BRIDGETOWN, Barbados, (GIS) – As minister of finance, Ryan Straughn, gets down to serious work to ensure that the Barbados economy stays afloat, one of the key priorities during his tenure is to educate Barbadians about investing in capital markets.
Minister Straughn shared his plans during a recent interview with the Barbados Government Information Service, as he outlined his focus for the ministry. He said working with prime minister Mia Amor Mottley over the last seven and half years had allowed him to demonstrate confidence and leadership in the role and prepared him for this moment.
“Assuming the full responsibility for the Ministry now is a natural progression of that success. I have already indicated to the permanent secretary and staff that a number of outstanding things will now be advanced to ensure that the ministry of finance really is fit for purpose for the 21st Century,” Straughn underlined.
The minister indicated that the public could expect to hear more from the ministry as he plans to communicate further about government’s policies, and the genuine investment opportunities that are available, so as to help people stay away from “get rich quick schemes”.
“As it stands at the moment, only commercial banks and large insurance companies…get the opportunity to participate. And my mission, certainly as the minister of finance now, is to ensure that every Bajan, no matter how much money you have, that you equally would have the opportunity to benefit, just as the large institutional investors do, in relation to helping shape public policy and obviously getting a decent rate of return on any savings that you would have,” he stated.
Further, the finance minister said with the launch of the BIMPay Platform, it would help Barbadians to participate by allowing them to put in small amounts of money and watch it grow over time. He added that public servants will be re-educated to, among other things, understand how government is financed, as this would help to create trust in investing in financial instruments, such as BOSS Bonds and other government paper.
Minister Straughn acknowledged that he was now in a better position to understand how to improve the lives of Barbadians, having “gone through the worst seven years, I think, of a nation’s history, with a possible exception of the two past World Wars”.
“Having come out of the other side of the last seven years, COVID, … the ash fall and a whole set of things, I think that we’re in a better position now to be able to really put this engine, we call Barbados, into fifth and sixth gear and really get moving,” he assured.
