Antigua and Barbuda’s Parliament has approved a controversial plan to transfer ownership of the Jolly Beach Resort to the Social Security Scheme, as the government faces mounting criticism from the opposition over the fund’s long-term viability.
The move, approved four months after Cabinet first signed off on the EC$75m investment, will see the government inject funds into the scheme while settling part of its debt by transferring the resort’s ownership.
Prime Minister Gaston Browne defended the plan during Monday’s debate, calling it a cornerstone of his administration’s “empowerment capitalism” model. He argued that real estate investments would yield higher returns than bank deposits and predicted Social Security could generate a surplus of EC$60m annually from 2026. Browne also pledged a government guarantee to cover potential losses.
However, opposition MPs branded the decision “reckless” and “scandalous,” arguing the fund needs liquid cash, not a debt swap involving what they called a “failed asset.” Leader of the Opposition Jamale Pringle called for more transparency, including a full valuation of the resort, while MP Sherfield Bowen dismissed the investment strategy as unrealistic. Barbuda MP Trevor Walker raised concerns over missing financial statements and actuarial reports, saying the public deserves full disclosure.
Despite vocal resistance and protests outside Parliament, the resolution passed with the government’s majority, setting the stage for ongoing national debate about the future of Antigua and Barbuda’s Social Security Fund.
