespect, Bamboozle, Rob, Disregard, and – – – – – – – The People of THIS NATION!!!

      When We begin to STAND UP STRAIGHT ….. No A Man/Woman can CLIMB UP ON OUR BACKS!!!!!!

      Now, Can the CABINET Obtain the ANSWERS To THESE FOLLOWING Questions for US: THE PENSIONERS Whose Blood, Sweat, Tears have Been paid into the SOCIAL SECURITY SCHEME to Provide US With A LITTLE REIEF In Those Years When We can No Longer Work????

      1. What is THE NAME Of THIS “Respected expert” who gave THE CABINET THIS “ Formal Legal Opinion” related our Hard Earned Money? Please Publish His/Her NAME!!!!

      2. How Many MORE Million Dollars (in addition to the $73 Million) that are still OWING To The Social Security Scheme by the ALP/ ABLP ADMINISTRATION Over the Years of the Existence of The Social Security Scheme? Please work This out for the YEARS OF NON-PAYMENTS of $$$ taken from Workers Salaries AND NOT PAID INTO THE S.S.S.!!!! There is a Name for THIS TYPE OF BEHAVIOUR!!!

      3. Please present The Pensioners of THIS 🇦🇬 with A WRITTEN PROPOSAL For the use of OUR HARD EARNED $$$$ That have NOT been Paid into The Social Security SCHEME!
      This Scheme Continues (Nevertheless) to FIND $$$$ To Pay us EVERY MONTH! (Thanks to the Private Sector Operators who Consistently Pay MONTHLY into the S.S.S.).
      THIS WRITTEN PROPOSAL For the Renovation Of The JOLLY BEACH HOTEL Must Include The Necessary CONTINGENCIES as These May Relate to “Acts of Nature”, Etc.

      4. Please COMPARE ANU/BAR S. S. S. with That of St. Kitts-Nevis ….. Noting the SOLID FUNDS That Scheme has to Shore Up ITS Pensioners ….. THEN Ask Yourselves HOW MANY TIMES HAS THE ALP/ABLP ADMINISTRATION Borrowed Funds from OUR 🇦🇬 S.S.S And Have Not PAID BACK A CENT of WHAT WAS BORROWED!! Only Then will you be able to compare Our Social Security Scheme with what obtains with Such Schemes Internationally or Globally. Our S. S. S. is NOT A REAL Social Security Scheme. The ALP/ABLP Administration has Bastardized Our S. S. Scheme through Its Plethora Of NONPAYMENTS!!!

      5. When will the BOOKS OF NYANCO be AUDITED?
      Wasn’t THIS GOVERNMENT COMPANY FORMED with FUNDS From Social Security Scheme, Medical Benefits, And Other Non-Government Corporations? Then How DARE YOU TELL US WE CANNOT ASK QUESTIONS About It’s Management, NOR SEE THE BOOKS/ACCOUNTS OF THIS NYAMCO? If it is NOT Government but THE PEOPLE’S $$$$ that was used to Establish NYAMCO…… We (the People) have EVERY RIGHT to Know of Its OPERATIONS In Detail ….

      Mr. Devorn Carter, I will Pause here for now ……

      Reply
    • And you shouldn’t be burying your head in the sand like an ostrich, but when you can’t think for yourself that is the worst disease

      Reply
  4. Oh lord can we not get personal. But in truth Im already fed up of this back and forth

    Reply
  5. Prime Minister Browne insists this is a ‘financially sound and long-overdue move.’ The public, and especially pensioners, deserve every detail to understand how this investment will deliver ‘hundreds of millions’ and truly stabilize the SSB.

    Reply
  6. When it comes to timeshare investment, to me it is all DOOM and Gloom.
    I was personally SCAMMED out of thousands of dollars from 1998 to the present.
    Unit 1861 Star Island
    5000 Ave. of the Stars
    Kisseemee,St. Cloud
    Orlando Fla.
    they claimed to have sold it to a company named WESTGATE. , the bills came from Vacation break.
    In 2012 I realized that the my timeshare was NON-EXISTENT. The maintenance fee went from $595 (US) to $1300 (US) this year.
    These are whole Corporations of SCAMMERS.
    The same corp. has people calling me from all over the states, telling me that I could be released from my timeshare obligation because of unfair to consumer practices. They call from a variety of numbers, but they all tell you to call them back at the one 800 number, and their extensions range from1003 to 1095.

    I wish I had enough money to pay some lawyers who are not afraid of their Cults and Secret Societies.

    Reply
  7. If I were the government I would never gove Harold Lovell the time of day. She’s not worth the time and space. This is just me

    Reply
  8. Lovell has a valid point. I believe everytime the government wants to deep into funding for their own selfish reason they attack social security

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *

About The Author
<a href="https://antigua.news/author/shermain-bique/" target="_self">Shermain Bique-Charles</a>

Shermain Bique-Charles

Shermain Bique-Charles is an accomplished journalist with over 24 years of dynamic experience in the industry. Renowned for her exceptional storytelling and investigative skills, she has garnered numerous awards that highlight her commitment to journalistic integrity and excellence. Her work not only informs but also inspires, making her a respected voice in the field. Contact: [email protected]

12 Comments

  1. Even though the horse has already left the stable, I am still on the fence maybe it’s because I’m not a big risk taker but more of a ” bird in hand is better than two in the bush” type person. I have questions: So what happens if the condominiums don’t sell as planned? What if the US says we have to end tgh CIP? What if WWWIII breaks out? What if there’s a world wide economic down turn? Then what? Is there a plan B, C, D? You know – a plan to back up the plan because I’d rather be in a position where I can get a little of something than a whole lot of nothing.

    Reply
    • I would rather be in a position where I can get my social security benefit and pension when time is due

      Reply
  2. Social Security money belongs to the people. If this project fails, who pays the price? We need more public consultation.

    Reply
    • We will pay for it, they will increase the contribution, and we will be poorer and poorer

      Reply
  3. The clowns! The morons! And the empty barrels! Upp always wants to be in the spotlight. Stop giving them what they want Gaston, they are nobodies. and Harold shouldn’t be sticking his nose in political business, didn’t he reitre

    Reply
    • Devorn Carter, Sir,

      Please tell me just WHERE have You been LIVING For the past 30+ years at Least…..
      It couldn’t have been in 🇦🇬 Or if it was in ANU/BAR, then you must have been Existing under A ROCK Somewhere …. So I will NOT RESPOND To your NONSENSE ……

      However, I have a few questions for the Persons ELECTED TO BE THE SERVANTS OF THE PEOPLE OF THIS NATION. If They are able to Answer them, then You, Mr. Carter, may be able to learn A Thing or THREE from THEIR Answers!
      …. that is if These Answers are Ever Provided to US THE PERSONS who, Not ONLY Pay Their Monthly Salaries, but Also Allow THEM ALL To Disrespect, Bamboozle, Rob, Disregard, and – – – – – – – The People of THIS NATION!!!

      When We begin to STAND UP STRAIGHT ….. No A Man/Woman can CLIMB UP ON OUR BACKS!!!!!!

      Now, Can the CABINET Obtain the ANSWERS To THESE FOLLOWING Questions for US: THE PENSIONERS Whose Blood, Sweat, Tears have Been paid into the SOCIAL SECURITY SCHEME to Provide US With A LITTLE REIEF In Those Years When We can No Longer Work????

      1. What is THE NAME Of THIS “Respected expert” who gave THE CABINET THIS “ Formal Legal Opinion” related our Hard Earned Money? Please Publish His/Her NAME!!!!

      2. How Many MORE Million Dollars (in addition to the $73 Million) that are still OWING To The Social Security Scheme by the ALP/ ABLP ADMINISTRATION Over the Years of the Existence of The Social Security Scheme? Please work This out for the YEARS OF NON-PAYMENTS of $$$ taken from Workers Salaries AND NOT PAID INTO THE S.S.S.!!!! There is a Name for THIS TYPE OF BEHAVIOUR!!!

      3. Please present The Pensioners of THIS 🇦🇬 with A WRITTEN PROPOSAL For the use of OUR HARD EARNED $$$$ That have NOT been Paid into The Social Security SCHEME!
      This Scheme Continues (Nevertheless) to FIND $$$$ To Pay us EVERY MONTH! (Thanks to the Private Sector Operators who Consistently Pay MONTHLY into the S.S.S.).
      THIS WRITTEN PROPOSAL For the Renovation Of The JOLLY BEACH HOTEL Must Include The Necessary CONTINGENCIES as These May Relate to “Acts of Nature”, Etc.

      4. Please COMPARE ANU/BAR S. S. S. with That of St. Kitts-Nevis ….. Noting the SOLID FUNDS That Scheme has to Shore Up ITS Pensioners ….. THEN Ask Yourselves HOW MANY TIMES HAS THE ALP/ABLP ADMINISTRATION Borrowed Funds from OUR 🇦🇬 S.S.S And Have Not PAID BACK A CENT of WHAT WAS BORROWED!! Only Then will you be able to compare Our Social Security Scheme with what obtains with Such Schemes Internationally or Globally. Our S. S. S. is NOT A REAL Social Security Scheme. The ALP/ABLP Administration has Bastardized Our S. S. Scheme through Its Plethora Of NONPAYMENTS!!!

      5. When will the BOOKS OF NYANCO be AUDITED?
      Wasn’t THIS GOVERNMENT COMPANY FORMED with FUNDS From Social Security Scheme, Medical Benefits, And Other Non-Government Corporations? Then How DARE YOU TELL US WE CANNOT ASK QUESTIONS About It’s Management, NOR SEE THE BOOKS/ACCOUNTS OF THIS NYAMCO? If it is NOT Government but THE PEOPLE’S $$$$ that was used to Establish NYAMCO…… We (the People) have EVERY RIGHT to Know of Its OPERATIONS In Detail ….

      Mr. Devorn Carter, I will Pause here for now ……

      Reply
    • And you shouldn’t be burying your head in the sand like an ostrich, but when you can’t think for yourself that is the worst disease

      Reply
  4. Oh lord can we not get personal. But in truth Im already fed up of this back and forth

    Reply
  5. Prime Minister Browne insists this is a ‘financially sound and long-overdue move.’ The public, and especially pensioners, deserve every detail to understand how this investment will deliver ‘hundreds of millions’ and truly stabilize the SSB.

    Reply
  6. When it comes to timeshare investment, to me it is all DOOM and Gloom.
    I was personally SCAMMED out of thousands of dollars from 1998 to the present.
    Unit 1861 Star Island
    5000 Ave. of the Stars
    Kisseemee,St. Cloud
    Orlando Fla.
    they claimed to have sold it to a company named WESTGATE. , the bills came from Vacation break.
    In 2012 I realized that the my timeshare was NON-EXISTENT. The maintenance fee went from $595 (US) to $1300 (US) this year.
    These are whole Corporations of SCAMMERS.
    The same corp. has people calling me from all over the states, telling me that I could be released from my timeshare obligation because of unfair to consumer practices. They call from a variety of numbers, but they all tell you to call them back at the one 800 number, and their extensions range from1003 to 1095.

    I wish I had enough money to pay some lawyers who are not afraid of their Cults and Secret Societies.

    Reply
  7. If I were the government I would never gove Harold Lovell the time of day. She’s not worth the time and space. This is just me

    Reply
  8. Lovell has a valid point. I believe everytime the government wants to deep into funding for their own selfish reason they attack social security

    Reply

Submit a Comment

Your email address will not be published. Required fields are marked *

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