A Troubling Choice for Saint Lucia’s Sovereign Wealth Fund

Prime Minister Philip J. Pierre’s recent revelation that Anse la Raye/Canaries MP Wayne Girard is the architect of Saint Lucia’s Sovereign Wealth Fund (SWF) should alarm every right-thinking citizen. Entrusting the management of our nation’s wealth to Girard raises serious concerns, given his past association with Freedom Bay, a failed hotel development project in Soufriere that reportedly defrauded British pensioners of millions of dollars.

A Sovereign Wealth Fund is meant to safeguard and grow our country’s resources for the benefit of future generations. It demands accountability, financial expertise and above all, integrity. How, then, can we trust a man who was at the helm of a project that left so many victims in its wake? The Freedom Bay scandal was a financial disaster and despite the outcry, justice has not been fully served for those who lost their hard-earned money. If Girard failed to protect investors then, why should we believe he will protect Saint Lucians’ national wealth now?

The government must answer some urgent questions:

Why entrust a man with a tainted financial history to design a fund that will manage billions of dollars?

Where is the transparency? Have risk assessments been done, and will the public have oversight of this process?

Saint Lucia cannot afford to repeat the mistakes of the past. We need a Sovereign Wealth Fund that is built on trust, good governance and the Santiago Principles, not one that risks being shrouded in controversy before it even begins. If the government is serious about protecting our nation’s resources, it must ensure that the people leading this effort have an impeccable track record. Anything less is an insult to the intelligence of the people of Saint Lucia.