PM Gaston Browne and Harold Lovell share different opinions on the government’s Social Security Scheme venture
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.”
I really can’t with the back and forth. I understand both sides concern but let’s not knock it before we try it. It might just work
THey Should check how well that Strategy is working for the St. kitts SSB
Gaston be aware that Harold your hanger for your jacket is bag in the dance.
I had my moments of hesitation but I now have complete faith in Prime Minister Browne’s vision. We can’t keep doing the same thing the same way and expect a different result. That is the very definition of insanity. So let’s overcome our risk averse mindsets and give this investment a chance.
I believe gaston knows what Harold is saying is true. I believe gaston knows that Harold is more intellectually capable than him. I believe gaston knows that Harold is the only one who can truly contest with him for leadership. I believe gastons greatest fear is Harold.
I see where both are coming from. Transparency and smart management will be key if this plan is to succeed.
Question for GB? He he not raided the social security monies eould it be in such a dire position?
If he did not have property on the Jolly Harbour complex, would he still think it such a good idea?
Why doesn’t he ((GB) publish the feasability study and projected increase in profits year on year for the next 10 years of the investments.
History has shown that GB, doesn’t do anything for Antigua/Antiguans unless there is something in it for him!