ECCB Governor Calls for Greater Emphasis on Agri-Food Sector in Montserrat

The Governor of the Eastern Caribbean Central Bank Timothy Antoine has called for a greater emphasis on the agri-food sector in member states which includes Montserrat.

He says countries should be giving more support to farmers, increased investment in climate-smart technologies; and the development of digital marketing and distributional platforms to enhance the sector’s resilience.

Mr. Antoine said this would enhance food and nutrition security, and reducing the subregion’s food import bill, made worse by the coronavirus pandemic.

According to the ECCB Montserrat imported 16.3 million dollars in food , Anguilla 67.9 and Antigua 288.2 million.

In 2019, ECCU food imports were valued at EC$1.6 billion.  In 2020, that bill was EC$1.4 billion.

Governor Antoine says as a result of the pandemic supply chain disruptions have led to shipping container shortages and soaring freight rates, which have resulted in rising shipping costs.

Therefore, since June 2020, global food prices have risen to reach one of its highest levels in more than six years.

He says these developments highlight the vulnerability of the OECS food systems to potential shocks.

The ECCB has estimated a contraction in Eastern Caribbean Currency Union (ECCU) GDP of 14.0 per cent in 2020, mainly attributable to the adverse effect of the pandemic on service-related sectors, especially Tourism.

The Government of Montserrat reported an increase in the production of green leafy vegetables, cucumbers, cabbages and onions from 11,236 pounds in from last quarter of 2019 to 23,709 pounds over the same period in 2020.