ECCB Governor’s Residence Controversy: PM Browne Calls for Governance Reforms

Prime Minister Gaston Browne has addressed the controversy surrounding the Eastern Caribbean Central Bank (ECCB) governor’s residence, calling for stronger governance and oversight in financial institutions following revelations that the property cost $22 million EC.

“There are governance failures there, and we’re going to have to strengthen the reporting mechanisms and the accountability mechanisms,” Browne said.

While acknowledging the concerns raised by St. Vincent and the Grenadines Prime Minister Ralph Gonsalves, Browne said he does not have enough details to make a final determination on the issue.

“At this point, until we get a proper report, we may have to set up some independent committee to look at this issue,” he said. “I feel it may be a little injudicious for me to come to any conclusion at this point other than to say that the amounts that were spent on the building have raised concerns.”

Browne confirmed that the ECCB Monetary Council, which includes finance ministers from the eight Eastern Caribbean Currency Union (ECCU) countries, has not yet met to discuss the matter.

“The Monetary Council has not met as yet. I’m sure we’ll have to meet at some point to look at this issue,” he stated.

Browne said that while the spending appears excessive, there is no evidence of corruption or personal wrongdoing by ECCB Governor Timothy Antoine.

“I don’t know that we can escape the responsibility,” he noted. “Maybe perhaps it’s a little premature for me to make any definitive statements at this time other than to say that the matter has to be dealt with and resolved.”

He added, “At this point, there’s no evidence that the governor himself had sought to be excessive, and certainly, I don’t know that I have seen any case of corruption.”

However, Browne insisted that better governance structures must be put in place to prevent similar situations from occurring in the future.

The $22 million cost of the residence has sparked significant public debate, with Gonsalves describing the project as “excessive and lavish”. Critics have questioned why such a large sum was allocated for housing while many Eastern Caribbean nations face economic challenges.

Browne acknowledged these concerns and said that the Monetary Council will have to address the matter publicly once a full review is conducted.

Browne also revealed that he has been asked to take over as chairman of the ECCB Monetary Council earlier than expected, following a change in government in Anguilla.

“The Monetary Council has not met as yet. I should add here too—just a little caveat—I am not the chairman of the Monetary Council, although there has been a request for me to serve,” he said.

Browne explained that while he was expected to take up the position in July, he has been approached to assume the role immediately but has not yet accepted.

“I have been asked to take it up from now, but I have not accepted,” he clarified.

As discussions continue, Browne said the main priority should be ensuring stronger financial oversight at the ECCB moving forward.

“What I will say is that at some point, the Monetary Council will meet and discuss this issue, and certainly we’ll have to keep the public informed as to how this matter is ultimately resolved,” he concluded.

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