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The New Digital Economy – Basil Springer Column

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“All things were made through him, and without him was not any thing made that was made.”

– John 1:3

 

March 22, 2022 – I remember the days of the piggy bank and the savings account which were secure repositories for the precious pennies gained from our pocket money, birthday and Christmas gifts and earnings from odd jobs.

I am also reminded of the chorus of the 1967 calypso hit “Education” by Mighty Sparrow, the lyrical master: “Children, go to school and learn well, otherwise later on in life you will catch real hell; Without an education in your head, your whole life will be pure misery, you’re better off dead; For there is simply no room in this whole wide world, for an uneducated little boy or girl; Don’t allow idle companions to lead you astray, to earn tomorrow you have to learn today.”

These two memories inculcated a discipline of saving and investment when we entered the job market, which would later contribute to our own wealth and hence to the growth of our economies.

Investment instruments include real estate, entrepreneurship, stocks, bonds, mutual funds, bank products, pensions, insurance and futures.

Now, fast forward to the information and computer technology (ICT) age. The need for a safe repository for savings and investment funds is the same but the language now embraces the new additional digital economy and the currency is the new digital cryptocurrency.

The business opportunities to fuel economic growth have not changed, namely agriculture, blue economy, carbon trading, commerce, cultural industries, finance, manufacturing, mining, renewable energy, reparations and tourism.

However, thought leadership, management and workforce development have all shifted to the digital environment consisting of ICT, blockchains, cryptocurrencies and non-fungible tokens (NFT).

Economic progress has been dampened over the last two years by the scourge of the COVID-19 pandemic which has focused on vaccinating the public and practicing public health protocols to save lives, restore livelihoods and get children back in school before any long-lasting damage is done.

In the meantime, we have to acclimatize to this quickly moving digital tide, as a part of our daily routine, as we move toward more digital lives to help with humanity’s progress.

Blockchain technology is a mathematical, digital security system to record information in a way that makes it difficult or impossible to change, hack or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

Cryptocurrencies run on a distributed public blockchain ledger, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems and using peer-to-peer technology to facilitate instant payments.

NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible”, meaning they can be traded or exchanged for one another.

An NFT is created or “minted” from digital objects that represent both tangible and intangible items, including art, messages, images, videos, collectibles, designer items and music.

Many years ago, Gabriel Abed, the son of a Barbadian neighbor, and Paul Sisnett, a Barbadian in Europe, tried to interest me in the blockchain cryptocurrency space with “Bitcoin” and “PAYWITH.GLASS” concepts, respectively … but sadly, I was “too busy at the time.”

Last week, however, I was introduced to NFTs, and this has once again piqued my interest.

In the context of the new digital economy, some Latin American countries are playing a lead role as they embrace these new transformative technologies. What’s our plan in the Caribbean?

 

Basil Springer Column

March 14, 2022

Caribbean News

Jamaica Joins Afreximbank Agreement, Strengthening Africa–Caribbean Partnership

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CARIBBEAN — Jamaica has become the 13th CARICOM member state to accede to the African Export-Import Bank Establishment Agreement, further strengthening economic ties between Africa and the Caribbean.

The development was confirmed during the 50th CARICOM Heads of Government Meeting, where an Afreximbank delegation led by George Elombi and Kanayo Awani met with Jamaica’s Prime Minister Andrew Holness to advance cooperation.

Prime Minister Holness thanked the bank for its support following Jamaica’s recent hurricane, noting that Afreximbank financing helped restore critical infrastructure including water, electricity, sewage systems and roads, while also assisting reconstruction efforts aimed at building stronger resilience to future disasters.

The meeting also focused on broader development opportunities tied to Jamaica’s membership in the agreement. Discussions included rebuilding and modernising infrastructure such as railways, hospitals and other public facilities, while strengthening regional transportation and trade networks to improve the movement of people and goods across the Caribbean.

Afreximbank has been expanding its presence in the Caribbean as part of its strategy to connect Africa with the region often referred to as “Global Africa.” The bank has already committed billions of dollars in financing and trade support to Caribbean economies in recent years, including funding for infrastructure, trade facilitation and private sector investment.

By joining the agreement, Jamaica gains expanded access to Afreximbank’s financial instruments, technical support and trade networks designed to promote commerce between Africa and CARICOM states.

Regional leaders say the growing partnership could unlock new opportunities in areas such as trade, logistics, tourism, manufacturing and cultural exchange, strengthening economic cooperation between the two regions with deep historical and diaspora ties.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Caribbean News

Liberty Caribbean Supports Regional Forum on AI, Cyber Resilience and Digital Inclusion  

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Port of Spain, TRINIDAD & TOBAGO (February 24, 2026) — Liberty Caribbean, the operators of Flow, Liberty Business and BTC, recently served as Gold-Level Partner of the two-day Trinidad and Tobago Internet Governance Forum (TTIGF), themed “The Innovation Paradox – Balancing Progress with Responsibility and Resilience”.

The Digital Divide is of particular interest to Liberty Caribbean and is being addressed through its Charitable Foundation across the region. Low broadband penetration in the Caribbean contributes to diminished opportunities for individuals, communities, and local economies, but with the support of funding partners, this gap can be addressed through a comprehensive programme – JUMP – that focuses on providing access, devices, and digital skills.

“Liberty Caribbean was proud to serve as Gold-Level Partner of the TTIGF because the conversations taking place here shape key digital policies for multiple stakeholders,” said Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad.

“As technology accelerates at an unprecedented pace, we must ensure that innovation strengthens our societies rather than fragments them. The theme, ‘The Innovation Paradox – Balancing Progress with Responsibility and Resilience,’ speaks directly to the work we do every day: building networks that are not only fast and reliable, but secure, inclusive and future-ready.”

Across the Caribbean, the digital divide remains one of the most pressing barriers to equitable growth. Low broadband penetration limits access to education, entrepreneurship and essential services, and that is why we are deeply committed to closing this gap.

Through the Liberty Caribbean Charitable Foundation and initiatives like the JUMP Programme, the company is expanding access to technology, affordable connectivity and digital skills training so that individuals and communities are empowered to participate fully in the digital economy.

Martin-Sulgan further stated “at Liberty Caribbean, we believe progress and responsibility must move in lock step. By investing in resilient networks, inclusive programmes and trusted partnerships, we are helping to build a Caribbean that is innovative, secure and prepared for the opportunities ahead.”

Topics covered during the Forum, with over 140 participants, included “Securing Critical Infrastructure”, Integrating AI into Digital Transformation”, “The Digital Divide”, The Human Cost of Innovation – Mental Health and Well-being in the Digital Age’, and AI, Cyber Resilience and Regional Innovation”.

Focused on the underlying mandate of the Conference theme thought leaders, innovators, policymakers, technologists, researchers, and community stakeholders were invited to explore how countries can evolve boldly without compromising values or long-term stability.

Photo Caption: 

TTIGF – l-r Darren Campo, Regulatory & Compliance Officer; Yolande Agard-Simmons, Senior Manager Communications; and Kevon Swift, Senior Manager Government and Regulatory Affairs of Flow Trinidad in attendance at the Post Event Mixer at Caribbean Telecommunications Union’s Head Office in St Clair, Port of Spain

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Caribbean News

Mottley Sworn in After Historic Clean Sweep in Barbados Election

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Barbados, February 12, 2026 – Prime Minister Mia Amor Mottley was this afternoon officially sworn in for a third consecutive term, hours after delivering one of the most emphatic election victories in Caribbean political history — another complete capture of all 30 seats in Barbados’ House of Assembly.

The ceremony, conducted by President His Excellency Lt. Col. The Most Honourable Jeffrey Bostic, marked the formal start of a new administration following the February 11, 2026 general election, which returned the Barbados Labour Party (BLP) to power with a renewed and overwhelming mandate.

In a statement after taking the oath, Mottley said she accepted the responsibility “with humility and resolve,” thanking the people of Barbados for placing their trust in her leadership once again and urging national unity as her government begins its new term. Attorney Wilfred Abrahams was also sworn in as Attorney General.

The result is historic not only for its scale but for its consistency. This is the third straight general election in which the BLP has won every constituency, reinforcing Mottley’s dominance in national politics and extending an unmatched era of one-party control in the modern democratic period.

Voting day unfolded under the watch of a CARICOM Election Observation Mission, led by Antigua and Barbuda’s Supervisor of Elections Ian Hughes and supported by senior electoral officials from Belize and Jamaica. The team engaged key institutions ahead of the poll and monitored the process across the island.

Regional leaders were swift in their congratulations.

Guyana’s President Irfaan Ali described the outcome as “emphatic and historic,” saying the clean sweep reflected how deeply Mottley’s leadership has connected with Barbadians and expressing optimism about strengthening ties between the two countries.

Jamaica’s Prime Minister Andrew Holness also hailed the victory, noting that her re-election provides an opportunity to deepen cooperation within CARICOM and advance shared regional priorities.

The scale of the win again leaves Barbados without a parliamentary opposition, a reality that has become a defining feature of the political landscape since 2018. Supporters argue the repeated mandate reflects public confidence in Mottley’s stewardship of economic reform, climate diplomacy, the transition to a republic, and Barbados’ expanding global influence.

Now, newly sworn in and backed by another unanimous parliamentary majority, Mottley begins a third term with both extraordinary political capital and equally high expectations at home and across the region.

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