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The Central Bank of Barbados wishes to clarify recent inquiries regarding the Governor's role as an Independent Director on the Board of the African Export-Import Bank (Afreximbank).
The Governor's appointment to the Afreximbank Board fully complies with the Central Bank of Barbados Act, 2020-30, and poses no conflict of interest with his responsibilities as Governor.
In accordance with the Act, the Governor may accept external appointments with the approval of the Central Bank's Board of Directors. This appointment has received such approval, and importantly, the Governor receives no remuneration for his service on the Afreximbank Board. His work on the Board of the multilateral is pro bono.
Afreximbank is a multilateral financial institution that operates outside the regulatory jurisdiction of the Central Bank of Barbados. The Central Bank regulates and supervises domestic financial institutions in Barbados, not international multilateral development banks.
The Bank views the Governor's service on Afreximbank's Board as an opportunity to deepen Barbados' international financial relationships and enhance the Bank’s own strategic perspective through global engagement. Moreover, this appointment aligns with established international practice, as evidenced by the participation of central bank governors from three other jurisdictions, as well as a deputy and a sub governor, also serving on the Afreximbank Board.