Carib Scope

分类： business

  • Central Bank targets 2027 for removal of British monarch from EC Currency

    Central Bank targets 2027 for removal of British monarch from EC Currency

    The Eastern Caribbean Central Bank (ECCB) has confirmed its progressive approach to replacing the British monarch’s portrait with regional figures on EC currency notes. Governor Timothy N.J. Antoine revealed during the 112th Meeting of the ECCB Monetary Council that the transformation will occur incrementally rather than through immediate wholesale replacement.

    Antoine projected that the inaugural series of redesigned banknotes will likely debut in 2027, marking a significant milestone in the currency’s evolution. For generations, the late Queen Elizabeth II’s likeness has graced denominations ranging from EC$5 to EC$100, symbolizing the region’s historical connections to Britain within the Commonwealth framework.

    The transition initiative gained formal approval during the ECCB Monetary Council’s 105th meeting in St Vincent and the Grenadines in 2023. The council endorsed replacing monarchical imagery with the Eastern Caribbean Currency Union (ECCU) emblem, pending comprehensive public consultation processes.

    Governor Antoine hinted at potential preliminary unveilings coinciding with the 50th anniversary of the currency peg this July, suggesting the possibility of a ‘big reveal’ event. Importantly, the central bank clarified that existing currency will remain legal tender and will be gradually phased out through natural circulation attrition rather than forced withdrawal. The new notes featuring regional heroes and culturally significant imagery will enter circulation as worn notes are systematically retired from service.

  • Entrepreneurs operating informally urged to get regularised

    Entrepreneurs operating informally urged to get regularised

    KINGSTON, Jamaica — The Jamaican government is intensifying its campaign to integrate informal entrepreneurs into the formal economy, emphasizing the substantial advantages of business regularization. Delano Seiveright, State Minister in the Ministry of Industry, Investment and Commerce, is leading this initiative, urging informal business operators to formalize their ventures to unlock comprehensive government support mechanisms.

    Minister Seiveright articulated a critical shift in mindset that the government is advocating: a transition from a ‘hustle mentality’ to structured, long-term business operations. He highlighted that while many Jamaicans are actively engaged in commercial activities, the lack of formal structure limits their growth potential and access to vital resources. Formal registration, he insists, is the gateway to a broader spectrum of opportunities and a more sustainable business model.

    To facilitate this transition, the government has undertaken a significant digital transformation of its business services. The central hub for this effort is the official ministry website (miic.gov.jm), which integrates all key support agencies into a single, seamless digital ecosystem. This portal provides entrepreneurs with direct access to:
    – The Companies Office of Jamaica (COJ) for business registration.
    – Jamaica Promotions Corporation (JAMPRO) for trade and investment facilitation.
    – Jamaica Special Economic Zone Authority (JSEZA) for specialized economic zone activities.
    – Jamaica Business Development Corporation (JBDC) for micro and small enterprise support.

    Beyond this, the government offers a suite of sophisticated digital platforms designed to simplify regulatory compliance and market expansion. The Jamaica Business Gateway (JBG) streamlines business-to-government services, offering guidance on starting a business, accessing incentives, and securing permits and licenses. For international trade, the Jamaica Single Window for Trade (JSWIFT) portal centralizes applications for import/export licenses, while the Jamaica Trade Information Portal demystifies export-import regulations.

    A cornerstone of the capacity-building effort is the Export Academy, a collaborative digital platform run by JAMPRO and the Trade Board. This academy equips Jamaican entrepreneurs with the essential tools, knowledge, and international connections required to successfully navigate and compete in global markets.

    Minister Seiveright reaffirmed the government’s commitment to maintaining relevant, fit-for-purpose online platforms, ensuring that all entrepreneurs have the necessary information and mechanisms to build structured, resilient, and expanding businesses.

  • Mitchell blasts banks over cheque delays and ‘poor’ service

    Mitchell blasts banks over cheque delays and ‘poor’ service

    Bahamian banking services are facing severe criticism from Progressive Liberal Party (PLP) chairman Fred Mitchell, who has called for immediate Central Bank intervention to address extensive check clearing delays affecting customers nationwide. The Fox Hill MP issued a forceful condemnation through a widely circulated voice note on Wednesday, revealing that constituents are experiencing what he characterized as “unacceptable” service quality within the financial sector. Mitchell’s concerns emerged after investigating a specific case where a customer endured a nine-day waiting period for a check to clear, with subsequent reports revealing similar patterns of systemic inefficiency. The parliamentarian emphasized that modern banking systems should process checks within 24 hours, attributing current delays to insufficient technological investment and outdated infrastructure. He provided striking international comparisons, noting that United States banking customers can deposit checks instantly through mobile applications, while African nations utilize SMS-based transaction systems that function with cash-like efficiency. Mitchell further accused financial institutions of deliberately steering customers toward digital services while simultaneously reducing in-person banking options and increasing service fees. He warned that governmental and corporate rhetoric regarding digital transformation and artificial intelligence remains meaningless without substantial infrastructure improvements. Expanding his critique beyond banking, Mitchell also targeted telecommunications services, connecting current deficiencies to the Free National Movement’s historical decision to privatize the Bahamas Telecommunications Company. The PLP chairman suggested his party would require additional governance terms to comprehensively address these lingering infrastructural challenges. This represents Mitchell’s latest intervention in ongoing banking sector controversies, following previous criticisms regarding account opening delays, escalating fees, and what he perceives as a premature transition away from cash-based transactions. He has indicated that legislative measures imposing stricter regulations on commercial banks might become necessary. Banking accessibility concerns have found resonance across political lines, with Free National Movement leader Michael Pintard having raised similar issues in Parliament during May 2025. Pintard highlighted the withdrawal of banking services from multiple Family Islands and advocated for stronger governmental oversight, referencing his party’s 2024 reform proposals that included restoring services to underserved communities and increasing Bahamian ownership within the financial sector.

  • Newly minted PSOJ president focused on achieving economic growth

    Newly minted PSOJ president focused on achieving economic growth

    KINGSTON, Jamaica — In a significant development for Jamaica’s economic landscape, the newly appointed president of the Private Sector Organisation of Jamaica (PSOJ), Patrick Hylton, has identified accelerated economic growth as the central priority for his administration. This strategic focus aims to propel the nation toward unprecedented levels of economic prosperity.

    During a recent high-level meeting with Prime Minister Andrew Holness, Hylton emphasized the critical importance of collaborative partnerships spanning government agencies, opposition parties, and civil society organizations to realize this ambitious objective. “A fundamental priority from my standpoint is inspiring Jamaicans to elevate their aspirations and redefine our national achievement targets,” stated the PSOJ president.

    Hylton outlined a visionary strategy centered on enabling domestic companies to scale beyond local markets and achieve regional dominance. His plan specifically targets expansion across the Caribbean’s English and Spanish-speaking territories, with subsequent growth into North American markets. “We must empower our businesses to transcend geographical limitations, exporting goods and services across diverse industries throughout the region and beyond,” he elaborated.

    Prime Minister Holness endorsed this growth-oriented vision, recognizing the private sector as the embodiment of Jamaica’s entrepreneurial dynamism. “The private sector represents the consolidated innovative energy of our nation. They serve as the primary implementers of government policies through strategic investments and development of new products and opportunities,” Holness affirmed, acknowledging their indispensable role in the Enterprise Jamaica initiative.

    The meeting also addressed fiscal policy concerns, particularly regarding asset tax reforms. Prime Minister Holness acknowledged these concerns while explaining current limitations: “Given Jamaica’s present economic circumstances, compounded by recovering from the third most powerful hurricane in recorded history to strike our island, implementing such changes remains fiscally unfeasible at this juncture.”

    Despite tax policy constraints, both leaders reaffirmed their commitment to strengthening public-private collaboration to advance national economic objectives, signaling a new chapter of coordinated economic development strategy.

  • JACRA to launch farmer education campaign to detail pricing of coffee

    JACRA to launch farmer education campaign to detail pricing of coffee

    KINGSTON, Jamaica—In response to mounting concerns from local coffee growers, the Jamaica Agricultural Commodities Regulatory Authority (JACRA) has announced an ambitious national education initiative designed to clarify the complex economic factors determining coffee box prices.

    The decision follows persistent expressions of dissatisfaction from agricultural producers regarding compensation levels for their harvests. JACRA Director General Wayne Hunter acknowledged the farmers’ frustrations while emphasizing the organization’s limited influence over market dynamics. “Neither JACRA nor any government minister possesses authority to establish coffee prices,” Hunter stated. “These are determined exclusively by market forces incorporating global benchmarks, quality specifications, and supply-demand equilibrium.”

    The comprehensive awareness campaign will elucidate multiple aspects of coffee economics, including international benchmark price mechanisms, the distinction between farmgate and export valuations, and detailed cost structures throughout the production chain. Additionally, it will provide guidance on enhancing profitability through advanced agricultural techniques and post-harvest processing methods that maximize quality premiums.

    Hunter stressed the program’s foundational philosophy: “Empowering farmers with complete comprehension of pricing derivation—from worldwide market fluctuations to processing and export expenses—represents our primary objective. Knowledge translates to operational advantage as we simultaneously educate and regulate.”

    The regulatory body reaffirmed its dedication to industry transparency, competitive practices, and long-term sustainability. JACRA, the Ministry of Agriculture, Fisheries and Mining, and the Jamaican government collectively maintain that coffee pricing remains market-driven, subject to intricate local and international variables including commodity exchange trends, quality parameters (bean dimensions, defect rates, moisture levels), processing overheads, currency exchange volatility, and production input costs.

  • Carnival holiday boosted tourism in Ecuador

    Carnival holiday boosted tourism in Ecuador

    Ecuador’s tourism industry has demonstrated remarkable growth during the recent Carnival celebrations, according to official data released by Minister of Production, Foreign Trade, Investment, and Fisheries Luis Alberto Jaramillo. National hotel occupancy rates reached 49.6 percent, marking a significant five percentage point increase compared to the same period in 2015.

    The domestic travel sector experienced substantial expansion with over 1.284 million trips recorded nationwide, representing a six percent surge from previous years. This increased mobility translated into considerable economic benefits, with total tourism expenditure reaching $81.9 million—a notable 12 percent rise compared to 2015 figures.

    Tourist spending encompassed multiple sectors including accommodation, transportation, food services, recreation, and local commerce. Geographical analysis revealed distinct travel patterns, with the highest occupancy concentrations occurring in the provinces of Bolivar and Tungurahua, regions traditionally known for their vibrant Carnival festivities.

    Coastal attractions proved equally popular, with significant visitor numbers heading to Santa Elena and the ecologically unique Galapagos Islands. Meanwhile, Pastaza province in the Amazon rainforest emerged as the fifth most visited destination, drawing nature enthusiasts with its exceptional biodiversity and natural wonders.

    Minister Jaramillo characterized these findings as evidence of a positive trajectory for Ecuador’s tourism model, noting that the sector is successfully contributing to national economic development while promoting income distribution across diverse regions of the country.

  • Jamaican Farmers to receive support through matching grant scheme backed by CDB

    Jamaican Farmers to receive support through matching grant scheme backed by CDB

    Jamaican agricultural producers are set to receive substantial financial empowerment through an innovative Matching Grant Scheme (MGS) introduced through a strategic partnership between the Jamaican government and the Caribbean Development Bank (CDB). This groundbreaking initiative, formally launched recently, represents a significant advancement in supporting the growth and modernization of Jamaica’s farming sector.

    The MGS operates as a key component within the broader Southern Plains Agricultural Development Project (SPFDP), which benefits from substantial funding amounting to £16.7 million provided through the United Kingdom Caribbean Infrastructure Programme (UKCIF) and administered by CDB. The scheme specifically addresses the critical financial constraints that have historically impeded small and medium-scale farmers from expanding their agricultural operations.

    Stephen Lawrence, Projects Department Advisor at CDB, emphasized the transformative potential of the program, noting that it fundamentally aims to empower agricultural producers to invest directly in their own development. Through cost-sharing arrangements for essential production and post-harvest infrastructure, the scheme effectively reduces financial barriers that have traditionally limited business expansion within the agricultural sector.

    The initiative aligns perfectly with SPADP’s comprehensive objectives to enhance farming conditions across 795 hectares in the Parnassus and Amity Hall regions. Beyond physical infrastructure improvements including advanced irrigation systems, drainage solutions, farm road networks, and support facilities, the project tackles persistent challenges such as climate variability, water scarcity, escalating input expenses, and restricted market accessibility.

    Jamaica’s Minister of Agriculture, Fisheries and Mining, Honourable Floyd Green, underscored the government’s unwavering commitment to developing a contemporary, resilient agricultural industry. He characterized the program as transcending mere supply distribution, instead focusing on equipping farmers with essential tools, knowledge, and confidence to function as competitive agribusiness entrepreneurs. Minister Green highlighted how such initiatives strengthen national food security, expand rural economic opportunities, and enhance Jamaica’s agricultural competitiveness in both domestic and international markets.

    During project planning phases, CDB identified that infrastructure development alone would insufficiently guarantee success. The bank recognized the crucial need to support informal farmers and vulnerable households lacking secure land tenure or modernization capital. Consequently, the MGS was strategically incorporated to bridge this gap, enabling resource-constrained farmers to formalize operations and maximize benefits from newly developed infrastructure.

    Vivion Scully, Chief Executive Officer of Agro-Investment Corporation (AIC), outlined the scheme’s focus on developing sustainable livelihoods and long-term agricultural growth. He explained that the support enables farmers’ transition from subsistence-based operations to structured, commercially viable production models. Through comprehensive provision of irrigation infrastructure, production inputs, specialized training, and business development guidance, the program invests directly in farmers’ capacity to increase yields, access new markets, and establish multigenerational sustainable operations.

    The MGS promotes adoption of climate-resilient technologies and enhanced post-harvest management practices, advancing Jamaica’s strategic objectives of increased productivity, reduced losses, and improved market competitiveness domestically and internationally. The scheme additionally enhances market readiness by assisting producers in meeting contemporary quality standards while fostering stronger commercial buyer relationships.

    Andrew Bowden, the UK’s Development Representative for Jamaica and Caribbean Regional Counsellor, highlighted how the scheme expands access to vital resources for traditionally underserved groups including women, youth, and vulnerable populations. By facilitating investments in modern irrigation, agricultural technologies, and agribusiness ventures, the program ensures farmers possess necessary tools, financing, and support mechanisms to fully utilize new Southern Plains infrastructure.

    The AIC will assume management responsibility for the MGS, with a Selection Committee chaired by Mr. Scully and comprising representatives from private sector organizations and the Ministry of Agriculture, Fisheries and Mining. To ensure equitable participation, the project will develop a comprehensive Operations Manual with specific guidelines promoting involvement from vulnerable groups, supplemented by targeted communication strategies and technical assistance for investment plan development.

    This initiative reflects CDB’s strategic commitment to sustainable agriculture, rural development, and climate resilience through promotion of climate-smart practices that enhance food security and economic empowerment within rural communities. It further reinforces the bank’s dedication to inclusive growth by ensuring broad-based access to development benefits and economic opportunities throughout the region.

  • Over 18,000 Cruise Passengers and Crew Arrive in St John’s Harbour in Single Day

    Over 18,000 Cruise Passengers and Crew Arrive in St John’s Harbour in Single Day

    Antigua’s tourism sector demonstrated robust performance as St. John’s Harbour witnessed an exceptional surge in maritime activity with five cruise vessels simultaneously docking, bringing a substantial influx of 18,399 visitors and crew members to the island nation. The remarkable event highlighted the Caribbean destination’s growing appeal within the global cruise industry landscape.

    According to data released by Antigua Cruise Port, the arrival breakdown comprised 13,229 passengers and 5,170 crew members across the five vessels. The Norwegian Epic led the fleet with the largest contingent of 4,484 passengers complemented by 1,571 crew, followed closely by Britannia transporting 3,629 passengers and 1,351 crew members. The Celebrity Ascent contributed significantly with 3,181 passengers and 1,430 crew, while Marella Discovery 2 added 1,835 passengers and 743 crew. The luxury yacht Emerald Sakara completed the fleet with 100 passengers and 75 crew members.

    Port authorities emphasized that these substantial arrivals represent more than isolated events, noting that many vessels are making repeat visits to Antigua’s shores. This consistent weekly traffic pattern generates stable economic opportunities for local stakeholders including tour operators, retail establishments, and transportation services. The recurring nature of these visits indicates strong relationship building with major cruise lines and satisfaction with port facilities and services.

    The current 2025/2026 cruise season continues to demonstrate sustained growth and operational resilience for Antigua and Barbuda’s maritime infrastructure. Industry officials confirmed that additional vessel calls are scheduled in the coming weeks, signaling continued confidence in the destination’s appeal and the port’s capability to handle high-volume maritime traffic while maintaining service excellence.

  • Fort James Targeted for Development as Cruise Passenger Numbers Climb

    Fort James Targeted for Development as Cruise Passenger Numbers Climb

    Antigua is embarking on a strategic expansion of its tourism infrastructure beyond the immediate port area to accommodate a surge in cruise passenger arrivals, with the historic Fort James emerging as a key development focus. This initiative is a direct response to the mounting pressure on popular beaches near St. John’s, driven by a consistent increase in visitor numbers that is projected to reach nearly one million passengers this year.

    Gaspar George, General Manager of Antigua Cruise Port and Regional Director for Global Ports Holding, confirmed that collaborative discussions are advancing with the national government and local stakeholders. The objective is to develop Fort James, an area located just north of the capital, which has been historically underutilized despite its significant potential as a combined heritage and beach destination.

    The development strategy is designed not to replace but to complement the island’s existing attractions, effectively dispersing tourist traffic and alleviating congestion at currently overburdened sites. A significant contributor to the increased footfall is the rise in home-porting activities, which results in visitors spending more extended periods in and around St. John’s, thereby creating a pressing demand for a wider array of recreational and touristic options.

    The overarching goal of this public-private partnership is to systematically elevate the overall quality of the visitor experience. By investing in new tourism avenues beyond the port gates, Antigua aims to enhance guest satisfaction, manage its growth sustainably, and solidify its position as a premier cruise destination in the Caribbean.

  • Antigua Cruise Port to Modernize Taxi Dispatch and Ground Transportation System

    Antigua Cruise Port to Modernize Taxi Dispatch and Ground Transportation System

    Antigua Cruise Port has announced a comprehensive modernization initiative aimed at revolutionizing its taxi dispatch and ground transportation infrastructure. This strategic overhaul is designed to significantly enhance the visitor experience for the growing number of cruise passengers arriving on the island.

    The project focuses on implementing a structured, technology-driven system to replace existing informal operations. Key components include the introduction of a centralized dispatch mechanism, standardized fare structures, and advanced queue management solutions. The port authority is collaborating with local taxi associations and tour operators to ensure the new framework meets international standards while supporting local livelihoods.

    This modernization effort directly addresses common passenger concerns regarding transportation efficiency, pricing transparency, and overall service quality. By reducing wait times and clarifying costs, Antigua aims to boost its competitive position within the lucrative Caribbean cruise market. The upgraded system is expected to facilitate smoother passenger flow from ship to shore, encouraging higher spending on island excursions and local commerce.

    Industry analysts view this infrastructure investment as a critical step in sustainable tourism development. The initiative balances economic considerations with visitor satisfaction, creating a more organized and reliable first impression for tourists. Implementation will occur in phases, with full operational capability targeted for the upcoming peak cruise season.