分类: business

  • Superintendency of Banks warns public about fake ‘Pro Renta’ investment platform

    Superintendency of Banks warns public about fake ‘Pro Renta’ investment platform

    In the Dominican Republic’s capital Santo Domingo, the country’s top banking oversight body has issued an urgent public alert over a brazen fraudulent investment scam that is misleading social media users by impersonating the regulator. The scheme, which operates under the brand name “Pro Renta”, illegally co-opts the official branding and public credibility of the Superintendency of Banks (SB) to sell unvetted, non-existent financial management and investment services to unsuspecting consumers.

    In an official public statement released Wednesday, the regulator confirmed that the scammers have replicated the agency’s official visual identity down to precise details, and have even falsely used the likeness of current Superintendent Alejandro Fernández W. to lend the scheme an air of legitimacy. The watchdog characterized the fraudulent social media campaign as deliberately misleading, false, and malicious in its intent to defraud consumers.

    The Superintendency of Banks emphasized that all of its official statements, regulatory updates, and public communications are only distributed through verified, pre-authorized institutional channels and its official government website. No unapproved third-party offers bearing the agency’s branding should be treated as legitimate, the regulator added.

    To protect consumers from financial harm, the agency has urged all Dominican citizens to practice due diligence by cross-checking the authenticity of any online investment offer before sharing it across social platforms or committing any personal funds to the opportunity. The regulator also reaffirmed its ongoing commitment to safeguarding all participants in the Dominican Republic’s financial system, rooting out financial fraud, and holding bad actors accountable for deceptive practices.

    In closing, the Superintendency called on the public to maintain heightened vigilance against any fraudulent operation that leverages the public trust in government regulatory institutions to carry out scams, reminding consumers that legitimate financial regulators do not endorse private investment schemes through unsolicited social media content.

  • From Jamaica to New York: Netania Mundell’s journey into global marketing

    From Jamaica to New York: Netania Mundell’s journey into global marketing

    Career paths are rarely the straight, pre-planned trajectories many young professionals are taught to pursue. For 29-year-old Jamaican marketing leader Netania Mundell, the journey from a university accounting major to a leading digital activation role at global beverage giant Diageo is a masterclass in following natural talent rather than rigid expectations, and turning personal roots into professional superpower.

    Today, Mundell serves as an associate of digital activation at Diageo, where she shapes marketing strategies for two of the company’s most iconic North American brands: Guinness and Smirnoff Ice. What makes her approach unique is a perspective rooted in her Jamaican upbringing: she rejects the idea that brands only exist in corporate boardrooms and polished campaign documents, instead arguing that brands live in the everyday moments, casual conversations, shared memories and cultural rituals of consumers. This people-first perspective blends perfectly with her own multi-faceted identity as a strategist, storyteller, cultural observer and creative.

    Mundell’s personality is as dynamic as the brands she elevates: quick-witted, unapologetically authentic, and infectiously upbeat, she brings humor and transparency to every project she touches. “I am very unserious in the best way,” she joked in an interview. But beneath that approachable, lighthearted energy lies a sharp, empathetic professional with an innate ability to read people, culture and untold brand stories — a skill that has become her greatest competitive advantage.

    That instinct was cultivated long before she entered the global marketing industry, in the close-knit, family-focused community of Portmore, St Catherine, where she grew up. Her father emerged as one of the most foundational influences in her life, offering unwavering support that helped her build the confidence to take calculated risks even when the future was unclear. That confidence would prove critical during her years at the University of the West Indies, where she enrolled to study accounting, only to slowly realize that the career she had mapped out on paper did not align with the creative, people-focused person she was growing into.

    Rather than sticking to the pre-planned path, Mundell began leaning into her growing curiosity for marketing: she got involved in campus activities, joined the UWI Marketing Association, and opened herself up to new opportunities. That proactive choice paid off in 2018, when she landed a coveted internship at telecommunications leader Digicel, her first formal step into the marketing industry.

    Around the same time, a second side of her professional identity began to grow organically on social media. On Twitter, audiences connected deeply with Mundell’s sharp humor, unique insights and unfiltered personality. As she navigated the uncertainty of post-graduation life, she turned that online following into the Netschat podcast, honing her skills as a creator and conversationalist. In an era where modern brands are expected to be culturally attuned, digitally native and emotionally intelligent, that hands-on creator experience gave her a rare edge that traditional marketing training could not provide.

    One of Mundell’s most celebrated early career wins came during her time at agency Mystique, where she managed the KFC Jamaica account. For 2022 Valentine’s Day, she pitched a simple but clever concept for an Instagram Reel: a romantic video shot in the style of a love letter addressed to a partner, with a playful twist that revealed the deep affection was actually for KFC’s popular Big Deal meal. The campaign went viral organically, becoming one of the highest-performing organic Instagram posts in the brand’s history — a testament to Mundell’s ability to blend humor, relatability and smart brand storytelling.

    For Mundell, what draws her to marketing above all else is the space the industry creates for unconventional, creative ideas. In 2022, she made another bold life and career choice: she left Jamaica to pursue a master’s degree in Integrated Marketing at New York University, rooting herself in one of the world’s most dynamic marketing hubs while still carrying her Jamaican identity with pride.

    Now at Diageo, she brings that unique perspective to a global business environment that demands equal parts creative innovation and disciplined execution. Focused on Diageo’s North American beer and flavored malt beverage segment, she manages brand strategy for Guinness and Smirnoff Ice across the region, but sees her role as far more than just a regional position: it is an opportunity to infuse global marketing with the cultural awareness and human-centered perspective she gained growing up in Jamaica.

    Looking ahead, Mundell expects her career to continue evolving at the intersection of creative storytelling, data-driven strategy and human behavior. Her advice for young professionals navigating uncertain career paths echoes her own journey: “Passion really has to drive you to be prepared. When opportunity comes knocking, you never want to be caught unprepared.” For Mundell, that willingness to follow her passion and prepare for new opportunities has turned an unconventional accounting detour into a thriving global marketing career.

  • Wage boost wins business support

    Wage boost wins business support

    A planned $2.93 billion supplementary budget allocation earmarked for public sector wage adjustments in Trinidad and Tobago has earned cautious approval from domestic business groups, who frame the injection as a near-term boost to household spending, while prompting widespread calls for clear long-term fiscal planning to avoid worsening national economic imbalances.

    Speaking in Parliament Friday, Prime Minister Kamla Persad-Bissessar confirmed the funding, included under the 2026 Finance Bill, will cover updated salary obligations for more than 62,000 public servants across the country. Of the total supplementary request, $2.83 billion is classified as recurrent expenditure, allocated to cover the already implemented wage and salary increases for public sector workers.

    Local business chambers have largely backed the move, framing it as a necessary policy step that will put immediate discretionary spending power into the hands of thousands of households, in turn stimulating stagnant domestic demand.

    Baldath Maharaj, president of the Chaguanas Chamber of Industry and Commerce, noted that the public sector wage increases will deliver a direct, immediate lift to retail activity and the small and medium-sized enterprise (SME) sector, which forms the backbone of domestic commercial activity. “This income injection will provide a very welcome boost to retail trade and overall consumer spending,” Maharaj explained, adding that businesses across every region of Trinidad and Tobago stand to gain from increased market liquidity. Even so, Maharaj emphasized that the government’s upcoming midyear budget review must lay out a clear roadmap for how the new expenditure will be managed without undermining macroeconomic stability, particularly amid ongoing foreign exchange pressures and the need for sustained long-term growth. “Fulfilling these State obligations is a critical step forward, and we trust that the Government’s upcoming fiscal presentation will balance this necessary payroll injection with continued strategies to support private sector growth, manage foreign exchange stability, and drive long-term economic development for Trinidad and Tobago,” he added.

    Kiran Singh, head of the Greater San Fernando Chamber of Commerce, echoed Maharaj’s perspective, noting that the wage adjustment delivers on the government’s long-stated commitments to public servants at a time of soaring national living costs. “The chamber views this decision as part of the Government’s broader effort to stabilise the economy while addressing long-standing financial obligations to its employees. Public sector wages support consumer spending, which in turn benefits businesses across the country, particularly small and medium-sized enterprises that rely heavily on domestic economic activity, thereby sustaining a nationwide positive multiplier effect,” Singh said. He added that the government’s long-term policy focus must center on expanding the national economy to generate consistent, sustainable revenue streams, reduce chronic fiscal pressures, and support broad-based employment growth. Singh also noted his organization remains encouraged by ongoing government efforts to revitalize the economy, including initiatives to attract foreign direct investment, strengthen partnerships with multilateral institutions, support SME growth, and diversify the national economy away from its historic reliance on traditional energy sectors.

    Even as business groups broadly welcome the wage adjustment, industry leaders have stressed the urgent need for transparency around the government’s funding strategy. Dianne Joseph, president of the Trinidad and Tobago Coalition of Services Industries (TTCSI), said the organization does not oppose the supplementary budget request, given that public sector workers have faced more than a decade of near-stagnant real wage growth. Even so, TTCSI has called for clear public disclosures around how the additional spending will be financed, to avoid drawing further down on strained national reserves or widening existing fiscal gaps. “The TTCSI urges the Government to clearly outline its revenue-generation strategies to replenish these funds without destabilising national reserves. Without a clear, proactive plan to rapidly expand alternative income streams, there is a risk of compounding local economic pressures,” Joseph warned.

    Leading local economist Dr. Vanus James framed the supplementary budget request as an entirely predictable development, noting that the government had already made binding wage commitments, and the domestic economy has not expanded fast enough to generate the revenue required to cover the new expenditure. Dr. James predicted the funding will most likely be drawn from a mix of increased fines, higher public service fees, tax hikes, and new public debt, with a small portion potentially coming from official development assistance if the government is successful in securing external grants. “There is no doubt that the country needs to move quickly to a path of rapid productivity growth to cover its rising labour costs,” he added.

  • Staatsschuld stijgt naar SRD 189,9 miljard

    Staatsschuld stijgt naar SRD 189,9 miljard

    New data released in Suriname’s 2026 Public Debt Plan reveals that the South American nation’s total sovereign debt reached 189.9 billion Surinamese dollars, equal to approximately $4.9 billion, by the close of 2025. Hefty near-term debt repayment obligations that were originally scheduled for 2025 have been restructured and pushed out to 2030 and 2035, according to the document from Suriname’s Public Debt Office.

    Official statistics from the General Bureau of Statistics (ABS) put the country’s debt-to-GDP ratio at 129.6% as of the end of 2025. Calculated under the methodology used by the International Monetary Fund (IMF), that ratio stands at a lower but still elevated 108.7%. Total scheduled debt service for 2026 is currently projected at 15.7 billion Surinamese dollars, equal to roughly $405 million at current exchange rates.

    The Public Debt Office outlines several key drivers behind the ongoing rise in Suriname’s national debt. These include the disbursement of new cross-border loans, a major recapitalization effort for the Central Bank of Suriname (CBvS), the inclusion of the Value Recovery Instrument in the national debt portfolio, and growing backlogs in overdue payments to domestic government suppliers.

    Breaking down the total debt balance, more than $4.1 billion of the total is classified as external obligations to international creditors, while roughly $823 million consists of domestic debt held by local institutions and investors. Close to 90% of all Suriname’s sovereign debt is denominated in foreign currencies, a structure that leaves the country’s public finances highly exposed to sudden exchange rate swings that can increase the local currency cost of repayments overnight.

    Over the course of 2025, Suriname concluded nearly $2 billion in new loan agreements with a range of global and regional development institutions. A large share of these new arrangements went toward refinancing existing expensive debt, but the country also secured new development financing targeted at key economic sectors and infrastructure projects.

    Among the new development funding, the Saudi Fund for Development provided a $20 million loan to expand and upgrade Suriname’s energy generation and power distribution infrastructure. The Inter-American Development Bank (IDB) allocated $25 million to support the country’s struggling aviation sector. The World Bank contributed more than $22 million to fund climate adaptation projects and flood risk reduction initiatives across the country. In March 2025, the IMF also disbursed the final $44.6 million tranche of funding under Suriname’s ongoing economic reform program supported by the fund.

    The largest single financing transaction of 2025 closed in November, when Suriname launched $1.575 billion in new international bonds with 5-year and 10-year maturities, alongside a $300 million dedicated social bond. Proceeds from this issuance are primarily earmarked for refinancing maturing legacy debt and clearing outstanding past payment obligations.

    Despite the current elevated debt burden that weighs heavily on the national budget, Suriname’s government projects that the country’s debt position will improve steadily over the medium term. The optimistic outlook is tied to forecasts of broad economic growth, rising foreign direct investment in the country’s emerging offshore oil sector, and the expected start of commercial crude oil production from 2028 onward.

    A formal debt sustainability analysis conducted by the government projects that these developments will push the debt-to-GDP ratio back below the legal national debt ceiling of 60% by 2029. Until that milestone is reached, however, public debt servicing will remain one of the biggest spending pressures on the Surinamese government’s annual budget.

  • CDB recommits to tackling regional challenges through strategic realignment

    CDB recommits to tackling regional challenges through strategic realignment

    NASSAU, Bahamas — In a landmark closing address at the Caribbean Development Bank’s (CDB) 56th Annual Meeting held in Nassau on 7 June 2026, CDB President Daniel Best announced a sweeping strategic realignment, reaffirming the institution’s commitment to confronting the Caribbean region’s most urgent development challenges and raising living standards for local communities.

    The policy shift comes after sustained pressure from a broad coalition of regional stakeholders, including youth leaders, national policymakers and industry advocates, who have called on the regional development lender to prioritize high-impact areas: youth capacity-building, professional skills training, climate resilience, and inclusive, sustainable economic expansion. For years, the bank has faced growing expectations to expand its support for the Caribbean’s development agenda, amid overlapping crises ranging from crumbling core infrastructure and unmet workforce readiness needs to rising global geopolitical uncertainty and accelerating climate-related disasters.

    Addressing delegates and regional leaders at the ceremony, President Best acknowledged the widespread concerns raised by stakeholders, confirming that the bank has heeded calls from its governing board and Caribbean youth for a more coordinated development approach and faster execution of ongoing institutional reforms and core strategic priorities. Against this backdrop, Best committed the CDB to accelerating action across all its operations, outlining the new direction: “by aligning our efforts across countries and partners, accelerating decision-making, and deploying practical solutions that translate policy into progress.”

    “Our focus is to move to implementation to impact, from plans to performance, and to ensure that every action we take delivers meaningful and lasting change for the Caribbean,” Best emphasized.

    Turning to the broader global context shaping the Caribbean’s outlook, Best noted the region continues to grapple with a cascade of interconnected challenges: escalating climate shocks, rising geopolitical tensions across major economies, persistent fiscal constraints for small island developing states, slowing global demand and growth, and the onset of the 2026 Atlantic hurricane season, which brings annual risk of catastrophic damage to Caribbean coastal communities and infrastructure.

    “Friends, we arrived this week carrying the weight of a world in flux,” Best said. “These realities have not changed, but we continue to approach these challenges with collective purpose. Throughout this meeting, we listened to one another. We exchanged ideas and together we confronted some of the defining questions of our time.”

    President Best highlighted that the week’s deliberations centered on three core priorities: boosting regional competitiveness, strengthening systemic resilience to shocks, and expanding economic and social opportunities for current and future generations. Despite the stacked challenges facing the region, Best said a unifying, forward-looking consensus emerged from the talks.

    “The future of the Caribbean will not be determined by the challenges we face; it will be determined by the choices we make in response to them,” he stated.

    He also referenced opening remarks by Bahamian Prime Minister Philip Davis, who urged regional leaders to reject a mindset of merely enduring hardship. “Our goal cannot simply be to survive. Our mission is to thrive,” Best quoted Davis as saying.

    According to Best, this proactive, growth-focused philosophy is embedded in the CDB’s newly adopted 2026-2035 Strategic Plan, which guided all discussions during the annual meeting. “At its heart lies a simple proposition: resilience is not an end in itself. Resilience is the foundation upon which prosperity is built,” he explained.

    Under the restructured strategic agenda, the CDB will maintain its longstanding commitment to advancing economic, social, and environmental resilience, while elevating three priorities to the core of all operations: youth development, ambitious climate action, and institutional capacity-building for strong regional governance.

    Discussions held during the meeting’s Impact Room sessions reinforced a key insight for the bank: sustainable long-term development across the Caribbean cannot be funded through public sector resources alone. To fill financing gaps, Best noted that the region must ramp up efforts to mobilize cross-border private investment, strengthen local and regional entrepreneurship, and build a policy and regulatory environment that enables broad, investment-led economic growth.

    During breakout sessions focused on the CDB’s EDGEx initiative, participants also emphasized the growing critical role of robust data, evidence-based research, and shared knowledge in designing effective development policy and delivering measurable outcomes. Best stressed that Caribbean nations need to invest in modern, scalable national data systems, expand cross-border knowledge sharing, and leverage locally generated evidence to guide public decision-making and speed up the delivery of tangible development results.

    Finally, Best noted that discussions on climate finance reiterated a harsh reality long understood by Caribbean nations: the region, which contributes less than 1% of global greenhouse gas emissions, bears a disproportionate share of climate change’s damaging impacts, and requires targeted, accessible climate finance to build resilience and reduce risk.

  • Young entrepreneur starts new business venture

    Young entrepreneur starts new business venture

    After years of quiet planning and overcoming multiple startup barriers, acclaimed Barbadian entrepreneur Tyrique Wilson — founder of the widely successful 2020 Carrington’s Rum Cream brand — has broadened his business holdings with the official launch of Outlet Auto Spas. The new vehicle valeting and professional car detailing facility is located at the Sugar Cane Mall car park in Bridgetown, and opened its doors to customers for the first time this past Saturday, marking the fulfillment of a personal and professional goal Wilson has held since his youth.

    Speaking at the facility’s grand opening ceremony, Wilson detailed the long journey that led to the new venture, noting that six weeks of intensive hands-on preparation preceded the opening. “It’s our very first day opening after six weeks of preparation, getting all the equipment, getting all the bookings, getting the marketing out there, and finally we’re here,” he shared.

    The idea of launching a car wash and auto care business first took root when Wilson was still a secondary school student, but unforeseen financial and logistical obstacles put his plans on hold for years. “Car wash businesses have always spoken to me. From the time I was in secondary school, I wanted to start a car wash, but the barriers to entry are a bit higher in terms of getting the canopy done, getting cement done and getting all the equipment,” Wilson explained. “I’m so happy that I’m finally able to do it now after years of wanting to do it and weeks of preparing to get it done.”

    While Wilson smoothly built Carrington’s Rum Cream into a successful brand, he openly acknowledged that launching the brick-and-mortar auto spa came with far greater challenges. “It was extremely difficult, I’m not going to lie,” he said. “Because it’s a car wash business and has a physical location, there are so many moving parts that you have to pay attention to, whether that be organising bookings, making sure you have the correct equipment or ensuring the water drains out properly.”

    The opening ceremony drew a number of prominent local figures, including Barbadian Senators Gregory Nicholls and Shane Archer. Senator Nicholls, who first met Wilson during Wilson’s time as a law student, praised the young founder’s persistence and commitment to entrepreneurship, framing the new business as a powerful example of what young Barbadian creators can achieve with opportunity. “I remember him as a law student in the faculty. He’s actually a brilliant legal mind,” Nicholls said, recalling that Wilson previously supported him with constitutional research work. “To see him here, opening his second business, is really a testament that young people have a lot of talent. Once we give them the opportunities, they will rise to the top and reach for the stars.”

    Nicholls also commended Wilson for his choice to pause his legal career to pursue his entrepreneurial goals, noting that stepping away from a established academic path was a risky, high-stakes decision — one that has already paid off with impressive tangible results.

  • OP-ED: The cost of money in the ECCU – Why Caribbean lending rates are where they are, and the strategic decision now in front of the region.

    OP-ED: The cost of money in the ECCU – Why Caribbean lending rates are where they are, and the strategic decision now in front of the region.

    In early March 2026, the Caribbean Development Bank (CDB) held its annual press briefing in Bridgetown, where President Daniel M. Best framed the coming ten years as the Eastern Caribbean’s “decade of decision”. This label comes against a stark backdrop: the region requires $65.2 billion in targeted financing between 2024 and 2033 to avoid prolonged economic stagnation, a need that aligns with CDB’s new 10-year strategic plan built on three core pillars: social, economic, and environmental resilience. Two months later, the Monetary Council of the Eastern Caribbean Central Bank (ECCB) reaffirmed its commitment to Governor Timothy Antoine’s “Big Push for Shared Prosperity and Resilience”, an ambitious strategy to double the size of Eastern Caribbean Currency Union (ECCU) economies over the decade through coordinated action across six priority areas: food and nutrition security, energy security, digital transformation, human capital development, financial wealth creation, and trade logistics and shipping.

    This opening piece of the new Caribbean Banking Series, building on the April 2026 analysis *The ECCU’s Decade of Decision* which argued the next 24 months will set the region’s economic trajectory for 20 years, asks a critical question that underpins all these institutional ambitions: is the current cost of borrowing in the ECCU compatible with delivering on these strategic goals? This analysis examines the issue through four core angles: variation in lending rates across the ECCU’s eight member states, international benchmark comparisons, the size of bank intermediation spreads, and the alternative model offered by the region’s credit union sector, before connecting findings to the region’s shared strategic agenda.

    ### One Currency Union, Eight Distinct Lending Markets
    Despite sharing a single pegged currency (the Eastern Caribbean dollar, fixed at EC$2.70 to US$1), a unified central bank, and harmonized financial regulation, the ECCU’s eight member states see dramatic variation in commercial bank lending rates. Data for ECCB-supervised commercial banks shows the highest average lending rate is 340 basis points above the lowest. A small business owner seeking a loan in St. Vincent and the Grenadines pays substantially more than an identical borrower in Anguilla or Montserrat, even though the ECCB’s 2% minimum savings rate has been uniformly enforced across the entire union since 2015.

    While legitimate factors such as differing national public debt profiles, fiscal positions, credit risk concentrations, and sectoral exposures explain some of this gap, the analysis raises a key question: can 3.4 percentage points of spread within a single currency union be fully explained by these factors, or does it also stem from unaddressed market fragmentation, limited cross-border competition between regional banks, and missing price discovery mechanisms that the ECCU’s existing institutional framework is well positioned to fix? It is worth noting that credit unions, which operate under national regulators and provide a large share of consumer and small business lending across many ECCU economies, are excluded from this commercial bank dataset and are examined separately later in the analysis.

    ### How ECCU Lending Rates Stack Up Globally
    To put the ECCU’s lending landscape in global context, the analysis benchmarks regional rates against three comparators: the Euro Area, U.S. prime rate, and Trinidad and Tobago. As of mid-2025, the average Euro Area business lending rate sits at 3.3%, while U.S. prime hovers around 7.5%, Trinidad and Tobago’s average lending rate hits 8.5%, and the ECCU’s average commercial lending rate comes in at 8.2%. For agricultural lending, a sector identified as critical to the region’s goal of cutting food import costs and boosting food security, average ECCU rates range from 10% to 12%, with a midpoint of 11.5% — an 820 basis point gap over Euro Area business lending.

    This massive structural difference in the cost of capital creates a significant competitive disadvantage for ECCU businesses competing against European producers in global export markets. A regional farmer paying 11-12% for working capital operates with a cost of capital that European competitors have not faced in a generation. This issue extends far beyond agricultural competitiveness: high borrowing costs raise the cost structure for all regional businesses, erode housing affordability, discourage new entrepreneurship, and dissuade diaspora communities from investing their savings back into the region.

    ### The Intermediation Spread: A Structural Marker of Limited Competition
    The gap between what banks pay depositors for savings and what they charge borrowers for loans — called the intermediation spread — is the core profit margin for retail banking, and its size reveals key insights about market competition and capital mobilization efficiency. Between 2018 and 2025, the ECCU’s average intermediation spread held steady between 6.0 and 6.4 percentage points, even as Euro Area benchmark business lending rates fluctuated between 1.7% and 4.3% over the same period. With a regulated 2% minimum savings rate for ECCU depositors and an average commercial lending rate just above 8%, this wide margin has remained remarkably consistent.

    Some portion of this wider spread can be explained by structural realities: higher per-customer operating costs, elevated correspondent banking expenses, smaller economies of scale, and more concentrated credit risk across regional banking portfolios. The 2026 IMF Article IV Staff Report has recognized the region’s sustained macroeconomic stability, while also echoing the ECCB Monetary Council’s focus on addressing growth headwinds. The stability the region has achieved is a critical win, but it comes with a tangible cost to long-term growth that cannot be ignored. The core strategic challenge now is to preserve that hard-won stability while reducing borrowing costs to unlock growth.

    ### Credit Unions Prove Lower-Cost Lending Is Feasible
    Credit unions are a major player in the ECCU’s credit market, particularly for consumer loans, small mortgages, and small and medium enterprise (SME) financing, so any complete analysis of regional borrowing costs must examine their model alongside commercial banks. The ECCB has already recognized the sector’s importance through its regional Credit Bureau initiative, which integrates credit reporting from banks, credit unions, other lenders, and government agencies across the union.

    Data shows the weighted average lending rate for credit unions across all eight ECCU member states is 130 to 220 basis points lower than commercial bank rates, with the largest gap occurring in member states where commercial bank rates are the highest. This performance provides empirical proof that lower-margin banking is operationally viable in the Caribbean. As member-owned cooperatives with different fee structures, lending assumptions, and reserve requirements, credit unions deliver substantially lower borrowing costs while still offering competitive returns to depositors. This feasibility opens a critical policy question: what regulatory, institutional, and capital market reforms could allow the broader commercial banking sector to achieve similar low spreads while maintaining the region’s commitment to financial stability?

    ### How Borrowing Costs Undermine Regional Strategic Goals
    Multiple major regional strategic agendas are already on the table: the CDB’s 10-year plan calling for $65.2 billion in regional financing, the ECCB’s Big Push to double ECCU GDP, CARICOM’s 25 by 2025+5 framework to cut the region’s $17 billion annual food import bill, and the Bridgetown Initiative to build a fit-for-purpose climate finance architecture for small island developing states. There is broad institutional consensus around these goals, but high borrowing costs directly undermine their delivery.

    For example, achieving food security requires massive capital investment in regional agriculture, but Caribbean farmers paying 10-12% for loans cannot compete on a level playing field with European farmers paying 3.3%. The same logic applies to every other priority: climate-resilient infrastructure, medical tourism, digital transformation, and trade logistics. As this series’ earlier analysis of regional aviation (*Grounded: The Case for a Unified ECCU and CARICOM Transport Strategy*) documented, 52% of the cost of a typical intra-Caribbean airline ticket comes from government taxes, fees, and charges. Just as excessive taxes raise operating costs, high capital costs do the same: a regional airline financing new aircraft at a cost of capital 400 to 600 basis points higher than international peers carries a permanent structural disadvantage that compounds existing tax burdens. Tax reform and borrowing cost reform are complementary policy tools — both are required to drive growth, and neither can deliver results alone.

    ### Existing Institutional Tools Are Already in Place
    The ECCB’s formal mandate explicitly requires the institution to “promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies” of its member territories. It already has multiple policy tools in place to address borrowing costs: a current discount rate of 3.0% for short-term credit and 4.5% for long-term credit, the Eastern Caribbean Partial Credit Guarantee Corporation to mitigate credit risk premiums for priority lending segments, and the Regional Government Securities Market (RGSM) which has raised over $20 billion since 2001, with the 2025 Retail Bond Initiative expanding the investor base by cutting the minimum investment to just EC$500.

    Added to these are the 2026 ECCB move to integrate the CARICOM Payments and Settlement System and the CDB’s expanded lending capacity. Taken together, these tools give the region more institutional capacity to address high borrowing costs than it has had in 30 years.

    ### Core Strategic Takeaways for the Next Phase
    Three key conclusions emerge to support the ongoing work of regional central banks, finance ministries, the CDB, the Caribbean Association of Banks, and bank leadership across the region. First, the ECCU already has a more extensive institutional toolkit to address this issue than public discourse typically recognizes. Coordinated, sequenced use of these existing tools targeting the highest cost-of-capital pressure points would amplify their impact far beyond what individual interventions can achieve.

    Second, the credit union sector’s consistently lower intermediation spreads provide clear empirical proof that lower-cost financial intermediation is feasible in the ECCU. The next step, already underway through the Credit Bureau initiative, is to identify what regulatory and institutional reforms can translate this proven model to the broader commercial banking sector while preserving financial stability.

    Third, lasting reform of borrowing costs in the ECCU requires addressing the region’s connectivity to the global financial system. External factors including correspondent banking relationships, global de-risking pressures, and extra-regional regulatory frameworks all shape the intermediation costs that ECCU banks face. The next installment of this series will examine this critical dimension in depth.

    ### Opening the Conversation
    In 2026, the ECCU has more institutional capacity, international partnership infrastructure, and analytical sophistication to address its economic challenges than at any point in the past 30 years. The ECCB and its Monetary Council, the CDB with its 10-year strategic plan, the Caribbean Association of Banks, the IMF through its 2026 Article IV engagement, and the credit union sector have all reached consensus that the next decade requires bold, coordinated action. All the institutional building blocks are in place. What matters now is the depth and speed of work to turn that institutional capacity into tangible operational outcomes that reduce borrowing costs and unlock growth.

    This commentary launches the Caribbean Banking Series, an ongoing analytical project examining the cost of capital, credit market structure, and the regional financial system’s global connectivity. The next piece, *Banked, But for How Long? Caribbean Correspondent Banking at a Strategic Inflection*, will dive into global connectivity challenges, including rising cross-border banking costs, a decade of steady attrition in correspondent banking relationships, and the impact of emerging global stablecoin and digital asset payment infrastructure on regional banks’ access to the global financial system.

  • Ingrid Murray: On faith, growth and why Caribbean women must learn to bet on themselves

    Ingrid Murray: On faith, growth and why Caribbean women must learn to bet on themselves

    For immigrant women entrepreneurs, turning perceived limitations into scalable, impactful business success is a rare achievement—but that is exactly the journey of Jamaican-born Ingrid Murray, CEO of New York-based Prospect Cleaning Service Inc.

    What began as a small, modest commercial cleaning startup has evolved into a multimillion-dollar enterprise serving high-profile clients across New York’s public and private sectors. Under Murray’s leadership, the firm has earned a spot on the prestigious Inc 5000 ranking of America’s fastest-growing private companies, carving out a respected reputation in the often underrecognized commercial cleaning and building maintenance industry. The company’s steady growth has been fueled by Murray’s signature ability to spot opportunity where others see roadblocks, paired with a commitment to operational excellence and intentional strategic expansion. Today, Prospect Cleaning Service delivers a full suite of commercial cleaning, facility maintenance, and environmental services across the entire New York region.

    The defining turning point for the company came amid the upheaval of the COVID-19 pandemic, when businesses across the country fought to stay afloat. Just as lockdowns and public health restrictions shut down most of the company’s existing client contracts—costing Murray 90% of her revenue almost overnight—the entrepreneur made a high-stakes bet that would redefine her business. With no guarantee of a return, she invested her company’s last remaining capital in specialized medical-grade sanitization equipment, a move that even her late husband initially viewed as unreasonably risky. The gamble paid off dramatically: Prospect Cleaning Service soon secured major public sector contracts that placed it at the center of New York’s critical pandemic sanitization response. The firm was tapped by the Metropolitan Transportation Authority to manage deep cleaning, disinfection, and sanitization services for Metro-North and Harlem Line stations across multiple upstate New York counties, and also provided round-the-clock cleaning services at Grand Central Terminal, one of the busiest transportation hubs in the nation.

    Murray’s business success, however, is rooted in a personal story shaped by migration, early responsibility, faith, loss, and the unique systemic barriers Caribbean women face when building professional careers. Growing up in Jamaica, Murray carried adult responsibility from her early teens: after her mother immigrated to the U.S. to build a new life for the family, 14-year-old Murray stepped into the role of primary caregiver for her younger brother. Like many Caribbean women, she learned early that she would always be the person others relied on—a lesson that shaped her adaptive, solution-focused leadership style today.

    “Growing up in Jamaica, I always envisioned a life of impact. I knew I wanted to create change and rise beyond the limitations I saw around me,” Murray shared. “A lot of people doubted me early on, so I became determined to show the world who I truly was — not who others assumed I would become. I used to say all the time, ‘When I go to America, I’m going to be rich.’ But it was never only about money. It was about proving to myself that my environment did not define my future.”

    Unlike popular narratives that frame success as mere positive visualization, Murray’s approach to achievement blends faith with deliberate, disciplined work. “For me, manifestation is about aligning my vision with what God has already designed for my life. It’s not simply wishing for something and waiting for it to appear. It requires discipline, faith, hard work and obedience,” she explained. “Without God, I would be nothing. Every success I have belongs to Him.”

    Even after building a nationally recognized company, Murray remains candid about the persistent barriers that hold back many Caribbean women entrepreneurs. “Fear of failure is one of the biggest obstacles. There’s also a lack of support, and often a lack of self-worth that develops from years of being underestimated or overlooked,” she noted. For her own part, Murray learned to push past doubt and criticism by focusing on execution: “Not everyone will understand your vision. Sometimes you have to keep building anyway.”

    Today, Murray frames success as something that must extend beyond personal achievement. Through targeted mentorship, philanthropic work, and outreach to aspiring women entrepreneurs, she has made it her mission to help other women recognize and activate their own potential. “Growing up without support or people believing in you can be deeply traumatic. Sometimes all it takes is one person truly listening to you, hearing your vision and reminding you that your life has value,” she said.

    Looking ahead, Murray plans to continue expanding her business and her impact, positioning herself as a gateway for the next generation of diverse leaders. “I am manifesting expansion — more businesses, new opportunities and becoming a gateway for future leaders who need guidance, wisdom and insight,” she said.

  • Jamaica’s sweet problem

    Jamaica’s sweet problem

    When Category 5 Hurricane Melissa swept across Jamaica, it left more than just physical infrastructure damage in its wake: the storm wiped out an estimated 16,000 commercial bee colonies, triggering a national honey shortage that has rippled through every segment of the country’s agricultural and manufacturing supply chains.

    Before the storm hit, Jamaica’s apiculture industry supported roughly 120,000 active bee colonies across the island. Hugh Smith, head of the Apiculture Unit under Jamaica’s Ministry of Agriculture, Fisheries, and Mining, called the damage catastrophic, estimating total sector losses at approximately $600 million. Beyond the immediate colony loss, the storm has shifted regional production timelines, reduced output for surviving colonies, and pushed the upcoming honey harvest back by one to three months in many affected areas. Smith confirmed that full recovery of lost colonies will take at least two years, as beekeepers work to rebuild populations from the remaining stock.

    The shortage has created cascading challenges for manufacturers that rely on local Jamaican honey as a core input. Since the beginning of the year, the Jamaica Manufacturers and Exporters Association (JMEA) has received multiple requests from member companies struggling to secure consistent, fairly priced honey supplies. Kamesha Blake, JMEA’s Executive Director, explained that retail buyers, who can afford to pay premium prices for scarce honey, are outcompeting manufacturing operations for limited stock. “We had one member that put out a public call for suppliers, but all respondents said the manufacturer’s offered price was far too low to accept,” Blake told local reporters. “With supply already tight, retail naturally pulls all available stock because of the higher margins it offers.”

    For herbal products manufacturer Shavuot International, the shortage has forced direct cuts to production volume. Managing Director Joel Harris said he has spent three months searching for reliable honey supplies, and has only been able to secure a fraction of the volume his firm purchased before the hurricane. “Most suppliers tell us they haven’t rebuilt their production capacity yet, and the storm completely shifted the harvest season,” Harris explained. “Beekeepers are easy to reach, but almost none have any honey available to sell. Any small batch they produce gets bought up immediately by retail buyers, so locking in a steady supply has been incredibly difficult.”

    Stakeholders across the sector say the imbalance between supply and demand is the most severe it has been in recent memory. Local beekeeper Roger Mitchell, based in Jamaica’s St Elizabeth parish, told reporters that he and most of his colleagues lost nearly half of their colonies to the storm. With demand spiking to unprecedented levels — Mitchell now receives weekly inquiries from new manufacturers and distributors, a pattern he says was rare before the hurricane — beekeepers are forced to make a difficult choice: prioritize immediate honey sales to meet current demand, or split existing colonies to rebuild lost populations for future production. For Mitchell, the choice is clear: “We’re sacrificing all of 2026 production to rebuild. This season is a write-off, and we’re hoping for a full recovery by next year’s harvest.” Some beekeepers are also hoarding existing stock, holding off on sales in anticipation of further price increases as supplies shrink, worsening the immediate shortage.

    For small-scale apiculture investors, the damage has long-term financial impacts. Smith noted that many beekeepers planned to reinvest revenue from this season’s harvest into expansion projects spanning the next two to five years. With the loss of most of their colonies, those plans have been put on indefinite hold. “It’s not just the 16,000 lost colonies we’re dealing with,” Smith explained. “Even surviving colonies are producing one to two gallons less honey per colony than they did pre-storm, so productivity across the entire sector is down.” To put the loss in perspective, each lost colony produces roughly three gallons of honey per season, which sells for roughly $20,000 per gallon at current market prices.

    Despite the widespread damage, Jamaican agricultural authorities have already launched recovery initiatives to return the sector to pre-hurricane output levels. The Apiculture Unit has rolled out training for beekeepers on advanced queen-breeding techniques, which will speed up colony reproduction and population replenishment. To address the loss of foraging vegetation that bees rely on for food, the government is distributing 1,500 new fruit trees across the island, with a focus on regions that suffered widespread defoliation during the storm. A $40 million investment has also been allocated to supply sugar to feed bee colonies while new vegetation matures.

    Smith added that while current stockpiles of market-ready honey are expected to run out before the next harvest begins, changing climate patterns may create unexpected off-season honey production that could partially offset the shortage. He also urged beekeepers to avoid excessive price gouging as the market adjusts to the new supply reality, emphasizing that government efforts are already underway to return supply to pre-storm levels within the next two years.

  • Canadian tourism to the Dominican Republic is strengthening

    Canadian tourism to the Dominican Republic is strengthening

    Global travel patterns are undergoing quiet but noticeable shifts across the Caribbean and North America, and one island nation is emerging as a clear winner amid these changes. The Dominican Republic has rapidly strengthened its hold on the Canadian travel market, cementing its reputation as one of the most sought-after Caribbean getaways for North American vacationers — a shift that aligns with two parallel industry developments: a steady drop in Canadian travel to the United States and ongoing operational turmoil that has hit Cuba’s tourism sector hard.

    This growing momentum comes as Dominican Republic Tourism Minister David Collado led a national promotional roadshow through Montreal, Canada this week, where he shared key milestone data about the country’s performance in the Canadian market. Official figures released by the Ministry of Tourism (Mitur) and published by local outlet Diario Libre show that the Dominican Republic is on track to welcome more than 1.1 million Canadian visitors by the end of 2025. Breaking down the regional demand, Canada’s two most populous provinces — Ontario and Quebec — alone generated nearly 1 million of these arrivals, with 544,833 visitors coming from Ontario and a further 446,731 hailing from Quebec.

    During the Montreal promotional event, Collado emphasized that Quebec alone contributes 39% of all Canadian tourist arrivals to the Dominican Republic, marking the province as one of the most critical source markets for the country’s $10 billion-plus tourism industry. This growth is not an isolated trend, according to Mitur’s latest regional performance report published this past March. The report outlines that North America as a whole accounts for 63% of all international tourist arrivals in the Dominican Republic. When compared to February 2025, visitor numbers from Canada jumped 14% year-over-year, outpacing the 6% growth recorded in the neighboring U.S. market, though Mexico posted even stronger growth of 47% over the same period.

    Industry analysts note that this sustained growth positions the Dominican Republic to capture an even larger share of North American Caribbean travel in the coming years, as changing travel preferences and regional disruptions continue to reshape vacationer choices across the continent.