The Eastern Caribbean Central Bank (ECCB) is facing heavy criticism over its decision to spend EC$22 million on an official residence for its Governor.

St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves has condemned the project, calling it an “absolute scandal” and “wholly indefensible”.

Gonsalves, in a letter to Antigua and Barbuda Prime Minister Gaston Browne, who is expected to take up the position as the Chair of the ECCU Monetary Council, said he was shocked and angry over the expenditure, calling it excessive and irresponsible, especially as many Eastern Caribbean nations struggle with rising food prices and worsening poverty. Browne has confirmed receipt of the letter.

ECCB building under construction in St Kitts (photo credit St Kitts Nevis times) ECCB building under construction in St Kitts (photo credit St Kitts Nevis times) ECCB building under construction in St Kitts (photo credit St Kitts Nevis times)

Gonsalves has made it clear: “The poor and working people of our region are being called upon to foot the bill. It appears as though the unelected Levites and Mandarins have gone stark mad!” … “The ECCU cannot afford a Governor who has an appetite for such unaffordable opulence,” Gonsalves wrote.

In the letter obtained by IPB, Gonsalves said “The member-countries of the ECCU surely cannot countenance an expenditure of at least EC$22 million on a 10,000-square-foot mansion of veritable palace proportions, especially at a time when our people are struggling with rising food prices and increased poverty.”

Governor, Timothy N. J. Antoine

Gonsalves criticized the lack of transparency in the decision-making process, saying the ECCB Board of Directors and the Monetary Council failed in their oversight responsibilities. However, he placed the primary blame on the ECCB Governor, accusing him of showing poor judgment and a lack of sensitivity in approving such an extravagant project.  Gonsalves, who had supported the current Governor’s appointment, said he is now deeply disappointed in his leadership. “Such an appalling lack of judgement, pursuit of apparent vainglory, and a total lack of sensitivity or prudence, invites disciplinary action.”

Gonsalves said while the project is too far along to be stopped, he suggested that the ECCB sell the property to the Government of St. Kitts and Nevis. He proposed using it as an official residence for the Governor General or converting it into a high-end tourist accommodation to recover costs stating: “I am opposed to the Governor of the ECCB occupying such a residence.”

“The Governor of his own motion may wish to consider whether or not his continued occupancy of his Office is tenable in all the circumstances,” he wrote.

The letter was copied to Heads of Government of ECCU member states and the Governor of the ECCB.