BASSETERRE, St. Kitts – CREDIT unions across the Organization of Eastern Caribbean States (OECS) have been urged to build greater resilience as they navigate a rapidly changing global financial landscape.
Speaking at the opening of the Credit Union Summit yesterday (Sept. 24) at the St. Kitts Marriott Resort, Governor of the Eastern Caribbean Central Bank (ECCB) Timothy Antoine described the movement as a “force for good” in the region, highlighting its role in driving financial and economic empowerment.
“We are convening this summit in the midst of a fracturing and restructuring of our global economy, where geopolitics, geoeconomics, fragmentation, trade wars are all in play." Antoine said. " What do we do? Are we going to scream? We may, but it's happening. As we speak, AI is coming full force, ready or not. “Are we going to scream or are we going to position ourselves to harness this powerful technology, bringing with it good and harm, and how do we figure out to get the most out of it?”
Antoine emphasized that adaptation and resilience are essential for survival in the current climate. Drawing on both history and faith, he encouraged credit unions to “light candles in the darkest places” and continue empowering communities despite mounting challenges.
Prime Minister Dr. Terrance Drew, who addressed the gathering virtually from New York, underscored similar sewntiments. He stressed the importance of the credit union movement in supporting ordinary people across the Caribbean, particularly where traditional financial institutions have fallen short.
"The credit union movement in the OECS and indeed across the wider Caribbean has long been a cornerstone of our people's economic empowerment," Dr Drew said. "In villages, towns and cities across our islands, credit unions have stepped in where traditional financial institutions have hesitated. They have provided the struggling with opportunity and the dreamers with the means to build. And through it all, they have remained steadfast in their mission, which is to serve, to serve the people and to serve the region.
The Prime Minister noted that the region is facing a “polycrisis” – from climate change and post-pandemic recovery, to inflation, geopolitical shifts, and instability in places such as Haiti. He urged credit unions to rise to these challenges just as they have done in the past, supporting communities through adversity.
"Therefore, in this new era of challenges and the poli crisis that we face, I want to, therefore, call on the Credit Union, which has responded to past challenges and overcame them, to deal with these challenges and help the region to overcome," Dr Drew added.
This year’s summit is being held under the theme “One Vision, One Future: OECS Credit Unions Growing Together.”
