Tweet

BASSETERRE, ST. KITTS — In a scandal that sent shockwaves through the Eastern Caribbean IN EARLY 2025, the Monetary Council of the Eastern Caribbean Central Bank (ECCB) has raised serious red flags about the construction of the multi-million-dollar mansion for the bank’s Governor—citing glaring flaws in the bidding process, a lack of transparency, and excessive, eyebrow-raising spending.

At its 111th meeting, the Monetary Council—chaired by Antigua and Barbuda Prime Minister Gaston Browne—admitted that the governance and oversight mechanisms surrounding the project had failed to meet acceptable standards. The project, with an alleged cost of over EC$22 million, was never brought to the Council for review or approval, prompting a flurry of concern and criticism.

“There were issues in terms of the lowest bid… and we felt that the quantity surveyor at the time should have picked up that anomaly,” said Browne. “The other three bids came in over EC$20 million—and yet, the project cost skyrocketed regardless.”

Despite Browne’s insistence that no wrongdoing has been found, he acknowledged the flawed tendering process, the failure to flag financial irregularities, and the alarming lack of routine updates to the Council on such a high-stakes venture.

A Governor’s Mansion or a Monument to Excess?

The project, originally shielded from public scrutiny, became a lightning rod earlier this year when St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves issued a scathing letter suggesting that Governor Timothy Antoine should “consider whether his continued occupancy of office is tenable.”

Calling the spending “outrageous” and an “absolute scandal,” Gonsalves added that the ECCB’s internal checks and balances—including oversight from its Board of Directors and Monetary Council—had “self-evidently fallen below prudent standards.”

Sources say that EC$22 million—for what is essentially a luxury residence funded by taxpayers of eight small island states—has sparked outrage across the ECCU. The region’s citizens, many grappling with rising inflation, unemployment, and the lingering effects of the pandemic, are questioning how such a lavish expenditure was greenlit with little to no oversight.

Tightening the Screws—Too Late?

In damage control mode, the Monetary Council has now issued a new directive: any project exceeding EC$10 million must now be routinely reported to the Council and receive a formal “no-objection” clearance before proceeding.

“We’re strengthening the reporting mechanisms… Council members should be kept informed in real-time,” Browne said.

Still, critics argue that this is too little, too late, and some are calling for greater accountability and possible resignations, not just process reforms. Civil society organizations across the ECCU have begun demanding a full audit, with some legal analysts arguing that criminal negligence or fiduciary irresponsibility cannot be ruled out.

Questions That Remain Unanswered:

• Who approved the EC$22 million without Council review?
• Why weren’t alarm bells sounded when bids varied so drastically?
• Why was the Monetary Council kept in the dark?

With trust in the ECCB’s leadership and fiscal responsibility hanging in the balance, the public awaits a full explanation—and possibly more repercussions—from the regional financial guardians who are supposed to protect the people’s money, not pour it into gold-plated mansions.

Stay with TIMES CARIBBEAN for continuing updates on this developing financial scandal.