Dr. Delisle Worrell, former Governor of the Central Bank of Barbados, has urged the government to facilitate unrestricted access to foreign currency for cultural practitioners, asserting that this policy could significantly enhance the growth of the Caribbean’s cultural industries. In his October Economic Letter, Dr. Worrell emphasized that such a measure would be the most impactful way to support the sector, particularly in light of the economic challenges faced by regional governments. He argued that domestic restrictions on foreign currency availability often incentivize cultural professionals to relocate abroad, thereby diminishing local talent pools. While concessions on importing specialized equipment could also aid the industry, Dr. Worrell noted that these are harder to implement effectively. He highlighted the limitations of financial support for cultural initiatives in countries where essential public services like healthcare, education, and infrastructure remain underfunded. Despite these challenges, Dr. Worrell acknowledged the global success of Caribbean cultural industries, which span sports, music, literature, and the arts, providing livelihoods for thousands of talented individuals. However, he pointed out that the economic benefits of these industries are largely realized abroad, with minimal spillover into local economies. Dr. Worrell also addressed the challenges faced by Cricket West Indies and other cultural events like Trinidad Carnival and Barbados’ Crop Over, which only generate significant domestic economic impact when they attract international tourists. He called for greater awareness of the region’s cultural achievements, suggesting that civil society organizations and the Caribbean diaspora could play a pivotal role in bridging the information gap left by the decline of regional media outlets.
Former central bank governor urges easing of foreign exchange restrictions for cultural workers
