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Central Bank of Barbados Governor Dr. Kevin Greenidge called for urgent action to transform the Caribbean's creative industries from an economic afterthought into a core growth engine, warning that the region remains "rich in culture, but not yet rich from culture."
Speaking at the Caribbean Broadcasting Union's 56th Annual General Assembly at an event themed "Media and the Orange Economy," Dr. Greenidge outlined a comprehensive vision for unlocking the sector's untapped potential through strategic investment, improved infrastructure, and institutional reform.
The Governor presented sobering statistics highlighting the region's underperformance in the global creative economy. While the Orange Economy contributes over US$4.3 trillion annually worldwide and supports nearly 50 million jobs, the Caribbean contributes less than 2% of global creative goods exports.
"In Barbados, the figure is just 1.2% of GDP, and even that is likely understated because so much creative work is informal, freelance, and unmeasured," Dr. Greenidge noted, comparing this to Jamaica and Trinidad and Tobago where creative industries contribute about 5% of GDP.
Despite these challenges, he highlighted the sector's resilience, noting that Barbados' orange economy grew by 14% in the post-COVID period.
Dr. Greenidge emphasised that the Central Bank's support for the creative sector is "not symbolic—it is practical and ongoing." He cited the Bank's major investment in Crop Over, operation of the Frank Collymore Hall, and deliberate hiring of Barbadian performers for ceremonies and events.
"Culture is not charity. It is an economic sector, and one that deserves deliberate investment," he declared.
The Governor identified three key obstacles preventing the Caribbean from realizing its creative potential:
Investment gaps: Traditional Banking requirements for collateral and predictable cash flows don't align with creative work cycles. Dr. Greenidge called for micro-grants, revolving funds with flexible repayment terms, and impact investment recognizing cultural and youth employment value.
Infrastructure deficits: Creative entrepreneurs need reliable high-speed affordable internet, seamless digital payments, and efficient regional logistics. He announced that BimPay, Barbados' Instant Payment System, will launch March 31, 2026, ensuring "creatives should never lose a sale because someone had no cash in their pocket."
Institutional weaknesses: Modern copyright frameworks, tax incentives for creative enterprises, and social protection systems reflecting project-based income are essential. "If we treat creative work as 'hobby' work, we will never scale it into industry," he warned.
Dr. Greenidge positioned media as central to the Orange Economy's success, calling it "not just another branch of the creative economy" but "the backbone" that amplifies culture and connects Caribbean talent to global markets.
He acknowledged new challenges from artificial intelligence, deepfakes, and disinformation, stressing the need for ethical journalism, digital literacy, and stronger regulation to protect trust.
The Governor revealed plans to integrate creative industries more deeply into Mission Barbados 2030 goals, supported by a comprehensive cultural industries mapping exercise currently underway to quantify the orange economy's true contribution to GDP and employment.
"Without data, we cannot design effective policy, secure investment, or advocate for resources," he emphasised.
Dr. Greenidge highlighted the ROAD project ("Reclaiming Our Atlantic Destiny") as an innovative example of transforming heritage into economic opportunity. The initiative to digitize up to 49 million pages of archival records, including the world's second-largest repository of trans-Atlantic slavery records, positions Barbados to tap into the $8 billion global genealogy industry and $50 billion museum sector.
The Governor stressed the importance of Caribbean-African cooperation in creative industries, referencing discussions at the recent Afri-Caribbean Trade and Investment Forum about co-creating "a new center of global commerce" that reflects shared cultural capital.
Dr. Greenidge concluded with a five-point strategy:
"The Orange Economy is not a side hustle. It is a growth engine," Dr. Greenidge declared. "If we do this, the Caribbean will not only be rich in culture. We will finally be rich from culture."