Carib Scope

分类： business

  • Guyana’s outdated credit union legislation flagged for modernisation

    Guyana’s outdated credit union legislation flagged for modernisation

    In a landmark gathering at the Four Points by Sheraton on Heroes Highway, Caribbean credit union officials launched their premier Caribbean Development Education (CaribDe) training program in Guyana for the first time, delivering a powerful appeal for legislative modernization. The event spotlighted Guyana’s outdated 1948 Cooperative Societies Act as a regional anomaly requiring immediate reform.

    CaribDe Programme Director Melvin Edwards emphasized the critical inadequacies of the nearly 80-year-old legislation, noting its complete absence of provisions addressing contemporary financial challenges. “An almost 80-year-old piece of legislation cannot be relevant to the present day,” Edwards stated, highlighting the act’s failure to incorporate modern standards against money laundering, terrorism financing, proliferation risks, International Financial Reporting Standards (IFRS), and credit union prudential management protocols.

    Edwards formally urged Labour Minister Keoma Griffith to collaborate with local and regional credit union movements to overhaul Guyana’s cooperative framework, pointing out that most Caribbean nations have already updated their legislation. The Caribbean credit union sector represents a substantial economic force, serving 2.8 million members across the region with accumulated assets of US$3.5 billion.

    In response, Minister Griffith revealed that Guyana has been receiving technical assistance from the International Labour Organisation (ILO) to conduct an extensive review of the Cooperative Societies Act. The objectives include strengthening legal provisions, improving governance structures, and ensuring greater accountability. Griffith confirmed that Guyana is examining Jamaica’s cooperatives legislation among other models to inform their modernization efforts.

    The minister concurrently acknowledged concerning governance issues within segments of Guyana’s cooperative sector, noting that some societies “have operated in ways that have undermined public confidence and weakened the effectiveness of the movement.”

    The event also addressed internal divisions within Guyana’s credit union leadership. Edwards made a direct public appeal to Secretary of the Guyana Cooperative Credit Union League Colin Beaton and Chairman of Guyana Public Service Cooperative Credit Union Ltd Trevor Benn to resolve their differences before the Caribbean Confederation of Credit Unions’ 2026 Annual International Convention in Barbados this June. Both leaders indicated ongoing efforts to resolve what Beaton termed “little teething issues,” with Benn emphasizing his organization’s commitment to improvement and membership growth.

  • Farmers brace for uncertain sugar crop

    Farmers brace for uncertain sugar crop

    Barbados’ historic sugar industry commences its 2026 harvesting season Tuesday amid profound structural challenges and growing uncertainty about its future viability. The Portvale Sugar Factory will begin accepting cane at daybreak, launching an agricultural tradition that veteran farmers warn stands at a precarious crossroads.

    Richard Mayers, manager of Edgecumbe Plantation with 47 years of industry experience, embodies the sector’s concerning trajectory. “This crop season marks my 46th harvest,” Mayers revealed to Barbados TODAY. “The industry now faces its most critical juncture in decades.”

    The current crisis stems from the collapse of a government-backed restructuring initiative announced in January 2024. The proposed cooperative ownership model would have allocated 55% ownership to Co-op Energy, 20% to workers, and 25% retained by government for public offering. Two entities were established: Agricultural Business Company Ltd to manage farms and Barbados Energy and Sugar Company Inc to oversee milling operations.

    This transition stalled dramatically when the Memorandum of Understanding between Co-op Energy and the state-owned Barbados Agricultural Management Company (BAMC) terminated last August. Government officials cited Co-op Energy’s failure to raise $16.5 million in equity financing, while the cooperative disputed this characterization, demanding audited financial records before releasing member funds.

    The breakdown halted what was promoted as a historic shift toward worker ownership, leaving farmers represented by Barbados Sugar Industries Limited (BSIL) hoping for alternative investment. BSIL Chairman Mark Sealy cautioned that traditional growers cannot shoulder the financial burden of recapitalizing essential infrastructure.

    Mayers emphasized the industry’s broader agricultural significance: “There’s nothing to replace sugar cane across our vast acreages. As plantations abandon cane, land returns to bush. We need cane for crop rotation with non-sugar alternatives.”

    Compounding structural problems, production forecasts appear bleak. Early projections suggest yields could fall 20,000 tonnes below 2025 levels, largely due to severe drought conditions during July-September 2025. Mayers estimates the Portvale factory requires at least 100,000 tonnes annually for viability, while BSIL farmers initially anticipated only 66,000 tonnes before drought impacts.

    Despite these challenges, harvesting commenced Monday on Mayers’ St. Philip farm as part of his meticulous preparation strategy. “I start early to identify equipment issues before the busy season,” he explained, noting trailers were being filled for Tuesday’s official mill opening.

    The industry’s future now depends on critical decisions that extend beyond individual plantations. “We at Edgecumbe play our part but cannot save the industry alone,” Mayers stressed. “Everyone must step forward. I hope to reach 50 years in sugar, but survival depends on choices made within the next three years.”

  • Caribbean Development Bank collaborates with 2X Global to promote gender-focused investment in the Caribbean

    Caribbean Development Bank collaborates with 2X Global to promote gender-focused investment in the Caribbean

    The Caribbean Development Bank (CDB) has forged a strategic alliance with 2X Global Limited to revolutionize investment practices across the region through gender-focused methodologies. This groundbreaking partnership will produce a specialized Gender Lens Investing Acceleration Toolbox, specifically engineered to address the unique financial challenges faced by women entrepreneurs in Caribbean nations.

    Funded by a US$350,000 technical assistance grant from the Bank’s Special Development Fund, this initiative represents a significant advancement in the Caribbean GEMS (Gender Equality for Market Sustainability) program. The collaboration aims to dismantle systemic barriers that have historically limited financing opportunities for women-owned businesses, despite their educational and professional advancements.

    The comprehensive toolkit will incorporate practical instruments, customizable templates, and expert advisory frameworks aligned with international 2X Global standards. Beyond resource development, the project will document region-specific case studies and facilitate certification processes for five Caribbean companies or funds, creating reproducible models for gender-responsive investing.

    Scheduled for announcement coinciding with International Women’s Day observances, the initiative additionally features a cutting-edge Digital Academy and regional training platform. These digital resources will provide specialized education for investors, financial institutions, and policymakers seeking to implement gender lens investment criteria throughout Caribbean markets.

    Lisa Harding, Division Chief of CDB’s Private Sector Division, emphasized the transformative potential: “Through Caribbean GEMS, we’re positioning women entrepreneurs at the center of economic transformation, enabling enterprise scaling, innovation, and resilience building.”

    2X Global CEO Jessica Espinoza echoed this sentiment, stating: “This partnership expansion allows us to strengthen the gender lens investing ecosystem and ensure women-led enterprises access crucial growth capital.”

    The collaboration builds upon CDB’s 2023 integration into the 2X Global network, amplifying the Bank’s commitment to women’s economic empowerment through targeted investment strategies that complement existing initiatives like the SheTrades Caribbean Regional Hub.

  • BimPay launch delayed for extra testing

    BimPay launch delayed for extra testing

    The Central Bank of Barbados has announced a strategic delay in the nationwide implementation of its revolutionary digital payment system, BimPay. Originally scheduled for March 31, the launch has been rescheduled for June 12 to accommodate comprehensive interoperability testing across all participating financial entities.

    Central Bank Governor Dr. Kevin Greenidge confirmed the timeline adjustment during a press briefing at the Courtney Blackman Grand Salle, emphasizing that the decision emerged from collaborative consultations with commercial banks, credit unions, the Accountant General’s Department, and the Barbados Stock Exchange. “After careful assessment and consensus among all stakeholders, we determined that June 12 provides the necessary window to complete all testing protocols and guarantee optimal system performance,” Dr. Greenidge stated.

    BimPay represents a monumental upgrade from the existing Barbados Automated Clearing House (BASHI), introducing 24/7 transaction processing capabilities alongside innovative features including instant interbank transfers, QR code payment functionality, and a digital wallet accessible to both banked and unbanked populations. Governor Greenidge clarified that the postponement does not reflect any deficiencies in the central bank’s infrastructure but rather the necessity for seamless integration across all participating institutions.

    “The core system is fully developed and secure,” Dr. Greenidge affirmed. “What remains is the critical final phase where each institution must connect to the new national payment rail and undergo rigorous testing before processing live transactions.”

    The central bank has established stringent monitoring mechanisms and binding milestones to ensure adherence to the revised timeline. Deputy Governor Michelle Doyle, serving as executive project sponsor, expressed confidence in the revised launch date, citing structured support systems and information-sharing frameworks designed to facilitate institutional readiness.

    Notably, existing electronic payment services will continue uninterrupted during the transition period, with BASHI remaining operational until the June 12 cutover. The project remains within budgetary constraints, fully funded by the Central Bank to strengthen national financial infrastructure.

    Beyond domestic convenience, BimPay is envisioned as the foundational platform for future integration with the Caribbean Payment System (CPACS), potentially revolutionizing regional trade by enabling direct transactions in national currencies and reducing dependency on US dollar intermediation.

    Governor Greenidge concluded with a reaffirmation of commitment to system integrity: “Our primary mandate is safeguarding financial system stability. This measured approach ensures we launch not merely on time, but with absolute confidence in system reliability.”

  • Economist Warns US/Israel War on Iran Could Force Budget Revisions

    Economist Warns US/Israel War on Iran Could Force Budget Revisions

    BELMOPAN, BELIZE – March 16, 2026 – Belize’s recently unveiled national budget for fiscal year 2026/2027 faces potential revisions as geopolitical tensions create economic instability. Prime Minister John Briceño’s $1.9 billion spending plan, presented just last week, now confronts unforeseen challenges stemming from the escalating US/Israel military engagement with Iran.

    Prominent economist Dr. Phillip Castillo issued a stark warning that the conflict necessitates immediate financial reassessment. “Any projected figure mentioned by the Prime Minister has to be revised in light of the Iran war,” Castillo stated in an exclusive interview with News 5.

    The crisis centers on rapidly escalating fuel prices, which have already triggered increases at gasoline pumps nationwide. This creates a paradoxical situation for Belizean policymakers, as fuel taxes represent one of the government’s most significant revenue streams. While higher prices temporarily boost tax collections, they simultaneously threaten broader economic stability.

    Prime Minister Briceño previously emphasized the government’s dependency on tax revenue to fund public services. “There is so much that we want to do and the only way we can provide goods and services to our people is by collecting taxes,” he noted, referencing recently expanded free education programs in government high schools as an example of increased public expenditure.

    However, Castillo cautions that the short-term tax benefits mask deeper economic vulnerabilities. “Fuel is by far one of the largest revenue sources to any government in Belize,” he explained. “When fuel prices go up, governments benefit because tax intake increases. But as those prices work their way through the economy, the broader macroeconomy is impacted.”

    Economists warn that Belize’s import-dependent economy remains particularly susceptible to global energy market fluctuations. The ongoing conflict threatens to trigger ripple effects across multiple sectors including GDP growth, inflation rates, employment figures, and trade balances. With no resolution to international tensions in sight, financial experts urge proactive budget adjustments to address an increasingly volatile global economic landscape.

  • Minstens 600.000 extra aan lokale kip op de markt medio dit jaar

    Minstens 600.000 extra aan lokale kip op de markt medio dit jaar

    Suriname’s poultry industry is poised for significant expansion with projections indicating an additional 600,000 to 800,000 chickens will reach domestic markets by mid-year. This substantial production increase represents a strategic move to bolster national food security and reduce dependency on imported poultry products.

    Current market analysis reveals that approximately 65% of Suriname’s chicken supply is imported, while only 35% originates from local producers. Agriculture, Livestock, and Fisheries Minister Mike Noersalim emphasized that strengthening domestic production capabilities remains a government priority. “Enhancing local production capacity is essential to diminishing import reliance and fortifying our national food security framework,” Minister Noersalim stated during high-level discussions with poultry sector representatives.

    The government has established a collaborative working group comprising multiple stakeholders to address critical industry challenges. This implementation body, featuring representatives from various ministries and industry associations, will convene its inaugural meeting at the Finance Ministry to tackle pressing taxation and VAT-related issues affecting the sector.

    Minister Noersalim clarified that while his ministry oversees agricultural policy, effective resolution requires cross-ministerial cooperation. The Ministries of Finance, Public Works and Spatial Planning, and Economic Affairs, Entrepreneurship and Technological Innovation will all contribute expertise to the comprehensive solution matrix.

    The ongoing avian influenza outbreak in Europe has prompted import restrictions on breeding eggs from affected regions, forcing Surinamese producers to seek alternative suppliers including Brazil. Initial results from these new breeding partnerships are anticipated within approximately two weeks.

    The Poultry Sector Association of Suriname (APSS) has additionally advocated for converting technical specifications into formal legislation to enable more effective regulatory oversight and enforcement mechanisms. This legislative enhancement would ensure improved food safety standards for consumers while maintaining industry compliance.

  • Computer World rises again after devastating fire

    Computer World rises again after devastating fire

    In a resilient response to a devastating fire, Saint Lucia’s premier technology retailer Computer World has established a temporary operational base at the Daher Commercial Centre in Bois d’Orange. This strategic relocation positions the company directly opposite the charred remnants of its former building, symbolizing its commitment to recovery and continued service to the community.

    The catastrophic blaze on March 6th completely gutted the Computer World structure, consuming the retail storefront, warehouse, and entire inventory. Firefighting crews confronted intense smoke and hazardous materials during their efforts to contain the inferno, which resulted in extensive property and data loss.

    Manager Melicia Thomas confirmed the phased reopening strategy, stating that accounting services will resume operations first. This initial phase is critical for reconstructing the company’s digital records and financial data lost in the disaster. The retail component is projected to follow shortly thereafter, targeting a reopening date of Monday, March 23, 2026.

    ‘Our accounting department must take priority as we need to re-enter all our operational data,’ Thomas explained. ‘The physical store will commence operations in the subsequent week.’

    Thomas revealed the profound impact on staff members, noting that some employees lost personal belongings stored onsite. Despite the emotional devastation and concerns about job security, the team has demonstrated remarkable solidarity. ‘We function as a family unit,’ Thomas emphasized. ‘We collectively mobilized to secure a new location and guarantee employment preservation for all our team members.’

    Computer World has established itself as an institutional provider of technology solutions and office supplies in Saint Lucia, serving corporate clients, educational institutions, and individual consumers with computing equipment, printers, networking hardware, and electronic devices.

  • GK pushes reformulation as better option than sugar tax

    GK pushes reformulation as better option than sugar tax

    Amidst Jamaica’s implementation of a Special Consumption Tax (SCT) on sugary beverages, corporate giant GraceKennedy Limited is championing an alternative strategy for promoting public health. The food and financial conglomerate asserts that incentivizing product reformulation would yield more substantial long-term health benefits than relying predominantly on taxation mechanisms.

    Frank James, Group Chief Executive Officer of GraceKennedy, articulated this position during a recent investor briefing. While clarifying that the company does not oppose the government’s new fiscal measure, James emphasized that policies encouraging manufacturers to systematically reduce sugar content could drive more meaningful behavioral change. “We are mindful of the Government’s drive around health,” James stated, “but we have been doing that already.”

    James proposed restructuring the SCT to incorporate a differential taxation model based on sugar concentration, arguing that the current flat-rate levy fails to adequately incentivize manufacturers to alter product compositions. “What we would certainly encourage is that the SCT is structured in a way that promotes reformulation — pushing manufacturers to lower the sugar content in their products,” he explained. “I think that is something that would drive the behaviour we want.”

    The concept of reformulation represents a strategic process wherein manufacturers modify product recipes, compositions, or production methodologies. Particularly prevalent in food, beverage, and pharmaceutical sectors, this approach enables companies to enhance nutritional profiles by reducing salt, sugar, or fat content while preserving flavor and quality. GraceKennedy, as a manufacturer of sweetened beverages, has reportedly been engaged in such initiatives long before the SCT announcement, exploring methods to reduce sugar across multiple product categories while maintaining consumer appeal.

    The government’s taxation measure, introduced as part of broader budgetary financing efforts, has generated polarized responses. Health advocates have largely welcomed the intervention, while manufacturers have questioned its effectiveness and equity. Critics argue the levy disproportionately targets the beverage sector and may adversely affect lower-income consumers.

    This perspective found reinforcement from Opposition Finance Spokesman Julian Robinson during parliamentary budget debates. Robinson contended that mandated reformulation requirements with implementation timelines would more directly reduce sugar consumption than taxation alone. “If the Government’s concern is about reducing sugar consumption and improving health outcomes, it has a more effective instrument available to it,” Robinson asserted.

    Scheduled to take effect in May 2026, the flat-rate levy of $0.02 per milliliter applies to beverages containing added sugars or sweeteners, encompassing sodas, fruit-flavored drinks, and other non-alcoholic beverages—whether carbonated or non-carbonated, locally produced or imported. Projected to generate approximately $10.1 billion in revenue, the policy fundamentally operates as a public health measure targeting products associated with noncommunicable diseases including obesity, diabetes, and cardiovascular conditions.

  • Middle East war spurs call for local production boost

    Middle East war spurs call for local production boost

    NEGRIL, Westmoreland — In a strategic move to insulate Jamaica’s vital tourism sector from global supply chain vulnerabilities, Tourism Enhancement Fund (TEF) Executive Director Dr. Carey Wallace has issued a compelling call for accelerated local production of goods. Addressing industry stakeholders, Wallace emphasized the critical timing of this initiative, highlighting the Caribbean’s status as a peaceful haven amidst ongoing conflicts in the Middle East that threaten international shipping routes.

    The urgency was underscored during last Thursday’s TEF Speed Networking event at James Hunter Event Centre Board Walk Village, where Wallace delivered his keynote. He articulated a clear vision for supply chain resilience, stating, ‘Strategic domestic sourcing ensures our tourism experience remains uninterrupted. Should disruptions emerge from critical chokepoints like the Strait of Hormuz, Jamaica will maintain its strength, powered by locally produced products and services for our visitors.’

    The event itself served as a practical implementation of this strategy, facilitating targeted connections between 72 local suppliers and 25 major buyers from the hospitality industry. Through a structured platform, pre-arranged 15-minute meetings linked top executives from supplier firms with decision-makers from hotels, restaurants, and attractions.

    Looking beyond current geopolitical tensions, Wallace outlined a future of expanded opportunity. He projected that a post-conflict global landscape would unlock new potential for ‘experiential tourism’ dispersed across Jamaica’s diverse geography—from mountains and riversides to valleys—ensuring widespread local economic benefit.

    Reaffirming a ‘local-first’ doctrine, Wallace confirmed that this approach is a cornerstone of the Ministry of Tourism’s policy, aimed at creating a more inclusive and expansive tourism model where Jamaican communities reap significantly greater rewards from the industry.

  • Halkitis defends VAT changes, says grocers had ‘ample time’

    Halkitis defends VAT changes, says grocers had ‘ample time’

    The Bahamian government has firmly responded to mounting criticism from food retailers regarding its upcoming Value-Added Tax (VAT) reforms, asserting that businesses have received adequate preparation time for the impending changes. Economic Affairs Minister Michael Halkitis addressed the Senate on Wednesday, providing detailed justification for the administration’s decision to eliminate VAT on unprepared food items effective April 1, 2024.

    Halkitis clarified the fundamental distinction between ‘zero-rated’ and ‘exempt’ VAT classifications, explaining that the government deliberately chose the exemption model to prevent substantial revenue losses. Under the exemption framework, importers avoid paying VAT and consequently cannot claim input tax credits—a mechanism that prevents large-scale refund obligations from burdening government coffers. Conversely, zero-rating would enable retailers to reclaim VAT inputs, creating significant fiscal liabilities for the state.

    The Minister revealed that government officials had initiated dialogue with retail stakeholders as early as last year, providing advance notice of the policy direction before the formal January announcement. Halkitis emphasized that the three-month implementation window represents sufficient adjustment time given contemporary technological capabilities, including artificial intelligence systems that streamline accounting processes.

    Addressing allegations that the tax relief measure constitutes pre-election maneuvering, Halkitis categorically denied any political motivation. He characterized the VAT reduction as part of a broader series of economic relief initiatives implemented since the Davis administration assumed office, designed specifically to alleviate cost-of-living pressures for Bahamian households.

    While acknowledging variations in consumer savings depending on individual spending patterns, the Minister maintained that the policy will deliver tangible financial benefits. Households with higher grocery expenditures will realize more substantial savings compared to those who frequently dine out, but all consumers will experience some degree of economic relief through reduced food prices.