POLL: Do you think Barbados' government should abandon concessions?
The Governor of the Central Bank of Barbados, Cleviston Haynes, is in the hot seat this morning, January 31, 2018, as he reviews Barbados' economic performance for 2017.
During a press conference at the Central Bank, he was met with the question from a member of the media as to whether or not the time has come for Barbados' government to abandon concessions, especially in the tourism sector. The reporter highlighted the fact that in many instances the foreign exchange being raised is not making its way to Barbados unfortunately after the players have reaped the benefits of the concessions offered.
Tell us where you stand on this issue:
In responding, Haynes said that it is not a matter of the number or amount of concessions but you must "look at the nature of the concessions as well".
And he explained that currently there is work ongoing to link concessions to foreign exchange inflows. But he said that those efforts are in the early stages of development still. Therefore, answering his own question of, "Will it solve the problem?" he said that it’s early days yet and he cannot say.