ECCB Governor’s Residence Project Under Scrutiny Amid Soaring Costs

The Eastern Caribbean Central Bank (ECCB) is facing mounting public scrutiny over the ballooning costs of its Governor’s Residence project, which has skyrocketed from an approved budget of EC$7 million to EC$22 million—with no clear breakdown of how the additional funds have been spent.

The ECCB, which serves as the financial regulator for the Eastern Caribbean Currency Union (ECCU), operates independently of its member states. While St. Kitts and Nevis serves as the headquarters of the ECCB and is a member of the Monetary Council, the government has no role in the bank’s operations nor oversight of the project.

The now controversial project was initiated before the current St. Kitts and Nevis Labour Party administration took office in August 2022, with approval granted by the ECCU Monetary Council. Now, as costs spiral out of control, regional leaders and the public are demanding urgent action and accountability from the ECCB’s leadership.

Gonsalves Demands Action as Costs Spiral

Among the strongest voices calling for intervention is Dr. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, who has expressed deep frustration over the staggering cost overruns.

In a letter to Antigua and Barbuda’s Prime Minister, Gaston Browne, who currently chairs the ECCU Monetary Council, Gonsalves described the project as a “runaway train that must be stopped immediately.”

“We cannot allow this type of financial recklessness to continue unchecked. If decisive steps are not taken now, this will set a dangerous precedent for the future governance of the ECCB.”

Gonsalves’ call for an immediate halt to spending has intensified pressure on the ECCU Monetary Council to order a forensic audit of the project and determine how EC$15 million in additional funds have been spent.

An Unfinished Residence That’s “Too Advanced to Abandon”

The Governor’s Residence, located at Beacon Heights in St. Kitts, was originally conceived as a cost-saving measure, eliminating the need for the bank to rent housing for its Governor, however, despite the enormous sum already spent, the residence remains unfinished. Reports suggest that the project is now at a stage where it is considered “too advanced to abandon”, meaning that even more funds may be required to complete construction, furnish the property, and install security systems.

The lack of transparency surrounding the spending has fueled public outrage across the ECCU, with citizens demanding answers on how the project’s budget tripled in under two years.

Distancing St. Kitts and Nevis from the ECCB Project

With frustration mounting across the region, the Government of St. Kitts and Nevis has made it clear that it had no involvement in the project’s approval or oversight. An anonymous government source, speaking on the matter, noted: “While the ECCB is headquartered in St. Kitts and Nevis, the government has no control over its financial decisions or projects. This residence was approved before this Labour Party administration took office, and all financial decisions are made independently by the bank.”

This clarification comes as some mistakenly assume that the St. Kitts and Nevis Government was involved in the project’s management,h owever, the ECCB operates independently from any single member state.

Calls for an Investigation and Governor Antoine’s Response

With EC$22 million already spent and no clear end in sight, many are questioning how Governor Timothy Antoine, a career economist with extensive financial expertise, allowed the project to spiral out of control.

Antoine, who has served as ECCB Governor since 2016, has yet to publicly address the concerns raised by Prime Minister Gonsalves and others. Antoine’s silence, and that of the ECCB, is leading to growing calls for his resignation if he fails to provide a detailed explanation.

A Crisis of Confidence in the ECCB’s Leadership

The Governor’s Residence debacle has raised broader concerns about financial governance at the highest levels of the ECCB. As regional governments navigate economic challenges, citizens are questioning whether the bank can be trusted to enforce sound financial discipline while seemingly failing to manage its own expenses.

The ECCU Demands Answers

As regional leaders deliberate on the next steps, one thing is clear—the people of the Eastern Caribbean deserve answers. The ECCU Monetary Council must act decisively, not only to halt further spending but also to ensure that those responsible for the project’s mismanagement are held to account.

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