REMARKS BY

TIMOTHY N.J. ANTOINE

GOVERNOR OF THE EASTERN CARIBBEAN CENTRAL BANK

DELIVERED AT THE

10TH ANNUAL GROWTH AND RESILIENCE DIALOGUE

WITH SOCIAL PARTNERS

22 APRIL 2026

BIG PUSH: RESILIENT LEADERSHIP IN A DYNAMIC WORLD

Turning Global Uncertainty into Opportunities for Partnerships and Shared Prosperity

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Salutations:

Introduction

Imagine an economy where growth is steady-but people still feel no progress.
Where costs are rising faster than opportunity.
Where stability exists-but transformation remains out of reach.
That is not just a risk. It is a warning.

And that is why we are here today.

I am delighted to welcome each of you to the Eastern Caribbean Central Bank (ECCB) Campus and to our 10th Annual Growth and Resilience Dialogue under the timely theme:
"The Big Push: Resilient Leadership in a Dynamic World." (Slide 1)

This is your Central Bank-and we work for you!

This Dialogue-now ten years strong-brings together a broad cross-section of stakeholders to confront our development challenges, forge consensus, and inspire collective action.

I wish to express profound appreciation to our partners-the OECS Commission, The University of the West Indies, and The World Bank.

Over the past decade, this Dialogue has become a vital platform where ideas converge, partnerships are forged, and solutions for our region take shape.

We are especially proud to have used this platform to:

• showcase budding entrepreneurs,
• connect with talent across our region and diaspora, and
• give our youth a voice.

I highly commend the GRD Planning Committee for their dedication and invite them to stand and be recognised.

I also thank Team ECCB, led by Karen Williams and Sybil Welsh and supported by colleagues across the Bank, for delivering this Dialogue.

1. Setting the Context

Ladies and gentlemen, we are navigating a period of profound global disruption.

As we survey the global scene, Bob Marley's song resonates:

"So Much Trouble in the World."

Wars, climate shocks, technological disruption, and fragile supply chains are reshaping the global economy in real time. A conflict thousands of miles away has pushed oil prices above US$100 per barrel-raising electricity costs, food prices, and fiscal pressures at home.

(Slide 2)

According to the International Monetary Fund's (IMF's) April 2026 World Economic Outlook, global growth is now projected at 3.1 per cent in 2026 and 3.2 per cent in 2027, while Latin America and the Caribbean is expected to grow by 2.3 per cent and 2.7 per cent, respectively.

The Eastern Caribbean Currency Union (ECCU) is projected to grow at approximately 3.3 per cent in 2026 and 3.0 per cent in 2027.

That is not transformation. That is maintenance-and maintenance will not secure our future.

And that is precisely why The Big Push is not optional-it is imperative.

The Big Push sets an ambition of 7 per cent annual growth over the next decade.

And we must confront another, quieter challenge:

Our populations are not growing-they are shrinking. (Slide 3)

This means fewer workers, lower output, and greater pressure on those who remain.

Since we cannot grow by sheer numbers, we must grow by productivity.

We must become a high-productivity, talent-driven economy.

That requires managed talent mobility-attracting, integrating, and retaining skilled people from our diaspora and beyond-thereby moving from a brain drain to brain gain.

We must grow differently.
We must grow smarter.
We must grow faster.

The good news is that our EC dollar remains strong, with a current backing ratio approaching 99.0 per cent. (Slide 4)

This July, we will celebrate 50 years of stability under the peg.

That stability is our foundation. But The Big Push will determine our future: stagnation or transformation.

2. Three Key Messages (Slide 5)

Let me distill my remarks into three key messages:

First: We must act now-for delay is development denied.

In a world of constant shocks, hesitation and inaction carry real costs. Delay compounds stagnation and, over time, leads to decline.

Second: We must shift from vulnerability to value.

Across every sector-food, energy, and tourism-we must move up the value chain.

Third: We must scale through collective action.

No country, institution, or sector can do this alone. Transformation requires coordinated and sustained execution at scale.

Every day, we face a choice: "to curse the darkness or light a candle." (Slide 6)

The Big Push is our fire.

It ignites action.
It aligns effort.
It delivers transformation-at scale.

3. The Big Push: Seven Theatres of Transformation (Slide 7)

Let me be clear: this is not a list of aspirations. It is a coordinated transformation agenda already underway.

I. Food and Nutrition Security (Slide 8)

We import nearly 90 per cent of the food we consume, at a cost of more than EC$2 billion every year.

That is not just a food bill.

It is a vulnerability bill-paid every time the world is disrupted.

Every external shock-whether supply chain disruptions or price spikes-hits our plates and our pockets.

We must change that.

Our goal is clear: reduce the food import bill by 25 per cent through climate-smart agriculture and stronger regional distribution.

Food must be produced regionally-and moved regionally.

And we must not ignore nutrition, because eight out of every ten deaths in our region are caused by non-communicable diseases.

Food security is not just about availability-it is about affordability, resilience, and health.

II. Energy Security (Slide 9)

Nearly 90 per cent of our energy comes from imported fossil fuels.

That means our economies remain exposed to global price volatility that we do not control. When oil prices rise, everything rises-electricity, business costs, and fiscal pressure. That is exposure we cannot afford.

That is not sustainable-and it is not acceptable.

Yet the opportunity before us is immense.

Regional technical assessments suggest several gigawatts of geothermal potential and hundreds of megawatts of wind potential across the Eastern Caribbean.

Here at the ECCB, our 1 megawatt solar plant already saves approximately EC$2 million annually.

I am immensely proud to confirm that this Dialogue is powered by solar PV.

I commend the Government of the Commonwealth of Dominica on the imminent launch of the 10MW plant.

I also commend the Government of Saint Christopher (St Kitts) and Nevis and the Nevis Island Administration on the signing of the agreement for the drilling of its production and reinjection wells.

We must now scale.

Through the Resilient Renewable Energy Infrastructure Investment Facility (in partnership with The World Bank, our member countries, and others), we will accelerate the transition to clean, reliable energy.

Energy security is not optional.

It is economic security-and it is resilience.

III. Trade, Logistics and Connectivity (Slide 10)

Across the ECCU, we face a fundamental paradox.

We are politically integrated-but economically fragmented.

That contradiction is costing us-growth.

It is often cheaper to import from outside the region than to trade within it. That is not just inefficient. It is unacceptable.

Our biggest barrier is not distance. It is disconnection.

When people and goods move more easily and affordably, markets deepen, businesses expand, opportunities multiply-and growth accelerates.

That is why we must invest in regional transport systems, modern ports, and digitised trade platforms.

Without connectivity, there is no integration.

Without integration, there is no scale.

The Big Push demands we fix this-decisively.

IV. Digital Transformation (Slide 11)

Nearly half of our population is not meaningfully participating in the digital economy.

That is not just a digital gap. It is a growth gap.

We must change that.

Our digital agenda will focus on universal broadband, digital skills, AI-enabled services, and cybersecurity.

Digital access must become digital opportunity-and digital opportunity must result in economic empowerment.

V. Financial Inclusion and Wealth Creation (Slide 12)

Financial literacy stands at 12.2 out of 20.
This means that, on average, our citizens correctly answer just over half of basic questions on saving, interest, debt, and investing.

And the outcome is clear:
Only 1 in 25 persons-just 4 per cent of our population-participates as investors in our securities market.

That is not inclusion. That is exclusion. And that must change.

We must move from savers to investors-thereby broadening ownership of wealth across our communities and countries.

Our response is action:

We are expanding the Partial Credit Guarantee Programme, which has already supported more than 300 guarantees valued at EC$30 million.

We are advancing:

• Digital IDs
• Retail bonds (Grenada was the pilot in 2025); and
• The CARICOM Payment and Settlement System (CAPSS), enabling real-time, low-cost cross-border payments in local currencies.

Because financial inclusion must lead to financial empowerment-
and financial empowerment must lead to wealth creation.

VI. Tourism 2.0: From Volume to Value (Slide 13)

Growth in tourism will not come from more visitors alone.

It will come from greater value per visitor.

A modest increase in daily spending can generate millions in additional revenue-without a single new arrival.

We must make a decisive shift to high-value, sustainable tourism:

• Eco, wellness, agro, and heritage experiences
• Digital tourism platforms
• Market diversification

We must stop chasing arrivals -and start maximising value.

VII. Human Capital Development (Slide 14)

Our people are our greatest asset.

Yet we face skills gaps, youth unemployment, and outward migration.

We must invest in our people-and reconnect with our diaspora.

We must pursue a comprehensive human capital strategy including:

• STEM and technical training
• Upskilling and reskilling
• ECCU skilled migrants programme
• Regional healthcare centres of excellence
• Digital health and telemedicine

Because at the heart of The Big Push is a simple truth:

Resilience is about people.
Growth is about people.
Transformation is about people.

Talent is our most valuable export-but it must also become our greatest investment at home.

4. Integration: One Strategy, Not Seven Silos (Slide 15)

The theatres are interconnected:

• Food reduces imports
• Energy lowers costs
• Connectivity unlocks trade
• Digital drives productivity
• Finance fuels enterprise
• Tourism earns foreign exchange
• Human capital sustains it all

This is not a menu of options.

It is a system for transformation, where progress in one area accelerates progress in all.

5. Conclusion: The Time is Now

The Big Push demands: (Slide 16)

• Bold leadership
• Relentless execution
• Deep collaboration

We cannot afford incrementalism.

Because in a fast-changing world, standing still means falling behind.

Yes-there is trouble in the world.

But there is also opportunity-if we act with urgency and unity.

The opportunity to act.
The opportunity to collaborate.
The opportunity to transform.

If you believe in this transformation, say with me:
Big Push… Big Push… Big Push…

The Big Push is our fire!

And so I leave you with my oft-repeated anthem: (Slide 17)

"As a region, we cannot change our history and we cannot change our geography. But we can accelerate and elevate our development trajectory-through innovation and collective action"

- Timothy N.J. Antoine

Colleagues, as you engage in this Dialogue-

Let us move from discussion to delivery.
From potential to performance.

From shared sacrifice-
to shared progress-
to shared prosperity.

I thank you.

God bless you.

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