标签： Barbados

In a landmark achievement for Caribbean corporate governance, Digicel Group has secured the Chartered Institute of Procurement & Supply (CIPS) Corporate Ethical Procurement & Supply Kitemark—becoming the region’s inaugural recipient of this distinguished global recognition. The honor was formally presented during the inaugural CIPS Caribbean Conference and Awards ceremony at Trinidad’s Hyatt Regency last week, where Digicel’s procurement leadership accepted the accreditation.

This prestigious kitemark serves as independent validation of Digicel’s comprehensive commitment to ethical sourcing methodologies, supplier integrity protocols, and robust governance frameworks. The certification process involves rigorous independent audits that assess consistent ethical implementation throughout organizational procurement ecosystems.

Arshad Ali, Director of Group Procurement, Supply Chain & Real Estate at Digicel, emphasized the strategic significance of this accomplishment: ‘This accreditation embodies our fundamental business philosophy. It reflects the substantial advancements we’ve achieved in institutionalizing ethical, transparent, and accountable procurement processes across our operations. Furthermore, it strengthens our dedication to establishing new benchmarks for responsible sourcing and supply chain governance throughout the Caribbean region.’

For consumers and commercial partners, the CIPS endorsement provides tangible assurance regarding Digicel’s ethical operational standards. Procurement determinations now systematically incorporate ethical considerations alongside traditional commercial metrics, ensuring all business interactions prioritize integrity and accountability. Partners benefit from transparent engagement frameworks, clearly defined ethical standards, and enhanced relationship sustainability founded on compliance and mutual trust.

Michael Watson, Chief Compliance and Cyber Security Officer for Digicel Group, added: ‘This recognition underscores our continuous improvement in ethics and compliance programming. It provides stakeholders with concrete evidence of Digicel’s adherence to world-class ethical benchmarks throughout our supply network.’

This industry milestone reinforces Digicel’s strategic positioning as an ethical leadership proponent, demonstrating how responsible corporate growth strategies can generate sustainable value for Caribbean economic development.

Sagicor Bank (Barbados) has achieved unprecedented recognition in the financial technology sector, securing an impressive 18 awards from Global Finance magazine’s World’s Best Digital Bank Awards for 2025. The institution, which pioneered digital-only banking in Barbados, has been crowned the nation’s Best Consumer Digital Bank for the second consecutive year, demonstrating remarkable growth from its 10 awards in the previous cycle.

The prestigious international financial publication, established in 1987 and renowned for its financial industry authority, has conducted these awards for 26 years across multiple categories and regions. Sagicor’s accolades include Barbados’ Best Digital-Only Bank, Best Digital Payments Strategy, and Best in Lending—the latter marking a repeated triumph for the bank’s lending division.

CEO George Thomas characterized the awards as validation of the bank’s transformative approach to Barbados’ banking landscape. ‘When we first opened our doors, we committed to offering a better banking experience for Barbadians,’ Thomas stated. ‘We’ve built on last year’s progress by actively listening to our clients and adapting accordingly, resulting in this significant award increase from 10 to 18.’

Thomas extended congratulations to his team for their dedication and thanked clients and business partners for their continued support. The sentiment was echoed by Global Finance’s founder Joseph Giarraputo, who noted that award-winning institutions exemplify innovation in cloud technology and mobile-first strategies that deliver secure, personalized banking experiences.

The first-round honorees for Latin America and the Caribbean were announced in August 2024, with Sagicor now eligible for regional and global recognition in the second round. The ultimate winners will be revealed at the inaugural Global Finance World’s Best Digital Banks Awards Ceremony on October 7 at London’s historic 8 Northumberland Avenue.

Barbados faces a critical productivity challenge that threatens economic competitiveness and business sustainability, according to the nation’s leading business organization. The Barbados Chamber of Commerce and Industry (BCCI) has issued a stark warning about systemic inefficiencies plaguing multiple sectors, from tourism to financial services.

BCCI President Paul Innis has called for a candid national dialogue to address what he describes as pervasive service inconsistencies and operational delays that drive up costs and diminish value. “There is a concern in Barbados about productivity that a lot of people don’t talk about,” Innis stated during a press briefing. “We need to be mature enough to discuss this openly.”

The chamber identifies fundamental problems across the business landscape, including inexplicable processing delays at government agencies and variable service quality in private enterprises. Innis highlighted specific examples: “Why should it take five days to complete something achievable in one? Why does vehicle licensing require two weeks and seven visits to the Licensing Authority?”

Despite these challenges, the BCCI maintains an optimistic outlook about Barbados’s capacity for improvement. The organization is collaborating with the Barbados National Standards Institution (BNSI) to establish minimum service standards across industries. This initiative aims to create consistent service quality whether customers interact with hotels, manufacturing facilities, financial institutions, or port authorities.

The productivity discussion emerges alongside recent minimum wage increases that took effect in January. The national rate rose from $10.50 to $10.71 hourly, while security guards received an increase from $11.43 to $11.66. These changes follow substantial raises six months prior that lifted rates from $8.50 to $10.50 nationally and from $9.25 to $11.43 for security personnel.

When questioned about potential conflicts between wage growth and productivity concerns, Innis offered a nuanced perspective: “Policymakers are addressing livable wage requirements, which is important. The relationship between wages and productivity involves multiple dimensions—including modern equipment investments, process improvements, and employee feedback systems—not just individual worker output.”

The BCCI advocates for comprehensive productivity enhancement through technology adoption, process optimization, and performance-based incentive structures rather than simply criticizing wage increases.

Barbadian businesses are facing severe financial strain due to chronic inefficiencies at Bridgetown Port, with the nation’s leading commerce organization revealing that congestion-related costs have reached alarming proportions. The Barbados Chamber of Commerce and Industry (BCCI) has issued an urgent call for accelerated implementation of a new cargo clearance system, citing an annual drain of approximately $19 million in foreign exchange through demurrage charges alone.

Lalu Vaswani, Chairman of the BCCI Customs and Trade Facilitation Committee, emphasized during a recent press conference that these substantial additional costs are inevitably passed through supply chains to consumers, exacerbating the country’s cost of living crisis. The Chamber is now advocating for decisive government action with established timelines to achieve full pre-clearance implementation.

The core solution proposed involves fundamentally redesigning Barbados’ trade facilitation framework through pre-clearance procedures that would allow customs documentation to be processed before vessel arrival. This approach could reduce clearance times from five days to 24-48 hours, significantly minimizing exposure to punitive demurrage fees that accumulate when containers are held beyond allotted timeframes.

Vaswani identified aging port infrastructure, originally designed for significantly lower trade volumes, as a primary contributor to the congestion problems. The BCCI’s reform agenda includes establishing measurable targets, with an initial goal of achieving 50% cargo pre-clearance within twelve months of implementation to demonstrate tangible benefits.

Further technological enhancements are planned, including an electronic single window system that would streamline approvals across multiple agencies through a unified portal. While acknowledging that external factors like volatile international shipping rates remain challenging, Vaswani noted that government intervention had previously helped mitigate some cost pressures by capping freight charges at historical levels.

The Chamber insists on universal commitment from all stakeholders, emphasizing that partial participation would undermine the system’s effectiveness. This comprehensive port modernization initiative represents a critical step toward reducing inflationary pressures and enhancing Barbados’ trade competitiveness.

Dr. Delisle Worrell, former Governor of the Central Bank of Barbados, has issued a compelling call for Caribbean governments to reassess the economic value of cruise tourism through updated data analysis. In his December economic letter, the distinguished economist presents evidence suggesting traditional retail sectors across the region no longer benefit from cruise ship arrivals due to fundamental industry transformations.

Dr. Worrell identifies three structural shifts undermining local economies: The proliferation of massive cruise vessels now feature extensive onboard shopping complexes offering brands previously exclusive to shore-based retailers. Additionally, the democratization of cruising has altered passenger demographics and spending patterns, with contemporary tourists showing preference for inexpensive imported souvenirs rather than high-value duty-free purchases. Finally, local artisans cannot compete with mass-produced imports on price points, despite offering superior quality and authenticity.

These market transformations have produced visible economic consequences. The economist cites Punda in Curaçao—once a thriving commercial Mecca for cruise tourists—as now representing a mere shadow of its former glory. Similarly, Bridgetown’s Broad Street in Barbados, which historically flourished with venerable retail establishments and international banking operations, has experienced significant commercial decline. Contemporary travel bloggers now focus on Swan Street’s bazaar rather than the formerly prestigious shopping district.

Dr. Worrell’s observations extend beyond these documented cases. A recent visit to Bermuda’s Dockyard, despite substantial government investment converting historic naval buildings into commercial spaces, revealed quiet streets and empty shops despite nearby cruise ship presence. The former IMF consultant concludes that the assumed positive economic net balance of cruise tourism requires urgent empirical verification through updated research methodologies.