BASSETERRE, St. Kitts — Governor of the Eastern Caribbean Central Bank, Timothy Antoine, is calling for urgent and sustained investment in food and energy security across the Eastern Caribbean, warning that the region’s heavy reliance on imports continues to expose its economies to global shocks.
Speaking at the 10th Annual Growth and Resilience Dialogue, Antoine highlighted the scale of the issue, noting that approximately 90 percent of the food consumed across the region is imported, at a cost exceeding EC$2 billion annually.
He described this dependence not just as a financial burden, but as a significant vulnerability, particularly during times of global disruption.
“Every external shock, whether supply chain disruption or price hikes, hits our plates and our pockets,” Antoine stated, underscoring the urgency of reducing reliance on imported goods.
To address this, the ECCB Governor called for increased investment in local agriculture, the strengthening of regional value chains, and targeted strategies to boost domestic food production.
Energy security was also identified as a critical concern. Antoine pointed out that nearly 90 percent of the region’s energy is derived from imported fossil fuels, leaving countries highly susceptible to volatile global oil prices.
This dependence, he said, drives up the cost of electricity, transportation, and food, while placing additional strain on government finances.
Antoine described the current situation as unsustainable and urged a transition toward renewable energy sources, including geothermal, wind, and solar power.
He noted that ongoing clean energy projects across the region are already yielding measurable benefits. At the ECCB headquarters, for example, a one-megawatt solar plant is generating significant savings annually.
The Governor emphasized that scaling up such initiatives will be essential to building long-term resilience and reducing economic vulnerability.
The Growth and Resilience Dialogue forms part of broader efforts by the ECCB to promote sustainable development, strengthen productivity, and enhance the region’s capacity to withstand external shocks.