Local Banks Now Control High Street as Government Promotes “Empowerment Capitalism”

The Government is celebrating what it views as a symbolic national victory: the shift of major banking properties from foreign to local ownership.

During the Throne Speech, Governor-General Sir Rodney Williams praised ACB Caribbean and ECAB for acquiring buildings once owned by Canadian banks, describing the transformation as turning High Street from a “river of foreign banks” into a “beach” owned by Antiguans.

He also highlighted ongoing policies of “empowerment capitalism,” such as selling shares of state enterprises like WIOC to citizens and expanding the National Asset Management Company (NAMCO) to manage government-owned investments.

The goal, he said, is for more Antiguans and Barbudans to participate in wealth creation across generations.