Representatives of the private and public sectors, civil society organisations, and youth organisations in Grenada have recommended that transforming the education system to provide young people with skills that meet development and market needs, is one of the key actions which must be taken to advance and maintain growth and development of Grenada and the Eastern Caribbean Currency Union as a whole.

The group of social partners further recommends that steps must be taken now to enhance institutions which are essential to the economy and quality of life; improve the systems that support information technology; build a culture of entrepreneurship and innovation at an early age; and provide access to finance and training in business management for small business owners.

The recommendations emanated from the National Consultation on the ECCU Growth Action Plan which was held at the Grenada Industrial Development Corporation headquarters on 7 September. The National Consultations on the ECCU Growth Action Plan are a follow-up to the inaugural ECCU Growth Dialogue with Social Partners which was held in March 2017 under the theme, “Working Together to Achieve Higher and More Inclusive Growth in the ECCU.” The consultations are being held in all the ECCU countries. The ECCB and the OECS Commission are collaborating with the focal point person in each country to host the consultations.

Adviser in the Strategic Planning and Projects Department of the Eastern Caribbean Central Bank (ECCB), Daniel Arthurton said the National Consultations on the ECCU Growth Action Plan are being guided by the seven-pillar Inclusive Growth and Development Framework and seek to national consensus on the prioritised thematic areas and processes for implementation of the ECCU Growth Action Plan.

Director of the Department of Economic and Technical Cooperation in the Ministry of Finance, Grenada, Fitzroy James, says the ECCU Growth Action Plan is aligned with and supports the four thematic areas of Grenada’s Growth and Poverty Reduction Strategy namely: Building Resilience; Developing Competitiveness; Reducing Vulnerability and Governance. 

The first National Consultation on the ECCU Growth Action Plan was held in Saint Lucia. The next session is scheduled to be held in St Vincent and the Grenadines on 12 September.

The Eastern Caribbean Central Bank (ECCB) wishes to assure the public that the Eastern Caribbean (EC) currency remains stable and that the EC banknotes are protected by the various security features of the notes.

Deputy Director of the Currency Management Department, Rosbert Humphrey says the Royal Grenada Police Force recently retrieved three counterfeit $50 notes bearing serial number SR380132 and one $100 note bearing serial number VW033672.  He however gives the assurance that there is no need for the public to be alarmed.

Humphrey says that, of the banknotes throughout the world, the EC notes are known to have the most security features. However, the ECCB urges the public to be vigilant, particularly during the times of festivities, when perpetrators tend to engage in the production and circulation of counterfeit notes. He added that there are officers in the Police Forces and commercial banks across the Eastern Caribbean Currency Union (ECCU) who are trained to identify counterfeit EC notes.

The public is reminded that it is an offence to be in possession of counterfeit EC notes. Individuals who are in possession of counterfeit notes or think they may have received such notes during their business transactions are asked to take them to the Police Criminal Investigation Department in their respective countries or to the ECCB Agency Office in their respective countries.  Individuals in St Kitts and Nevis can bring the notes to the ECCB Headquarters at Bird Rock.

The ECCB continues take steps to deter the circulation of counterfeit notes and to protect the stability of the Eastern Caribbean currency.

Chairmanship of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) will be transferred to the Honourable Roosevelt Skerrit, Council Member for the Commonwealth of Dominica during the official Handing Over Ceremony on 21 July at the Office of the President, State House, Roseau, Commonwealth of Dominica.

Prime Minister Skerrit will succeed the Outgoing Chairman, the Honourable Gaston Browne, Council Member for Antigua and Barbuda. 

The Monetary Council is the highest decision making authority of the ECCB and comprises the eight Ministers for Finance of the ECCB member governments.  Chairmanship of the Council is rotated alphabetically each year among the eight ECCB member countries: Anguilla, Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.

Following the Handing Over Ceremony, the Council will convene for its 88^th Meeting where it will receive the ECCB Governor’s Report on Money and Credit Conditions in the Eastern Caribbean Currency Union.  Following the meeting, the new Chairman will host a media conference where he will present the Communiqué, and along with other members of the Council, field questions from the media in the Commonwealth of Dominica.

The Ceremony will be streamed live on the Bank’s YouTube Channel - ECCB Connects.