​Former banker and lending manager Dwayne Edwards has been appointed chairman of the Enterprise Development Fund, replacing Kem Tonge, who declined the Government’s offer to take up the position.

Prime Minister Gaston Browne announced Edwards’ appointment on Tuesday, saying it takes effect immediately.

“Mr Dwayne Edwards, former banker and lending manager at two domestic banks, will serve as the new Chairman of the Enterprise Development Fund, effective immediately,” Browne said.

The appointment follows Tonge’s decision not to accept the chairmanship, less than 48 hours after Browne publicly criticised his performance as chairman of the Social Security Board and disclosed that he had ordered his removal.

Tonge has not publicly explained why he declined the new appointment or indicated whether his decision was connected to the Prime Minister’s remarks.

During a radio programme on Saturday, Browne accused Tonge of failing to defend a proposed Social Security investment in Jolly Beach during a contentious public meeting.

According to the Prime Minister, Tonge attended the meeting, took “copious notes,” but remained silent while Cabinet ministers faced criticism over the proposed transaction.

“He didn’t utter a single word,” Browne said, before revealing the instruction he subsequently gave: “Take him off the board.”

Browne also accused Tonge and other Social Security Board members of disrespecting Cabinet by failing to attend a government-arranged visit to Jolly Beach during the controversy.

The Prime Minister argued that the board members had been invited to inspect the property, hear the Government’s explanation and independently assess the resort’s potential, but failed to attend.

The Government maintained that transferring income-generating assets to Social Security could help reduce the State’s outstanding obligations to the pension scheme while providing it with a sustainable source of revenue.

Edwards now assumes leadership of the Enterprise Development Fund, which provides financial and other forms of assistance to entrepreneurs and small businesses.

His experience in banking and lending is expected to inform the Fund’s efforts to improve access to financing and encourage the development of local enterprises.