March 05, 2025
ECCB Governor's $22 Million Residence Sparks Public Outcry and Political Clash
The Eastern Caribbean Central Bank (ECCB) is facing intense scrutiny and public backlash over the construction of a $22 million residence for its Governor in St. Kitts. The project, initially budgeted at EC$7 million, has ballooned to more than three times its original cost, raising serious concerns about financial oversight and priorities.
The controversy has ignited a political firestorm, with St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves leading the charge against the extravagant spending. In a leaked letter addressed to Antigua and Barbuda Prime Minister Gaston Browne, who chairs the ECCU Monetary Council, Gonsalves condemned the project as a “veritable palace” and a “monumental blunder”. He described the mansion, reportedly spanning 10,000 square feet, as an “absolute scandal” and an “unacceptable extravagance” at a time when many in the region are struggling with rising food prices and increased poverty.
Gonsalves' letter has resonated with the public, who have expressed outrage over the use of funds for such a lavish project. Critics argue that the ECCB should demonstrate fiscal responsibility, especially during economic hardships. The lack of transparency surrounding the cost increase has further fueled demands for an independent audit to ensure accountability.
In response to the backlash, ECCB Governor Timothy Antoine has faced calls to step down. Gonsalves has urged the Monetary Council to reconsider Antoine's leadership, citing a “total lack of sensitivity and prudence”. He also proposed that the ECCB sell the property to the Government of St. Kitts and Nevis or convert it into a luxury tourist accommodation rather than allowing the Governor to reside there.
The scandal has sparked widespread debate across the Eastern Caribbean, with many questioning the priorities of financial institutions tasked with safeguarding economic stability. As the situation unfolds, all eyes are on the ECCU Monetary Council to determine the future of the embattled ECCB Governor and the controversial residence project.
Stay tuned as this developing story continues to unfold.
