For a country that is a mere 166 square miles, Barbados is privileged to have produced an extraordinary number of eminent and internationally revered persons of excellence.
Among those proud Barbadian products is economist Dr Kevin Greenidge, who will step into the Governor’s chair from March 1, becoming the eighth head of the island’s lead financial institution and regulator of the banking sector.
The 54-year-old comes from a humble background, growing up in a low-income urban community. He readily admits that it is Barbados’ free educational system that was the catalyst for his personal and professional successes.
His academic qualifications are stellar with a BSc in economics with first class honours from the University of the West Indies, Cave Hill Campus. This was followed by a master’s in economics from the University of Cambridge in the United Kingdom and a PhD from the University of Nottingham, also in the UK.
In one of his first comments after the announcement of his appointment, Dr Greenidge paid homage to the local educational system that helped to shape him.
“I benefited from the education system and from the support of others who allowed me to rise to this level. I believe in God and God has blessed me tremendously and this is just part of the blessing.”
Though he has spent more than 15 years as an economist at the Central Bank of Barbados, honing his skills and transitioning the academic theory he mastered into the real world setting, most Barbadians will associate him as the face of the Barbados Economic Recovery and Transformation (BERT) programme.
The senior economist with the International Monetary Fund (IMF) who was seconded for four years as a senior economic advisor to government, took a lead role in ensuring that the BERT programme which was IMF-approved, was smoothly implemented.
Dr Greenidge has been known for his identifiably Barbadian accent and his ability to break down complex economic issues into bite-sized components that the average man in the street can understand.
Over the last four years, the new Governor has also shown that he will staunchly defend the economic policies he believes will underpin the country’s return to sustainable economic growth and a manageable debt level.
He has already signalled that his focus as the new Governor of the Central Bank will be on “maintenance of financial stability while contributing to the growth agenda under the BERT programme, and doing whatever can be done to support the implementation of the BERT programme. The bank will continue its mission to protect the fixed exchange rate and maintain financial and macroeconomic stability”.
Former Governor Cleviston Haynes, who spent more than 40 years with the bank, six of them heading the institution, has been described by many as an apolitical, no-drama figure even when drama and politics swirled around him.
He was described as a calming force after the public showdown between former governor Dr Delisle Worrell and the board of the bank and then Minister of Finance Chris Sinckler. It ended with Dr Worrell’s dismissal.
Winston Cox, a former governor who was himself fired from the post by former Prime Minister, the late Owen Arthur in 1999, hailed the management of Haynes, describing it as “very successful”.
Cox stated of Haynes: “He had all of the necessary qualities to provide the kind of leadership as a manager and a policymaker which the bank needed at the time”.
The incoming Governor will have the advantage of coming to the institution and leading its management without the controversy that his predecessor faced when he assumed leadership.
Dr Greenidge is frank. He is authentic and knows that he will not only shoulder responsibility for the management and administration of the Bank, but he will also have to manage the expectations of a Barbadian public that can be impatient and demanding.
Much will be riding on Greenidge’s ability to continue to influence Government, more so the Minister of Finance, on key economic decisions.
After just one month on the job, the new governor will host his first economic review in April, examining the first-quarter performance of the economy.
It will not be his first performance before the Barbadian public, but it will be his first as head of the bank he joined as an intern in 1995.
Much will be riding on the man who described himself as a “poor black boy from Ferniehurst, Black Rock”.
Dr Greenidge has repeatedly voiced and demonstrated his commitment to this country. His success in the post of Governor, is Barbados’ success and we certainly wish him well in his new role as Governor of the Central Bank of Barbados.
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