The Central Bank of Barbados published remarks by Governor Dr. Kevin Greenidge urging the Caribbean to shift creative industries from an “economic afterthought” into a core growth engine. He set out a five-point agenda spanning fit-for-purpose financing, digital and logistics infrastructure, modernised legal and social frameworks, a stronger media ecosystem, and improved data collection. Supporting the case with regional metrics, Greenidge noted that the orange economy generates over USD 4.3 trillion globally and supports nearly 50 million jobs, yet the Caribbean contributes less than 2% of global creative goods exports. For Barbados, he put the sector at 1.2% of GDP, likely understated due to informal and freelance work, compared with around 5% in Jamaica and Trinidad and Tobago, while noting Barbados’ orange economy grew 14% in the post-COVID period. He identified three constraints: funding models that do not match creative cash-flow cycles, infrastructure gaps such as affordable high-speed internet and seamless payments, and institutional weaknesses including copyright, tax incentives, and social protection suited to project-based income. On payments, he announced that BimPay, Barbados’ instant payment system, will launch on 31 March 2026. The remarks also referenced a cultural industries mapping exercise underway to better quantify GDP and employment, and highlighted the ROAD digitisation project covering up to 49 million archival pages as a channel to participate in the USD 8 billion genealogy market and USD 50 billion museum sector. Next steps referenced in the remarks include completing the mapping exercise and integrating creative industries more deeply into Mission Barbados 2030 goals, alongside the scheduled BimPay launch on 31 March 2026.
Central Bank of Barbados 2025-08-23
Central Bank of Barbados calls for scaling the orange economy and confirms 31 March 2026 launch of BimPay instant payments
The Central Bank of Barbados, led by Governor Dr. Kevin Greenidge, stressed the importance of boosting the Caribbean's creative industries as a key economic driver, proposing a five-point agenda covering financing, infrastructure, and legal frameworks. Greenidge noted the region's underperformance in the global orange economy, worth over USD 4.3 trillion, citing issues like mismatched funding and infrastructure gaps. He announced the launch of BimPay, Barbados' instant payment system, on 31 March 2026, and highlighted efforts to better measure the sector's GDP and employment contributions.