The Anguilla Chamber of Commerce and Industry (ACOCI) held its 15th annual general meeting on the morning of Tuesday November 19th, at the Aleta Restaurant of Four Seasons Resort.
The meeting was moderated by former Board Member, Mr. Haydn Hughes, and featured addresses by various individuals including the President, Ms. Sandra Lovell and the Treasurer, Mrs. Felecia Hill. The keynote speaker was the CEO of the National Commercial Bank of Anguilla, Ms. Sharmaine Francois, and the Auditors’ Report was issued by BDO’s International Liaison Partner, Mr. Claudel Romney. The meeting also saw the election of three new officers to the Board.
In delivering her address, the President, Ms. Lovell, first stated that businesses are still faced with challenges of recovery after the passage of Hurricane Irma. She noted: “Although we have been spared natural disasters such as hurricanes in 2018, many persons and businesses are still reeling from the devastating impact of the storm in 2017, and they are still recovering. These challenges are further amplified given the fact that many of these businesses are still struggling to meet the rising costs of operations, driven by high inflation, taxes, and difficulties in doing business, based on out-of-step public sector policies.”
Ms. Lovell acknowledged the adverse conditions under which many businesses thrive, and expressed the view that there was a critical need, currently, for businesses to seriously consider being members of the Chamber in order that the organization, and Anguilla as a small island nation, may come in line with its CARICOM neighbours. She cited:”In my capacity as President, I often hear of the difficulties facing our membership. It is my understanding that many businesses are operating on overdraft. Notwithstanding, we continue to operate our businesses with the hope for future improvements.”
The President was emphatic in her expression of the need for improved membership of the Chamber. She stressed: “I must emphasize that for any economy to thrive, a vibrant and diverse business community must drive it…Given the Chamber’s financial constraints, it is time that we enact legislation to make it mandatory for every registered business to become a member of the Chamber.”
NCBA’s CEO, Ms. Sharmaine Francois, in delivering the keynote address, mentioned the fact that, on a macro level, Anguilla’s economy was making some improvements after the impact of Hurricane Irma. She compared 2017 to 2018 and said that whereas growth was down 6.64% in 2017, there has been a rise of 11% in 2018, and there is a further positive projection for continued growth of 6.26% in 2019.
Ms. Francois went on show how Anguilla’s growth figures compare with the 2019 predictions of the Eastern Caribbean Currency Union (ECCU). She explained: “The ECCU’s forecast of economic growth for Anguilla was 3.3%, so Anguilla’s economic performance far exceeds the predictions of the Currency Union, with tourism accounting for some 23% of that overall 6.26% growth for 2019.”
With regard to the financial position of the Chamber itself, Mrs. Felicia Hill, the Chamber’s Treasurer, noted that Government subventions continue to be Chamber’s greatest source of revenue — subventions of US$62,544 accounted for 53% of revenue in 2017.
She reported: “The year 2018 recorded marginal increases in income and expenses resulting in a net surplus. The focus of the Chamber has been training in the area of small business development.”
Mrs. Hill went on to say: “Over the year 2018, the Chamber experienced challenges owing to the aftermath of Hurricane Irma. We saw a decrease of 18% in membership fees which translates to approximately US$5,000. Despite this downturn, the Chamber was able to raise 22% of its revenue through events and programs, amassing an amount of $US$33,536 in 2018, which is an increase of 162% when compared to 2017.”
In her closing remarks — echoing the sentiments of the President — the Treasurer launched an appeal to both Government and the business community: “As far as the Chamber’s image is concerned, Anguilla is certainly lagging behind. It is believed that an open dialogue with Government, showing the function of the Chamber in a growing economy — and the long term benefits of a more sustainable economy — will enable a better appreciation of the role of the Chamber, which should result in fulfilling the need for a new direction of funding.”
Mrs. Hill observed that getting Government’s ear will not only benefit the small business sector, but will also increase Government’s revenues, since business will become more sustainable. She ended her presentation by saying: “I would like to encourage all in the business community on Anguilla to become a member of the Anguilla Chamber of Commerce and Industry today.”
Due to the fact that former Board Members Haydn Hughes and Mark Romney are currently active in the political arena, they have had to relinquish their positions on the Board. In addition, Ms.Latoya Hobbs-Nurse has resigned from the Board.
The three new members elected to the Board, at the AGM, include Ms. Sharmaine Francois, Ms. Simone Connor and Mr. Darius James. The other Board members are: Ms. Sandra Lovell, President; Ms. Heather Wallace, Vice President; and Mrs. Felicia Hill, Treasurer; Mrs. Vida Richardson.
Staff Reporter, James R. Harrigan
