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Regional leaders face backlash as ECCB Governor $22M mansion scandal unfolds.
A storm of controversy has erupted across the Eastern Caribbean following revelations that the ECCB Governor 22M mansion scandal has led to widespread condemnation from political leaders and citizens alike. The official residence, being constructed for Eastern Caribbean Central Bank (ECCB) Governor Timothy Antoine, carries a staggering $22 million price tag. The mansion, reportedly near completion in St. Kitts and Nevis, where the bank is headquartered, has become a symbol of unchecked extravagance at a time when the region is grappling with soaring food prices, economic hardship, and post-pandemic recovery.
Prime Minister Ralph Gonsalves of St. Vincent and the Grenadines has led the charge against what he has described as a “monumental blunder” and “an appalling lack of judgment” on the part of the ECCB leadership. The mansion, reportedly near completion in St. Kitts and Nevis, where the bank is headquartered, has become a symbol of unchecked extravagance at a time when the people of the region are grappling with soaring food prices, economic hardship, and post-pandemic recovery.
The details of the lavish residence first came to light through Finance Minister Camillo Gonsalves, who brought the matter to the attention of Prime Minister Ralph Gonsalves in his capacity as a member of the Monetary Council of the Eastern Caribbean Currency Union (ECCU). In a strongly worded letter to ECCU Chairman, Antigua’s Prime Minister Gaston Browne, Gonsalves condemned the excessive spending, calling it “an absolute scandal” and pointing to severe lapses in oversight by the ECCB, its Board of Governors, and the Monetary Council.
The gravity of the situation was laid bare in a formal letter from Prime Minister Ralph Gonsalves to Antigua and Barbuda’s Prime Minister Gaston Browne, who serves as Chairman of the ECCU Monetary Council. In this letter, Gonsalves unequivocally condemned the construction of the extravagant mansion, citing a complete failure of financial oversight and accountability at the ECCB. He described the project as “an outrageous misuse of regional funds” and expressed deep disappointment in ECCB Governor Timothy Antoine’s leadership.
Ralph Gonsalves did not mince words in his rebuke, highlighting what he called “self-evidently unacceptable standards of governance” at the ECCB while questioning the justification for such an exorbitant project at a time when the region faces economic hardship. He further urged the Monetary Council to take immediate corrective action, suggesting that the property be sold or repurposed to prevent further damage to the financial integrity of the institution.
The full text of Gonsalves’ letter reads as follows:
February 17, 2025
Prime Minister Gaston Browne
Chairman of the ECCU Monetary Council
Prime Minister of Antigua and Barbuda
Dear Prime Minister Browne,
I am writing to you in your capacity as Chairman of the Monetary Council of the Eastern Caribbean Currency Union (ECCU) regarding a matter of the gravest concern—one that strikes at the heart of our region’s financial credibility and governance.
I have been informed of an extraordinary development at the Eastern Caribbean Central Bank (ECCB), where an official residence for the Governor is being constructed at an estimated cost of EC$22 million. This act of excessive spending is an outrage and raises serious questions about the prudence, transparency, and accountability of our central financial institution.
It is absolutely scandalous that at a time when our people are grappling with rising food prices, economic uncertainty, and widespread hardship, the ECCB would embark on a project of such unwarranted opulence. The construction of this 10,000-square-foot mansion, which I can only describe as being of veritable palace proportions, is an affront to the principles of fiscal responsibility that we, as regional leaders, are duty-bound to uphold.
The failure of internal oversight mechanisms in this matter is self-evident. The ECCB, its Board of Directors, and, indeed, the Monetary Council itself, have clearly fallen below acceptable and prudent standards of financial governance. The ultimate responsibility, however, must be laid at the feet of the Governor.
I supported the appointment of Mr. Timothy Antoine to the position of Governor of the ECCB based on his intellect, financial acumen, and commitment to regional economic stability. However, this decision—one that can only be described as a monumental error in judgment—has left me profoundly disappointed. To aver that I am disappointed in him in this venture is an understatement; as I write this, I am shaking to the essence of my being.
Furthermore, I am deeply concerned about the future financial burden this mansion will place on the ECCB and, by extension, the member states of the ECCU. Beyond the EC$22 million construction cost, the ongoing maintenance, staffing, and security expenses associated with such a grandiose residence will be unsustainable. It is unacceptable that the poor and working-class citizens of our region should be called upon to fund this extravagance while they struggle to meet their daily needs.
The ECCU cannot afford a Governor who has an appetite for such unaffordable opulence. The Monetary Council must now urgently and favorably consider corrective action. I, therefore, propose the following steps:
- That the ECCB immediately halt any further financial commitment to this project.
- That the Monetary Council formally review the circumstances surrounding this decision, with a view to preventing such egregious missteps in the future.
- That the ECCB explore selling the property to the government of St. Kitts and Nevis for an alternative purpose, perhaps as an official residence for the Governor-General or an exclusive tourism investment.
- That the Governor reflect seriously on whether his continued occupancy of his office is tenable in the wake of this appalling lack of judgment.
This matter will undoubtedly enter the public domain, and I must state that I will not engage in any attempts to defend or spin what is clearly indefensible. The people of our region deserve transparency, and I will not participate in shielding any official from the scrutiny they rightly deserve.
I trust that this matter will be treated with the urgency and seriousness it requires. I await your response and look forward to the Monetary Council’s firm and decisive action on this matter.
Yours sincerely,
Dr. Ralph E. Gonsalves
Prime Minister of St. Vincent and the Grenadines
This letter adds an undeniable weight to the scandal, laying bare the sheer mismanagement and lack of oversight that allowed such a gross misuse of regional funds to take place. Gonsalves’ call for urgent corrective action now puts immense pressure on the ECCU, its Board of Governors, and, most importantly, the Pierre administration in Saint Lucia, which has yet to address the matter publicly.
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of 05Saint Lucia’s Role: Silence, Complicity, or Gross Negligence?
Amid this scandal, the role of Saint Lucia’s government remains shrouded in silence and suspicion. Saint Lucia has a representative on the ECCB Board of Governors, a key decision-making body that should have been fully aware of the multi-million-dollar project. Yet, the Pierre administration has remained silent, offering no explanations to the people of Saint Lucia, who have every right to know whether their country’s leaders were complicit or simply negligent.
This silence becomes even more troubling when viewed through the lens of recent interactions between ECCB Governor Timothy Antoine and the people of Saint Lucia.
As recently as last year, Timothy Antoine appeared as a guest on Timothy Poleon’s News Maker Live television talk show, a widely watched program that has been a platform for addressing critical national issues. During his appearance, Antoine was questioned directly about the controversy surrounding Saint Lucia and St. Kitts & Nevis’s Citizenship by Investment Programs (CIP and CBI).
Rather than critically assessing the programs, which have been the subject of intense scrutiny, allegations of financial mismanagement, and international pressure, Antoine had nothing negative to say. His neutral stance on what has been described as the “fleecing” of Caribbean economic resources now appears far more self-serving than impartial.
Why would the Governor of the ECCB criticize these controversial programs when he himself was overseeing the construction of a $22 million mansion using public funds?
The glaring conflict of interest raises disturbing questions about the Governor’s motivations and whether his failure to sound the alarm on CIP irregularities was intentional. If a central bank governor is unwilling to call out financial exploitation, while simultaneously channeling millions into a personal luxury residence, can he be trusted to safeguard the financial stability of the Eastern Caribbean?
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of 05Who Knew? What Did Saint Lucia’s Government Do About It?
The most pressing question for Saint Lucia is this: What did our representative on the Board of Governors know, and when did they know it? The very existence of a Saint Lucian representative on the ECCB’s governing body means that the Pierre administration cannot credibly claim ignorance.
If this representative was aware of the project, did they report it to Prime Minister Philip J. Pierre, who also serves as Minister of Finance? If so, when did Pierre receive this information, and why has he not informed the public? If the matter was never brought to his attention, what does this say about the effectiveness—or failure—of Saint Lucia’s financial oversight?
The reality is that the construction of this extravagant mansion is now at a point of no return. The public deserves to know:
- Did Saint Lucia’s representative inform the Prime Minister?
- When was this information conveyed?
- What action, if any, was taken to stop or question the project?
- Why has there been no public statement from the Pierre administration?
The absence of answers suggests either gross negligence or deliberate silence. The situation is eerily reminiscent of a system in which those in power protect each other at the expense of the people.
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of 05Is This a Pact of Silence? A Brotherhood of the Political Elite?
Is this a case of thieves covering for thieves? Is this a case of “you don’t squeal on me, and I won’t squeal on you”? Have Saint Lucia’s Ministers of Finance, Investment, and CIP, along with its representative on the Board of Governors and the Governor of the ECCB, entered into a mutual silence pact—akin to the “Omertà” code of the mafia?
The inexplicable silence from Saint Lucia’s government only strengthens public suspicion that this is yet another case of the political elite shielding each other from scrutiny, while the ordinary citizens suffer under economic strain.
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of 05An Unforgivable Betrayal of Public Trust
While Saint Lucian families struggle with rising costs of living, while businesses fight to stay afloat, and while citizens demand better healthcare, education, and job opportunities, $22 million is being funneled into an opulent palace for a single man.
The anger is palpable. Prime Minister Ralph Gonsalves has publicly condemned the project, calling it a reckless act of self-indulgence that betrays the trust of the people. He stated emphatically:
“The ECCU cannot afford a governor who has an appetite for such unaffordable opulence.”
He further declared that past ECCB governors lived in modest residences, out of respect for the economic realities of the region. The stark contrast between previous leadership and Timothy M J Antoine’s appetite for luxury raises a fundamental issue: How can a man entrusted with the financial security of the Eastern Caribbean justify this level of excess?
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of 05Will the Pierre Administration Break Its Silence?
The people of Saint Lucia deserve immediate answers from Prime Minister Pierre and his administration.
- Why has Saint Lucia’s government not publicly addressed the scandal?
- What role did our representative on the Board of Governors play in allowing this to proceed?
- Why was Timothy Antoine given a free pass to construct a mansion using the region’s money?
- What steps, if any, will the Pierre administration take to demand accountability?
At this moment, all eyes are on the Prime Minister. His response—or his continued silence—will determine whether Saint Lucia’s government is committed to transparency and accountability, or if it is complicit in yet another episode of elite financial mismanagement.
This is not an issue that can be buried. The people of Saint Lucia, and the Eastern Caribbean, demand answers.
With the growing outrage surrounding the “Palace Project”, the only question left is: Who will be held responsible?
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