EDITORIAL: Fitting honour for Sir Courtney Blackman

THERE are not many people who would disagree with the renaming of the Grand Salle after Sir Courtney Blackman, this country’s first Central Bank Governor. A ceremony was held on Friday to do the honour. It was attended by a large audience, including many of those who would have served under Sir Courtney and who would have succeeded him since 1987 when he left the Bank.

Both the Grand Salle and the Frank Collymore Hall were additions to the new Central Bank building undertaken in the early 1980s.

There were at least two common themes highlighted by those who addressed the ceremony on Friday. One was the enormous contribution Sir Courtney made in building the Bank and the development path it has charted for Barbados over the years. The Bank performed the functions that a central bank is expected to do. Beyond these Sir Courtney also sought to include the public in the bank’s operations by the publishing of a number of reports on the economy and his regular news conferences to update the public on what was taking place with the economy.

The idea was to have a Grand Salle where functions are held and the Frank Collymore Hall as a venue for cultural presentations and performances.
The second was the criticism levelled at Sir Courtney for carrying through with the decision to building a home for the Central Bank.

Prior to its construction, the Bank’s offices were located in the Treasury Buildings, in the now defunct A. Barnes building on Bridge Street and one or two other locations. A new location was therefore required to bring the Bank’s operations under a single roof.

From inception it was mired in controversy. Around that time the country’s economy was in recession – Barbados had concluded a Standby Arrangement with the International Monetary Fund. The impact of the recession was significant: lay-offs, the government having to postpone some of its projects, implementation of a four-day work week for some temporary public officers, and wage restraint.

Embarking on the Central Bank project brought some very sharp reactions by Trade Unions and the then Opposition Democratic Labour Party (DLP), however much the new headquarters was need.

Queries related to whether it made sense to proceed with the project during recessionary conditions. However the fact was that the Central Bank required a home to carry out its duties.

The cost of the building was a major talking point as well. Added to that there were several work stoppages at the site, which tended to prolong the project. By the time it was completed there were cost overruns. A new DLP government came into office in 1986.

Sir Courtney had taken the brunt of the criticism but stuck to his task in seeing the project to the end. His vision was to have the Bank and to ensure that it played a part in the development of Barbados, which to this day still prides itself as a reputable financial sector. Those who attended Friday’s ceremony applauded Sir Courtney for a job well done.