Caddle wants Gov’t to better manage its valuable property pool

A former government minister has called on the current administration to better utilize its assets to put the country in a better financial position.

Marsha Caddle has also contended it would be best if the Mia-Mottley led administration put all of its assets on a balance sheet and use them to secure better funding and opportunities.

Caddle, who served as minister in the ministry of Economic Affairs and Investment from 2018 to 2022, made the comments in Parliament today during debate on a Resolution to lease the former St Joseph Hospital to American World Clinics (Barbados) Limited and to vest 21.485 acres at Ashton Hall, St Peter in a joint venture between Government and the University of the West Indies, Cave Hill Campus.

She gave the thumbs up to the vesting of the lands which would see Government retain a 25 per cent stake and the University of the West Indies, Cave Hill Campus own the remaining 75 per cent.

However, she said Government needed to embark on similar ventures with all of its assets.

“What is being contemplated here by vesting this property in a special purpose vehicle by seeking to manage it as a key asset of the Government of Barbados needs to be done with every single asset of this country,” Caddle advised.

“Because what happens in cases like this, the people of Barbados are asked to agree to a resolution or to a vesting or to some activity that is being applied to some asset of theirs…We the country must believe and trust that whatever is contemplated for this particular property is the best possible use of that asset or of that resource.

“What the country needs to be able to do is to be able to see very clearly and to show very clearly to the citizens what are the country’s assets. In our public financial management system we tend to have across the world, not just in Barbados, a cash-based system.

“The only things that we are concerned with are liquidity, revenue and expenditure. We are watching what we are spending and what we are making. We have no idea I dare say, what our assets are, what are the real estate assets that we have, what is our stake in utilities and any utility companies, and what are our transportation assets. What are they worth not just in terms of the dollar value but why is asset management important? What are they worth in terms of their potential to generate revenue for the country? What are they worth in terms of their potential to generate other kinds of value for the citizens of the country?” Caddle questioned.

“I do not think that in 2022 we should be coming to this place, pulling out of a bag a piece of property and asking the people of Barbados to let us vest this in a particular entity. Not that there is anything wrong with what we are asking to be done here today, but we need to do the work of being able to picture and make visible all of our assets.”

Caddle said failure to better manage the country’s assets would result in them being undervalued.

She said those assets could be used to create additional revenue and negotiate better interest rates on loans.

Caddle also recommended the establishment of a sovereign wealth fund as well as a register for all of Government’s assets. (RB)