“And do not forget to do good and share with others. For with such sacrifices, God is pleased.” – Hebrews 13:16
Two months ago, I reflected on Balancing the Scales: Fair Partnerships for Sustainable Caribbean Growth, questioning whether past foreign partnerships had truly benefited the Caribbean. Today, as we embrace a new economic relationship with Africa, I must ask: Are we repeating the same mistakes?
Sixty years ago, foreign banks from the UK and Canada set up subsidiaries across the Caribbean. On the surface, these partnerships seemed mutually beneficial. Foreign institutions provided expertise, capital, and modern banking systems. The Caribbean, in turn, contributed a workforce, deposits, and a ready market.
Yet, despite these contributions, the Caribbean held no equity stake in these ventures. The profits and dividends flowed entirely to foreign shareholders, draining our foreign reserves and limiting economic gains for local communities. Our governments failed to negotiate ownership, missing an opportunity to retain wealth within the region.
As we celebrate the launch of the Afreximbank CARICOM Office, we are again at a critical juncture. This ambitious initiative aims to strengthen Africa-Caribbean trade and investment, aligning with the African Union’s vision of the diaspora as Africa’s sixth region.
At the launch, Afreximbank President Benedict Oramah emphasized the bank’s commitment to supporting CARICOM economies. CARICOM Chairman Mia Mottley highlighted Africa’s solidarity with the region, which was demonstrated during the COVID-19 pandemic. This collaboration holds immense potential, but important questions must be answered.
The African Export-Import Bank has been granted 5.11 acres of prime real estate in Barbados, free of cost, to develop a trade center, hotel, and offices. This investment will undoubtedly stimulate economic activity, but has CARICOM negotiated an ownership stake? Will governments and businesses in the region benefit beyond access to financing? Or will wealth once again flow outward, leaving the Caribbean a passive participant?
We cannot afford to repeat the same pattern, where foreign partnerships yield disproportionate benefits for outside entities while the Caribbean shoulders the cost. If we are to champion Smart Partnerships as a future model, equity must be at the core of our agreements. True partnerships require shared prosperity, ensuring the region reaps tangible rewards for its contributions.
For the Caribbean to achieve economic self-sufficiency, we must insist on ownership stakes, fair revenue-sharing models, and long-term regional wealth-building strategies. The Afreximbank initiative promises to strengthen economic bonds with Africa, but this new relationship must take a different course.
Transparency, accountability, and genuine collaboration must underpin this partnership. Agreements should empower local industries, enhance access to capital, foster innovation, and drive sustainable economic growth. The lessons of the past are clear—we cannot secure a prosperous future without equitable arrangements that recognize the Caribbean as more than a global participant in trade. We must be stakeholders with a vested interest in the success of these ventures.
So I ask again: Has the Caribbean made the same mistake? Or will we finally claim our rightful seat at the table—not as passive participants but as true partners in shaping our own economic destiny?
(Dr. Basil Springer GCM is a corporate governance adviser. His email address is basilgf@marketplaceexcellence.com. His columns may be found at https://www.nothingbeatsbusiness.com).