Barbados Central Bank Governor Dr. Kevin Greenidge once again celebrated marginal GDP uptick while the real engines – foreign exchange, productivity, and what the economists call labour force erosion – stalled. Domestic activity has been the saviour because the traded sector was anaemic in the period. Tourism was flat. Manufacturing showed negligible movement. Visitor nights compared with prior year by not increasing substantially. Agriculture remained an inconsequential sector.
Meanwhile, unemployment “improves” only because many Barbadians transitioned to retirement or actively stopped looking for work. A reminder we have an ageing population.
In summary, tourism was our lord and saviour. QED.
Here is the Central Bank text:
Barbados’ economy continued to expand during the first half of 2026, with domestic sectors again leading growth. Real GDP grew by an estimated 1.4 percent, as the non-traded sector expanded by 1.5 percent. Business and other services drove that expansion, with wholesale and retail trade also contributing and construction recording modest growth. The traded sector also expanded by 0.4 percent. Tourism value added, which accounts for about half of traded output, remained close to its level a year earlier. Long-stay arrivals edged higher, but shorter average stays reduced visitor nights. Agriculture added to growth, while manufactu ring output remained broadly unchanged. Domestic activity therefore sustained overall economic growth in a more challenging global environment marked by heightened geopolitical tensions, trade uncertainty, and softer demand in several key tourism source markets.
Labour market indicators remained broadly favourable, while inflation rose from a low base but remained contained. The unemployment rate stood at 6.1 percent at end-March 2026, approximately 0.2 percentage points below its level a year earlier, and unemployment claims fell by 3.7 percent during January to June. The labour force also contracted by 2,700 persons as the number of retirees increased, so the lower unemployment rate reflected both a reduction in the number of unemployed persons and lower labour force participation. The 12-month moving average inflation rate reached 1.4 percent, while point-to-point inflation rose to 2 percent in May 2026, as higher prices for food, education, housing and utilities, and transport pushed the rate up. Government policy measures continued to cushion the domestic pass-through of external cost pressures.
Subscribe to get the latest posts sent to your email.
88 responses to “Growth illusion of Barbados’ Economy: January-June 2026”
Bush Tea
Perhaps @NO can help a poor bushman to understand how the Central Bank is able to produce these detailed ‘growth’ numbers every quarter – with impressive sectorial breakdowns, … when we are UNABLE to get BASIC FINANCIAL reports from almost ANY of the associated institutions…
Not NISSS – our key national savings account
Not Government Accounts – where BILLION-DOLLAR post-adjustments are normal
Not BAMC – we don’t even know who is running that
Not HOPE – where millions are missing, …nor STEAL or any housing scam…
How the Hell can we be getting OVERALL performance, when most INDIVIDUAL units are UN-ACCOUNTED for…?
…unless it is all GUESSWORK…???!!!
Also PLEASE explain how ‘growth’ can be defined in purely financial terms – in a country where the PILLARS of society are owned and controlled by FOREIGN interests…
Tourism
Commerce
Food
Banking
Electricity
Telecommunications
Real Estate
Insurance
Is the Central bank counting the gross business amounts generated?
…or what remains in Barbados after the foreign owners extract their dividends, management fees, administrative expenses, etc?
So what amounts of this foreign controlled business dollars actually remains in Barbados? …and how do they know without public reports?
What about inflation?
If sardines cost 10% more in July than they did in May…
Does that represent 10% GROWTH?
If telephone rates are increased by 5%, …how does the overall increase in expenditure by Bajans impact what the bank calls ‘GDP growth’?
Help we to understand NO…
These things seem to make sense to you…
Loading…
Artax
@ David
According to the Central Bank Governor:
“The 12-month moving average inflation rate reached 1.4 percent, while point-to-point inflation rose to 2 percent in May 2026, as higher prices for food, education, housing and utilities, and transport pushed the rate up.”
Economic growth is directly affected by an increase in the cost of living, which slows down when there haven’t been any significant increases in wages to keep pace with rising prices.
The Governor mentioned “higher prices for food, education, housing, utilities and transport.” An increase in the prices of those everyday essentials results in a decrease in consumer purchasing power, which REDUCES the MAIN DRIVER of economic growth, i.e. consumer spending.
Consumer spending is a MAJOR component of economic performance and GDP.
Loading…
John A
So here is something interesting. We were told last year by our leaders that from December 2025 we would be entering into a major construction boom and labour would be needed urgently. Hence the freedom of movement followed. If all this is true then why have the construction figures just given from the central bank not reflected this boom?
“In summary, tourism was our lord and saviour. QED.”
Not exactly, tourism was flat. It required a 10% increase in hotel rates, to offset marginal declines in arrivals and how long they stayed. This was not mirrored by the private market, where continued supply increases, resulted in a slight decline in rates.
The big bonus was found in corporate taxes, some which was explained as a ‘dual year charge’ which will revert to annual thereafter. And for unexplained reason, property tax collection was down.
Tourism, IMO was disappointing. It was a near perfect storm. Harsh winters in source markets, a Jamaica still in hurricane recovery mode, a Cuban market which dipped significantly, a USA market where Bajan source country visits were off by double digit percentages…the Caribbean was an obvious choice for many. The results echo what I am often told…..we love Barbados, but…it is VERY expensive.
If, there was a “Visitor inflation stat”, it may well be north of 10%.
I was concerned, that after growth at 1.4%, which was positive growth, but less than forecasted prior, the CBB was “doubling down” on the last 6 months forecast, that growth would rebound, while many of the causal factors in the first 6 months, were likely to remain issues.
@Bushie
It isn’t an inability to produce reports, or have the information, it is a REFUSAL to provide them. It creates an “undesirable” level of accountability, for those who must provide answers. And, isn’t necessary. After 5 years of no reports, they still won 30-0!! So go smoke dat.
The 10% was on the stock and flow of tourism anyways. Although it was flat.
Loading…
John A
@ David
That growth figure is inclusive of increase fuel cost and may other what would be deemed as true non growth components.
The tourism performance is disappointing, as we had one of our main competitors basically out of it in Jamaica as NO mentioned. From Talking with a few players in the industry like restaurants etc, they did not have a better year than last year, so the arrivals did not translate to dollars in the register this year for many.
Truth is as I said before we need to find another way of measuring economic growth, that does not include inflation and head counts, but focuses on growth that the average man on the street can relate to by being part of. If for example you asked a taxi driver what this year was like he would tell you as it relates to him. This long talk about reserves (mainly all borrowed) and depth to GDP, may well have reached the point of now being archaic in real world terms.
In other words is the DEBT listed in terms of the total owed, or is it listed as the total owed AND interest charges over the period of repayment? We know the reserves include borrowed money, but what is our net reserves minus foreign debt? These are just 2 areas that need to speak in real terms. We need net numbers minus the fluff. Don’t tell me you are a millionaire when you own a million dollar house but you have a 900,000 mortgage on it.
Loading…
Bush Tea
“It isn’t an inability to produce reports, or have the information, it is a REFUSAL to provide them.”
~~~~~~~~~~~
Ok, but is that not even worse @NO?
Let’s say that Bushie had a small business selling whackers.
Last year, Bushie leased two whackers to a pal, on terms which included him paying the bushman a small ‘commission’ on work done.
This pal ended up ‘whacking’ some weeds that are apparently in high demand, and he ended up making a five-figure profit.
That pal then paid his agreed commission to the Bushman.
Does Bushie then choose between a ’refusal’ to provide current financial information for tax purposes? or declaring an ‘inability’ to produce them?
… or does he invoke the fifth amendment?
And if there are MAJOR undeclared losses in housing, …in transfers, …and in health for example, or if net FOREX flows for utilities, commerce, banking, insurance etc… are negative…
Are you saying that it “isn’t then necessary” for the powers that be to maintain the silence?
Perhaps much of what we think of as ‘equity’ held by our country are actually unrecoverable liabilities – that should properly be written off the books…
Like the Four Seasons/Clear Waters gig, the Carifesta investments, the STEEL houses, the HOPE fraud, and countless other examples….
But then how would the bottom line look…?
What is another word for bankrupt..?
Loading…
Bush Tea
@ John A
“Don’t tell me you are a millionaire when you own a million dollar house but you have a 900,000 mortgage on it.”
~~~~~~~~~~~~
Is joke you joking!!? That would give us a net value of 100,000.
What if you tell us that you are a millionaire when you own a million dollar house – but you have a 900,000 mortgage with the IMF, a 200,000 loan with the IDB, a 500,000 deal with China?
Fortunately, you have 800,000 ‘savings’ in the credit union (which you borrowed from the bank) which is available to service the various increasing loan payments and interest.
You just need to keep dreaming up new ‘projects for funding’ to keep the savings account topped up (no need to actually complete the projects). This is MUCH easier than ‘consolidation loans’.
If things get tight then you can always squeeze another billion or so from the children’s NISSS piggy bank…
Day runs until night catches up… so this will work sweet as shiite – until it doesn’t.
EXACTLY like is happening with Trump’s dollar and to his compatriots as we speak.
What a time!!
Loading…
NorthernObserver
@Bushie
I can’t say nobody, but not enough people care to even make it an issue.
Even @Donna, said that since Reports rarely seen to lead to any change, the value of their issuance is questionable. Repeated Aud Gen reports lend truth to her observation?
Imagine a reporter, like the Joseph gentleman (think that’s right from BT), asks a current Senior Minister why the GoB diverted $400+M in public employees contributions to the NIS, into GoB accounts? Or why CBL hasn’t issued a single report when it fell under his remit?
This is even more logical than wondering why a retired public employee in the USA took the 5th. For said current Senior Minister, was, and is, on the public payroll. En gine happen bout hey. The said reporter will be emptying garbage cans and serving tea, if he’s lucky to keep employment. May the Almighty help if he per chance is a BWU member, cause you know Ms Moore isn’t holding any rally to support him?
And if you want my opinion, persons in the whacker business shouldn’t file tax returns 😂
Loading…
John A
@ Bushie
You have basically summed up our reality in a nutshell.
But ask yourself another question, how can a country know where it stands in REAL terms when nothing from the NISSS to the Transport Board and everything in-between, has not furnished audited financials for years? When the state does its “Guestimates” of expenses and income for example, on what does it accuarealty base its figures in the absence of accurate auditioned up to date financials? How much HOPE lost let we start there.
Be Christ and the best they can come up with is a minister saying to us that they must know every business owner, when they can’t even supply audited financials on what we gave them to run! The whole thing is a dam joke. I really ain’t want to hear the words “I want” out dem mout either, because I also want audited financials on nuff entities and can’t see one! What I can see though is the VAT and tax I paying every day, along with the highest gas prices at the pump in the region at the same time.
Do not think your analogy is a fair one. The government boasts of being able to service its debt. Even at the household level this is the measure often use I.e. what is the debt service ratio. Of course some of us have our own debt service ratio that is based on our appetite for a different peace of mind.
This is where we are, the government has bought into ‘debt sustainability theory, that is borrow borrow based on our future capacity to repay.
Loading…
Bush Tea
@ David
Are you buying that shiite story about being able to service our debt?
They ALSO said that many hands make shiite work…
Servicing a debt means paying down on the net interest and principle as agreed, and doing so via PRODUCTIVE enterprise.
Borrowing from Peter to pay off Paul and then from Mary to keep Peter happy is NOT servicing one’s debt – it is PARRO life!
When you ‘service your debt’, …your NET LOAN BALANCE decreases continually.
At some point, you accumulate SAVINGS and can actually LEND to others.
If you are FOREVER borrowing, you are a damn PARRO.
Service debt shiite!!
Loading…
Bush Tea
LOL @ NO
“…if you want my opinion, persons in the whacker business shouldn’t file tax returns 😂”
~~~~~~~~~
Thanks Boss.
That is probably EXACTLY why de damn whacker get tek way from Bushie yuh!!!
ha ha ha !!!
Murduh!!!
Loading…
John A
@ David
lets compare it to an individual as you mentioned. So I want to buy a house and decide to get a mortgage. As you know the bank has firm guidelines for borrowing in that my monthly payment can not exceed roughly 35% of my income. So with that my debt to GDP would be 35%. Now if I go from there to borrow for a new car, I have to declare my mortgage payment before the car lender, so they can see if I qualify for the new ride. After all that car payment will now carry my debt to GDP higher and I still got to live, so the lender says my car loan can not cost me more than 10% more of my GDP, cause I still got to eat and pay Enema for the power etc., so some of the GDP got to go in living expenses.
Watch government’s approach now. They borrow more than they can afford so as to maintain a false economy. They then decide we can’t meet this payment load and as a result we are going to enter a “debt restructuring,” a fancy word for defaulting on some debt. You then write off a wash of the NISSS money in excess of a billion dollars, then you give everybody else a “haircut” as well. Fancy word for teking from them little money too. You then Brag bout how much the debt service saved you and what a grand job wunna did with it, to the point where some of your ministers were quoted as saying the saving was close to 3 billion dollars when done. Now many question that saving, but if the honorable people involved say they save 3M, well I going with that. So what does that mean as of today?
Well as of 2026 we now owe roughly the same as we did BEFORE THE RESTRUCTURING! If I take the 3 billion today and divide it by 7 years since that grand day the NISSS was raped, that means every year we lost $428 million of the benefit of the debt restructuring over the last 7 years.
My Friend there is no way you can compare that approach with how you or I would run our home. You could see us walking in to Scotia or RBC and saying “listen I done with this mortgage and keeping the house too as I debt restructuring?” When you take away all the fluff and big words, the above is exactly what we did and where we are today. Of course nobody aint going say that and the useless opposition and press ain’t going say so either, as they too busy advertising wukups and fetes.
The government relies on its internal management reports. We have qualified people in positions you know.
Loading…
Bush Tea
Well, they DO appear to ‘qualify’ to become ’senior’ and ‘most honorable’ – whatever that means, But it does seem to correlate well with various Radical scams, covid 19, and with general covert compliance with mafia headquarters.
The ultimate hypocrisy is for a Government to be scrambling to introduce integrated tax reporting, BimPay, beneficial ownership of businesses and other measures to FORCE citizens to be financially transparent, while they themselves practice the EXACT opposite with our tax dollars.
But the ultimate brassbowlery is that the citizens don’t give a fart… as long as Crapover is here and fetes are open so that they can eat, drink and be merry…
It may be just as well. Mac Fingall advised that they should wuk up and wine up and enjoy we-self… cause it may be we last mas…
Bushie gotta bad feeling that he right as shiite!!!
Loading…
NorthernObserver
@David 6.25
One of the funniest things to observe on BU, was the B and D supporters don’t agree on much. But separately and over time, both supported the accounting difficulties experienced by the NIS and its effect on the production of mandatory Reports. It was a song sung by both sides.
While initially it may have been challenging, hopefully today everybody can understand, that thereafter they spoke untruths.
The issue was they chose NOT to release reports.
And the persons who supported that, by towing the line, have generally been well rewarded by both parties.
People shouldn’t forget, on August 25 2023, the PM in a National Address (it still pun de net) announced that Reports from 2010-2016 ‘had been completed’. Like the files on steel houses, as copying & digitizing only applies to others, the Aud Gen office mussee lost them?
As the old auntie might tell muh, “Steupse. Dat gine help buy some corn beef and two salt breads. Gah long do”.
Loading…
John A
@ David
Internal reports are not audited financials and hence are not recognised by banks or other financial institutions. So if internal financials are to be acceptable from them to us the shareholders, then prey tell why does BRA only accept AUDITED FINANCIALS as year end returns from companies then?
Sorry you can’t have it both ways, what good for the goose good for the gander too. The same law and requirements of audit for the private sector by law, also apply for state entities or did that change when we became a republic?
Loading…
Sargeant
If wunnah just connect de dots
Imagine if a member of parliament ask de government dese kind of questions in the H of A?
If an MP get vex with de party and cross de floor and declare he is a member of de Opposition?
Why wunnah think that de first thing de PM did after her Gov’t won its third consecutive 30 love was to change de Constitution to neuter her MP’s and ensure they don’t get any foolish notions in their heads?
Wunnah always going on bout how Mia so brilliant and overlook de obvious.
You must be aware the blogmaster knows about the importance of exercising the required financial governance re audited financial statements? Especially as it relates to the social security fund?
Was simply making the point that successive governments have been comfortable using internal management reports to suit their agenda. To NO’s earlier point.
Loading…
NorthernObserver
Sarge
The irony.
While the constitution (the Republic one?) was being hurriedly amended, the said government was concocting to insert a former opposition member, and Minister, to its Cabinet via the Senate.
None of y’all can cross, but I can bring in one ah Dem. You cannot make this shit up.
At least CS didn’t lie, in Nov ’25 when he told a radio show he had no intention in re-entering ‘elected politics’. He said nothing about appointed politics.
Loading…
Artax
@ David
I read notices in Sunday, July 26, 2026, edition of the ‘Sunday Sun’ that Fairmont Royal Pavilion ‘did not receive suitable applications to their advertisements for the positions of Director of Sales and Marketing, Director of Food & Beverage, Executive Chef, and Executive Housekeeper.’
‘Therefore, it is their intension to submit applications for work permits for non-nationals to fill those positions.’
Are the owners and management of Royal Pavilion attempting to CONVINCE the government of Barbados, and Barbadians that, in the year 2026, they DID NOT RECEIVE a SUITABLE APPLICATION from a QUALIFIED Barbadian……
…… even for the post of Executive Housekeeper?
In other words, a Bajan who is SUITABLY QUALIFIED to MANAGE hotel room cleaners and laundry workers?
It would be interesting to hear comments on this issue from:
…… Minister of Labour, Social Security and the Third Sector – Colin Jordan
…… Minister of Home Affairs and Information – Gregory Nicholls
…… BWU General Secretary, Toni Moore (if Sir Roy allows her).
We see the ads. As you are aware the Chief Immigration Officer and Minister Gregory Nicholls have assured the public that ad placements do not mean approvals are given. The thing is, some of us want to see government publish the approvals.
A message for Minister Gregory Nicholls. Are we there yet?
The model already exists, Minister
This article was written and submitted by Sonje Greenidge, a director of Integrity Group Barbados.
At the recent annual meeting of the Barbados Association of Journalists and Media Workers (BARJAM), Minister of Home Affairs and Information Gregory Nicholls informed an audience that has advocated for freedom of information legislation for decades that the Government would first undertake a study of how comparable laws operate elsewhere in the Caribbean. No bill, he explained, is currently before Parliament. The process, he said, is only now beginning.
That position warrants careful examination. Barbados requires no such preliminary exercise. The country already possesses a comprehensive draft Freedom Of Information Bill that was prepared through public consultation, subjected to independent review by an internationally recognised transparency organisation, and left awaiting parliamentary consideration in 2008.
Regional experience
This article considers the regional experience the minister proposes to examine and the conclusions that experience has already made available.
Freedom of information legislation rests upon a simple democratic principle. Information created, collected, or held by public authorities in the exercise of public functions belongs, in a meaningful constitutional sense, to the public.
Such legislation transforms that principle into an enforceable legal right, allowing individuals to request official records without demonstrating a personal interest or providing reasons for doing so. A region that settled this question decades ago Belize became the first CARICOM member state to recognise this right in law when it enacted its Freedom Of Information Act in 1994.
Any individual, whether a citizen or not, may submit a written request to a public authority. Within 14 days, the authority must either provide the requested information, explain the legal basis upon which information has been withheld, or issue a reasoned refusal. Applicants dissatisfied with that decision may appeal to the ombudsman.
Belize required neither a prolonged period of institutional reflection nor a regional fact-finding exercise before reaching this conclusion. It accepted that information held by public authorities should, as a general rule, be accessible to the public and legislated accordingly.
Trinidad and Tobago followed in 1999 with legislation of even broader scope. Its Freedom Of Information Act extends beyond central government ministries to include Parliament, Cabinet, the courts and state-owned enterprises. Applicants whose requests are refused may seek review by the ombudsman within 21 days.
Equally significant is the statutory obligation imposed upon every public authority to publish information describing the records it holds and the procedures through which those records may be obtained.
The distinction is important. One model of transparency depends upon citizens requesting information. The other places an affirmative obligation upon the state to disclose information before it is sought.
Jamaica enacted its Access To Information Act in 2002, establishing both a dedicated Access to Information Unit and an independent Appeal Tribunal to hear disputes arising under the legislation.
Beyond the Caribbean, the United Kingdom’s Freedom Of Information Act came into force in 2005 and generated approximately 120 000 requests during its first year of operation, the majority of which were submitted by ordinary citizens rather than journalists, lawyers or advocacy organisations. Across these jurisdictions, the underlying principle was never treated as uncertain. Legislatures debated the scope of exemptions, the institutions covered by the legislation and the mechanisms through which refusals could be reviewed. Those were questions of legislative design rather than questions of principle. The proposition that government information should be accessible to the public had already been settled. Seven CARICOM member states have now enacted freedom of information legislation – Belize, Jamaica, Trinidad and Tobago, The Bahamas, Guyana, Antigua and Barbuda, and St Vincent and the Grenadines. Barbados remains among the small number of jurisdictions that completed the drafting process but have yet to enact the legislation.
What the regional comparison reveals
The regional comparison is revealing. Barbados does not belong among states still considering whether freedom of information legislation is workable or appropriate. It belongs among those that have already completed the principal work of developing such legislation, yet have not proceeded to enact it. That is a materially different position from the one suggested by the minister’s remarks.
Nor can the delay plausibly be attributed to institutional incapacity.
Barbados completed the essential technical work almost two decades ago through public consultation, expert review and legislative drafting. The remaining obstacle appears political rather than administrative.
If regional comparison is now presented as the next step, it is worth recognising that Barbados has already undertaken much of that exercise. The draft prepared in 2008 reflected regional and Commonwealth practice, benefited from international review and remains available for revision and introduction.
The question, therefore, is no longer whether Barbados knows how to enact freedom of information legislation. The country demonstrated that it does in 2008.
The remaining question is whether it now intends to complete the work it began.
Barbados completed the essential technical work almost two decades ago through public consultation, expert review and legislative drafting. The remaining obstacle appears political rather than administrative.
Government leading by example? #RegulatoryCompliance
Straughn: Factor in regulatory compliance
Barbadian businesses of every size must treat regulatory compliance as a growth issue, not an afterthought.
That was the message from Minister of Finance Ryan Straughn at the official launch of the WeBiz Bajan initiative held on Friday at the Hilton Barbados Resort.
He cited cases where local companies have lost international acquisitions because Barbados could not prove its regulatory framework was strong enough to support the deal.
“I want any business in Barbados, of whatever size, to have a clear understanding that these things matter,” Straughn told attendees.
“We’re not humbugging anybody just because we want to humbug them. We want businesses to grow in an ecosystem that is supportive.”
WeBiz Bajan is a joint initiative of the Barbados Trust Fund Ltd and the Office of the Supervisor of Insolvency. It brings Government ministries, regulators, financial institutions and community organisations together to support small and micro businesses under one roof – from registration and compliance to financing, training and eventual exit planning.
Straughn framed the initiative as part of the wider Barbados Economic Recovery and Transformation Programme.
“It is important that small businesses understand why compliance is important – compliance with the Barbados Revenue Authority, with the National Insurance and Social Security Service, with CAIPO,” he said, adding that meeting those standards is what unlocks concessional financing from institutions.
He also pointed to a new credit reporting campaign and Government digitisation efforts, saying: “Our systems have to talk with one another so that there’s a single entry point to Government.”
Permanent Secretary in the Ministry of Energy, Business Development and Consumer Affairs, Kevin Hunte, speaking for Minister Kerrie Symmonds, said WeBiz Bajan was built to end the runaround entrepreneurs typically face.
“A small business owner in Barbados has had to knock on about ten different doors to get one thing done,” Hunte said. “WeBiz Bajan starts to turn that model on its head – information, guidance, financing, business support, housing solutions, employment services, financial education, and sustainability tools, all in one place,” he noted.
Hunte outlined the family of support institutions now working under the initiative, including Fund Access for microfinancing, the Small Business Development Unit for technical assistance, and the National Financial Literacy Programme, whose new Financial Community Clinics take financial education directly into communities. ( DDS)
An increase in imports could be indicative of strong domestic demand, which could be caused if the domestically produced equivalents are insufficient to meet demand or costs more to manufacture.
In economics there is a theory called, price elasticity of demand. The price elasticity of demand for imported products is simply the % change in the quantity of imports divided by the % change in price.
A negative result indicates higher prices reduce import volumes. And, we know import volumes have been steadily increasing.
Governments have to provide specific, detailed financial and economic data under legal reporting rules and loan terms to borrow from international lending agencies such as the IMF and World Bank.
We’ve seen despite the fact some quasi/statutory state-owned agencies have been delinquent in preparing financial statements, which isn’t widespread within the entire civil service, government has been able to secure loans based on its economic policies and capacity to repay.
Under Article VIII, Section 5 of the IMF Articles of Agreement for surveillance and financial assistance, for example, a member country is obligated to provide the Fund with information pertaining to its economy and policies.
John A often refers to households and countries, which isn’t necessarily a fair, acceptable comparison, since the variables associated with borrowing are completely different.
He mentioned, “internal reports are not audited financials.” But, aren’t those internal reports audited by the Auditor General’s Office?
Because they are not audited by KPMG, Deloitte & Touche, M.E. Murrell & Co or PwC, doesn’t invalidate AudGen’s opinions thereon.
The IMF, for example, offers various types of ‘tailored’ financial assistance to countries hit by domestic crises, such as inappropriate fiscal and monetary policies, which can lead to large current account and fiscal deficits and high public debt levels, or external crises of which COVID-19 is an example, or both, while working with governments to create ‘breathing room’ by implementing policies to restore sustainable economic growth and stability, and ensure responsible financial management.
A commercial bank, on the other hand, lends money to individuals for specific projects, and not to those persons who are experiencing financial difficulties.
We keep referring to the debt restructuring programme, perhaps ignoring it isn’t an ordinary or reoccurring undertaking, and we weren’t provided with any information that would allow us to analyse the advantages and disadvantages thereof.
Thanks for your detailed response. Some here do not subscribe to the accepted economic theory and the separation between the mechanics of managing household and national budgets regarding demand supply theory. But this is what it is all about, sharing and learning from each other.
Loading…
John A
@ Artax
The figures supplied to the Auditor General for review does not confirm with compliance under our current laws. The law as is, speaks to the requirement for audited financials to be supplied. For all we know the Auditor General may simply be being supplied with a P&L and inhouse balance sheet, that may well not contain accurate depreciation and right offs or old uncollected receivables etc.
There is a reason the law requires audited financials in terms of an independant and qualified assertion of the entities real standing. I for one can not accept that we have reached the stage of delinquency where I am to accept inhouse figures on an entity as critical to the lives of Barbadians as the NISSS is.
Unless the laws here will be changed to accommodate the tardiness of state entities whereby they will no longer be required to provide audited financials, we should all hold them accountable for providing them.
Loading…
Artax
John A
Do you understand government accounting or READ the Public Finance Management Act, 2019, Financial Management & Audit Act, and Section 113 of the Barbados Constitution, which outline the duties of the Auditor General?
Have you ever participated in an audit conducted by auditors from the AudGen’s Office?
Are you aware the Auditor General’s Office legally INDEPENDENT body, similarly to the Judiciary and Attorney-General’s Office.
I’ll invite you to read Sections 36 – 44 and Section 39 of the Financial Management & Audit Act, which outline the DUTIES and POWERS of the Auditor General respectively.
Then perhaps you may want to INDICATE to BU where in the documents I mentioned above, there is any law requiring government departments to provide audited financial statements……
…… and provide us the PARTICULAR LAW that, according to you, “speaks to the requirement for audited financials to be supplied.”
Are you suggesting the purpose of an Office of the Auditor General is to audit audited financial statements? In other words, audit financial statements that have already been audited?
RE: “For all we know the Auditor General may simply be being supplied with a P&L and inhouse balance sheet, that may well not contain accurate depreciation and right offs or old uncollected receivables etc.”
What PREVENTS any government department from SIMILARLY ‘supplying’ PcW, for example, with a “P&L and inhouse balance sheet?”
According to Section 36 (1), “The Auditor General is the auditor of the financial statements of the Government of Barbados.”
I would agree with you as it relates to quasi government entities such as the Barbados Port Authority, Barbados National Energy Company, Grantley Adams International Airport, which are registered as companies.
Loading…
Bush Tea
100% correct @ John A
What the Hell!!
Wuh the ‘Law’ is written and proclaimed by the same suspects who are clearly manipulating the system to their dishonest advantage…
COMMON SENSE dictates that an independent PROFESSIONAL audit has to MANDATORY if figures provided by the Central bank or government are to be taken seriously.
Why would it be OK for government, BUT not for private businesses, to provide internal profit and loss figures as their official accounting data?
Steupsss!
As to the Auditor General and the Shiite Public Accounts Committee , …these are CLEARLY just political footballs – EXCEPT FOR THE CLEAR OUTLIER that Mr Trotman represented.
Anyone who would cite these as an alternative to an independent, PROFESSIONAL, audit has to be either joking or smoking…
What a place…!!
Loading…
NorthernObserver
Artax
Good contributions.
My lone question is…are those internal reports being audited by the Auditor Generals office? I know they are meant to be.
A significant portion of the annual, or supposedly annual, Report of the Aud Gen deals with findings of those audits.
More often I read of the Minister’s referencing the Accountant General.
The irony of Min Straughn telling business of the importance of their reporting, which he relates to growth, and the mirrored behaviour of his govt is not lost.
@Bush Tea your passion is encouraged but you are conflating several issues.
The Westminster system’s success relies on the integrity of good men and women. However a governance framework is the prerequisite. Unfortunately where human beings are involved there will be fault lines to manage. This is where exerting our civic responsibility as best as we can to hold people accountable is an imperative. It is a chicken and egg kind of thing which means we have to work the process because there is no nirvana.
Loading…
John A
The Auditor General reviews what he is given and issues a report. Whether he does a full audit on ALL the financials he is given from state entities, or is given ALL that is required has never been confirmed. In any event you have a government entity “reviewing” government accounts and commenting on them. THE AG IS NOT THEREFORE PERFORMING AN ACTIVITY THAT CAN REPLACE AN INDEPENDENT AUDIT.
His job also does not and CAN NOT replace an independent audit as oulined under our law. Are you suggesting that the NISSS having had their operation reviewed and commented on by the AG, does not need to do an INDEPENDNT AUDIT as required by law?
Let us agree to disagree and leave it there.
Loading…
Bush Tea
@ David
Not only are YOU the ‘conflator of issues’, but you are also a known ‘gallows-baiter’.
Your attempt to incite the bushman to reach for a whacker will however fail. This is TOO OBVIOUS a matter of common sense to be worth the cost of whacker rentals.
Just like a business hires a Financial Controller to audit and manage their operation’s finances, government has an Auditor General to ensure that their INTERNAL procedures are sound and functional.
When the business needs to report to EXTERNAL agencies – or to its shareholders, an INDEPENDENT audit, by professional auditors – who are guided by international ETHICAL standards, becomes mandatory.
Similarly, when government needs to report to taxpayers or to external agencies such as lending agencies, INDEPENDENT audits become mandatory (in NORMAL societies – …cause some places are so retarded that any shiite goes…)
The role of the Financial Controller / Auditor General includes that of ensuring that the independent professional audit finds a clean, smooth system in place when it takes place.
INTERNAL SYSTEMS CANNOT REPLACE THE EXTERNAL INDEPENDENT REVIEW.
…except that in a Mafia, whatever the Don decides becomes law…
Loading…
John2
A
Produce the law
Then
Produce a description of the AG office
Study them carefully
Loading…
Artax
NorthernObserver
The Accountant General is simply government’s main financial officer, responsible for managing public funds, preparing financial reports, and enforcing financial rules.
It’s clear some people are not familiar with government’s accounting system. “COMMON SENSE” dictates they should avail themselves of the relevant information to facilitate productive discussion on the issue, rather than come out ‘SHOUTING’ simply because they are anxious to disagree with someone who does not ‘sing in their choir.’
Additionally, to state someone ‘cited the Auditor General or PAC as an alternative to an independent professional audit,’ is a blatant LIE. 😠😠
And that financial data in Central Bank reports or government cannot be taken seriously because they were not prepared by independent auditors is rubbish. 😠😠
Reminds me of two songs, Jah Mason’s “Empty Barrel,” and “Fools Rush In (Where Angels Fear To Tread),” by Elvis Presley. 🎶🤣
Seems as though we’re suggesting someone who is qualified to be appointed Auditor General is unqualified to perform a similar role in the private sector, and his/her opinions on government financial statements lack integrity, simply because he/she is a public sector employee. 🤔
We must first understand private sector and government accounting are not the same, even though similar principles are applied.
Government has an Accountant General who is responsible for preparing financial statements……
…… and an Auditor General who is an INDEPENDENT, PROFESSIONAL public official responsible for auditing government finances and operations and reporting the results to Parliament.
Auditors from the AudGen’s Office visit the various government entities, to conduct financial statements audits, performance audits, IT audits, compliance audits and assurance reviews.
They spend time examining information such as income, expenditure vouchers, invoices, payroll, requisitions, local purchase orders, for example……
……similarly to what would be undertaken by auditors from KPMG or PcW, but in accordance with the International Public Sector Accounting Standards Board (IPSASB) and International Standards of Supreme Audit Institutions (ISSAIs), rather than International Financial Reporting Standards (IFRS).
The results of those audits are used by the AudGen to prepare annual reports, and present them in Parliament, in accordance with Section 113 (3) of the Constitution of Barbados and Section 77 (5) of the Public Finance Management Act, 2019 – 1.
Former AudGen Leigh Trotman SIMPLY PERFORMED his DUTIES as OUTLINED by the Constitution, Public Finance Management Act, 2019, and Financial Management & Audit Act, for which he is deserving of praise.
However, unless we’re PREPARED or WILLING to BESTOW the characteristic of “outlier” upon several other public sector employees who have similarly demonstrated such dedication to their jobs, to continually deem Trotman as “an outlier” for ‘doing his job,’ is MORE RUBBISH.
Loading…
John A
So the AG checking figures that then go to the government for use of preparing estimates. Well that explains alot then. It tells us why within weeks of a budget you get state entities coming for supplimentaries. So much for them putting forward figures that represent what they need. Lol
Let me ask you what is the total value of supplimentaries requested as a percentage of what was budgeted in an average year? That would tell you what your internal figures are worth.
I don’t give 2 rats droppings what who say, until the NISSS present INDEPNDENTLY UP TO DATE AUDITED FINANCIALS I don’t want to hear nobody say ” the fund is safe.” By the way wunna know that the NIS and other state entities used to provide audited financials in years gone by right? Look back at what people like Adams and Barrow said about the importance of this.
Dem was different days though when adherance was a word in the Bajan vocabulary. Anyhow I done wid dat as all we must set the bar for what we will accept. If some comfortable with pelting the bar on the ground and walking over it that is their right, don’t expect others to hold you hand and do it too though.
Loading…
Artax
“The Auditor General reviews what he is given and issues a report. Whether he does a full audit on ALL the financials he is given from state entities, or is given ALL that is required has never been confirmed. In any event you have a government entity “reviewing” government accounts and commenting on them. THE AG IS NOT THEREFORE PERFORMING AN ACTIVITY THAT CAN REPLACE AN INDEPENDENT AUDIT.”
UTTER NONSENSE!!!
Your above comments clearly indicate you have a penchant for commenting on issues, the details of which you are unknowledgeable about or do not have any experience.
Whether or not you want to accept it, the laws governing the functions of the Auditor General are outlined in Section 113 (3) of the Barbados Constitution, Sections 36 – 44 and Section 39 of the Financial Management & Audit (Financial) Rules, 2011.
I’ve worked in the civil service and interacted with auditors from the Barbados Audit Office.
Auditors from that Office visit government departments to perform financial statement, compliance, performance, and IT audits.
They examine payroll sheets, requisitions, local purchase orders, expenditure vouchers, receipts, invoices and all other relevant information relative to the disbursement of funds that were allocated thereto.
They also examine payroll to ascertain whether or not the statutory obligations, such as PAYE and NIS were correctly deducted from salaries and wages, if persons were either over/underpaid, or if annual increments were applied accordingly.
The auditors subsequently prepare audit reports, which are used by the Auditor General to prepare annual reports.
Additionally, whether you agree or not, the FACT REMAINS that, ACCORDING to the LAW as outlined in the Barbados Constitution, the Barbados Audit Office is an INDEPENDENT entity, and as such, it’ reports represent, according to you, “AN INDEPENDENT AUDIT.”
If you accept the laws in the Constitution are the laws of Barbados, then surely you should accept that fact.
By the way, please present ‘the law’ you keep referring to for our perusal.
Loading…
Artax
It’s clear you do not understand government’s accounting system.
Government departments prepare ESTIMATES of revenue & expenditure.
The KEY WORD here is “ESTIMATE.”
Supplemental finance is required for various reasons, such as when the funds initially allocated to a department become insufficient as a result of underestimated costs, unforeseen circumstances, or were allocated to new programmes or policy mandates that were introduced after the original budget was passed.
Loading…
John A
@ Artax
You can dress it up till the cows grow teeth, the AG report CAN NOT REPLACE AN INDEPENDANT AUDIT AS REQUIRED BY LAW.
You can carry on pontificating for the rest of the evening, but unless you can stand here and declare the above is false I would give it a rest if I was you.
On top of that the AG has no power to enforce anything all he can do is bring to the public the issues of concern. As a result chapter 10001 paragraph 200002 are like everything else we have here. Nuff laws, nuff talk and little to no action.
All at you continue to concern yourself what I may or may not know. What I DO know is the AG has been drawing the same concerns to us for years with nothing changing. I KNOW the NISSS is being treated and has been for years, as the state piggy bank. I KNOW that some here will go to any extent to make excuses for the lack of adherance to law that is now being practiced. Finally I KNOW I have nothing further to add on this issue, so feel free to proclamate the fact that only you know everything and anyone who does not agree knows nothing. I would however bet you and the rest, that next year this time the AG will bring out his 2027 report and nothing would of changed.
Loading…
John2
Hard head John A
Everyone else seem to get it except u
The AG iffice is an INDEPENDENT body ( BY LAW)
The AG audit / report is the INDEPENDENT audit/report that is REQUIRED BY LAW
By law there is no need for a private auditor to do the audit/reports of government entities
The law says INDEPENDENT not PRIVATE
Again
By the laws of Barbados the AG office is INDEPENDENT
Loading…
NorthernObserver
Artax
So I gather, since you didn’t say so expressly, the Auditor Generals office is continuing to be fully operational.
The reality we haven’t since a public Report from that Office, is likely due to “other factors”.
Switching gears
In Nov 2025 three Bills were passed in Parliament, entitled Final Appropriation Bill. Each was for separate prior year, and back dated thusly. Here, as I understand it, is where the Consolidated Fund is authorized to transfer funds.
Why would final Bills for 2023 and 2024, I believe March is the GoB year end (?), take 2.5 years and 1.5yrs to end up with Final Approval?
Loading…
Artax
John A
RE: “You can dress it up till the cows grow teeth, the AG report CAN NOT REPLACE AN INDEPENDANT AUDIT AS REQUIRED BY LAW.”
You keep REPEATING “as required by law,” yet REFUSE to QUOTE or PROVIDE this forum with ANY information pertaining to that law.
I’ll BEG you once again to PLEASE provide BU with the law on the statue books that requires government entities to provide audited financial statements that were prepared by a private sector audit firm.
Until such is done, I’ll assume you’re ‘fabricating proof’ to make your point believable.
~~~~~~~~~~~~~~~~~~~
RE: “You can carry on pontificating for the rest of the evening, but unless you can stand here and declare the above is false I would give it a rest if I was you.”
Yes, what you mentioned above is false.
~~~~~~~~~~~~~~~~~~~~
RE: “On top of that the AG has no power to enforce anything all he can do is bring to the public the issues of concern.”
Another ‘NON-POINT,’ since the Auditor General is not required to enforce anything.
Loading…
Artax
“So I gather, since you didn’t say so expressly, the Auditor Generals office is continuing to be fully operational.”
NorthernObserver
Over the past few years, the Auditor General expressed concern in his annual reports, about the significant number of vacancies that continue to exist in the Audit Office.
Based on that statement, it’s clear the Office is not fully operational.
Additionally, I believe every Barbadian should be concerned about what is preventing this Mia Mottley administration from appointing an Auditor General, since Leigh Trotman retired on April 3, 2025.
The ERT is under resourced. The BPS is under resourced like many other key government agencies. The only group that is over resourced is the Cabinet, supplemented by two former post decade cabinet members.
Go figure.
Loading…
Bush Tea
@ David
LOL
It would be one thing if we could see ANY positive results for the country… but not one shiite works…
One good thing about BU is that we can get a very clear idea of the kind of (foolish) advice that is being given to government on such matters.
It is no wonder that nothing works in brassbados… no matter how many hands and consultants are on the payroll.
However…as long as we can wuk up bad tomorrow….
Loading…
The blogmaster invites you to join the discussion.Cancel reply
The blogmaster invites you to join the discussion.