WATCH: “Harold Lovell’s example supports our position!” – PM responds to Lovell’s Social Security Investment Assessment

Prime Minister Gaston Browne has retorted to statements made recently by former Finance Minister Harold Lovell about the government’s Social Security investment plan in Jolly Beach resort. This topic of discussion has been an enduring one, as the government of Antigua and Barbuda has outlined plans to increase the long-term viability of Social Security Scheme by generating increasing returns through an investment portfolio.

The idea has been met with disdain by Lovell, who likened it to gambling at a casino – calling it a “reckless experiment, or political warri”. The Prime Minister responded Saturday afternoon on his weekly Pointe FM radio show.

According to the government, the Antigua and Barbuda Social Security Scheme has historically relied almost exclusively on fixed deposits, earning low returns and ultimately contributing to its declared insolvency in 2010. Government officials point to examples in other countries, where pension funds invest in real estate, infrastructure, and other long-term illiquid assets to hedge against inflation and ensure steady returns.

“A sustainable pension system requires more than just savings accounts,” said Prime Minister Browne. “It requires strategic asset allocation and proactive investment to meet future obligations.”