Barbados’ Finance Minister Ryan Straughn has identified public financial education as a cornerstone of his strategy to stabilize the nation’s economy. In a recent interview with the Barbados Government Information Service, Minister Straughn outlined his vision to democratize investment opportunities traditionally dominated by large financial institutions.
With seven and a half years of experience working alongside Prime Minister Mia Mottley, Straughn emphasized his readiness to assume full responsibility for the ministry. “This appointment represents a natural progression of our previous successes,” he stated, noting he has already directed ministry staff to advance several initiatives to modernize the Finance Ministry for 21st-century challenges.
The minister plans increased communication regarding government policies and legitimate investment avenues, specifically aiming to steer citizens away from risky ‘get rich quick’ schemes. “Currently, only commercial banks and major insurance companies access these opportunities,” Straughn observed. “My mission is to ensure every Bajan, regardless of wealth, can benefit equally from shaping public policy and achieving solid returns on savings.”
Central to this financial inclusion strategy is the recently launched BIMPay Platform, designed to enable small-scale investments that accumulate over time. Additionally, Straughn announced re-education programs for public servants to improve understanding of government financing mechanisms, thereby building trust in financial instruments like BOSS Bonds and other government securities.
Reflecting on Barbados’ recent challenges—including COVID-19, volcanic ashfall, and economic difficulties he described as among the nation’s most severe outside world wars—Straughn expressed confidence. “Having emerged from these crises, we’re now positioned to shift Barbados into higher gears of economic acceleration and sustainable growth.”