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Economy Doing Well says BOJ Governor

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#Jamaica, May 27, 2022 – Bank of Jamaica (BOJ) Governor, Richard Byles, says the economy has been “doing well”, largely based on the latest growth and employment out-turns.

Speaking during the BOJ’s digital quarterly media briefing on Tuesday (May 24), Mr. Byles referenced data from the Statistical Institute of Jamaica (STATIN), showing that the economy grew by 6.7 per cent during the October to December 2021 quarter.

He said this out-turn was indicative of improving economic activity, noting that the level of growth recorded during the period was faster than that for July to September 2021.

“For the year 2021/22, the Bank expects real GDP (gross domestic product) growth to be in the range of seven to 10 per cent,” the Governor said.

Mr. Byles further indicated that growth in 2022/23 is projected to be in the range of two to four per cent.

“The Bank expects that this GDP growth will continue to be driven by the services industry, particularly tourism. The forecast also assumes that production at one of Jamaica’s main alumina plants [JAMALCO], which had been temporarily closed, will resume by June 2022,” he said.

Mr. Byles highlighted the fall in the unemployment rate to a historic low of 6.2 per cent, based on STATIN’s January 2022 labour force survey, as “an exceptional performance, by any measure”.

He noted, however, that the economy “is not yet out of the woods”, citing the impact of the Ukraine-Russia conflict and the emergence of a firth wave of the coronavirus (COVID-19) pandemic.

He pointed out that conflict “has fueled further significant increases in international commodity prices and has contributed to a substantial rise in global and domestic inflation”.

With inflation tracking above the upper end of the Bank’s four to six per cent target, Mr. Byles said the BOJ is cautiously optimistic that there could be some respite in sight, “provided that geopolitical tensions [between Ukraine and Russia] do not escalate”.

The rate of inflation for the 12-month period ending April 2022 was 11.8 per cent.

The Governor noted that while already high international commodity prices are expected to increase further over the next few months, the global consensus forecast is for a fall during the second half of 2022, influencing a decline in inflation among the country’s trading partners.

“Jamaica’s inflation is expected to follow a similar pattern, rising in May and June, but falling in the second half of the year. After carefully considering all the risks around this outlook, it is our view that the Bank of Jamaica should continue its programme of monetary tightening until we have seen the projected turn in inflation materialise,” he noted.

The Bank’s Monetary Policy Committee voted earlier this month to increase the policy rate by a further 50 basis points, to five per cent, effective May 20, 2022.

Mr. Byles said this decision was based on the BOJ’s forecast for further increases in inflation over the next two months, before the rate begins to decline.

“This forecast is, however, conditional on our assumption that tensions between Russia and Ukraine do not escalate and inflation among Jamaica’s trading partners fall,” he added.

Mr. Byles said the Bank anticipates that these measures will continue to cause interest rates on deposits and loans to rise further, “making savings in Jamaican dollars more attractive, relative to foreign currency assets, and borrowing in Jamaican dollars more expensive”.

“In turn, these measures will help to reduce the demand for foreign currency, leading to continued stability in the exchange rate, and will reduce demand in the economy, limiting the ability of businesses to pass on price increases to consumers,” he pointed out.

 

Release: JIS

Contact: Douglas McIntosh

 

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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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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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Liberty Caribbean Committed to ‘Elevating Region’ at CANTO  

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Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad & Tobago

Liberty Caribbean is Diamond Sponsor of CANTO Connect 2026 and 42nd AGM

 

Port of Spain, TRININDAD & TOBAGO (February 1, 2026) — Liberty Caribbean, the operators of Flow. Liberty Business and BTC, has reaffirmed its commitment to turning regional connectivity into measurable economic and social outcomes as Diamond Sponsor of CANTO Connect 2026 and its 42nd Annual General Meeting.

CANTO is the leading regional body that brings together telecommunications operators, ICT providers, regulators, governments, and industry partners to support the development of the Caribbean’s digital and communications landscape.

Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad & Tobago delivered the sponsor’s address on behalf of Liberty Caribbean.

“The work of laying fibre and lighting towers is done; connectivity is now our foundation,” she said.

“The real task before us is to translate that foundation into innovation, productivity and prosperity for our people. Intelligent connectivity, such as networks designed for 5G, AI and IoT, will be the platform for smarter public services, more resilient systems and scaled opportunities for Caribbean entrepreneurs.”

Martin-Sulgan emphasised that infrastructure alone will not deliver sustainable progress.

“Digital progress must become digital prosperity. That means creating career pathways for young people, helping local businesses scale and ensuring citizens across our communities can fully participate in the digital economy. A connected Caribbean should also be a confident, creative and globally competitive Caribbean,” she said.

Liberty Caribbean is represented by a senior delegation at CANTO Connect to support the conference objectives of aligning policy, investment and execution across the region under this year’s theme ‘Elevate the Caribbean – From Connectivity to Global Competitiveness’.

Liberty Caribbean’s delegation includes Inge Smidts, Chief Executive Officer; Desron Bynoe, VP and General Manager, Flow Barbados; Susanna O’Sullivan, VP and General Manager, North Caribbean; Marilyn Sealy, Senior Director, Head of Communications; Dominic Boon, VP, People; Daniel Neiva, Chief Commercial Officer, B2B; Bradley Ramcharan, Director, B2B, Trinidad & Tobago; Yolande Headley, Country Manager, Dutch East Caribbean; and Jade Reymond, Country Manager, Flow Anguilla.

Martin-Sulgan thanked CANTO’s local secretariat for convening the forum and urged delegates to convert conversation into action.

“If we align policy, capital and capability, the Caribbean can move from connectivity to competitiveness. Liberty Caribbean will continue to invest in resilient networks, nurture homegrown talent and partner to deliver measurable social and economic value across our markets,” she said.

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