Caribbean countries are experiencing a decline in birth rates, a trend posing significant challenges for the region’s future workforce, economic vitality, and market demand.

This population shift is driven by several factors: lower birth rates, single-parent households, aging populations, migration, and evolving family structures. For Caribbean business leaders, these trends indicate a shrinking pool of young workers, potential reductions in market size, and shifts in consumer demand—each with implications for long-term strategic planning.

One concern for leaders is workforce sustainability.

With an aging population and declining youth demographics, the region faces a shortage of skilled labour. For instance, in St. Vincent and the Grenadines, the working-age population (25-64) is expected to decrease relative to retirees, signaling potential labour shortages that may hinder economic productivity and increase costs related to recruitment and retention. This demographic shift will also stress social security and pension systems, as fewer working individuals will be available to support a growing number of retirees.

Another key impact is the changing consumer landscape.

As birth rates decline, spending on youth-oriented goods, like children’s apparel and educational services, may decrease. On the other hand, an older demographic increases demand for healthcare, elder services, and financial planning products.

Companies in retail, healthcare, and financial services should consider how to pivot their offerings to cater to an aging population. This shift in demand highlights a growing need for business leaders to proactively adapt their services and marketing strategies to reflect demographic realities which also exacerbates population challenges in the Caribbean.

Skilled professionals often seek better opportunities abroad, creating a “brain drain” that impacts local innovation, healthcare, and education. This emigration trend not only reduces the talent pool but also places added pressure on businesses to offer competitive salaries and benefits to retain top talent.

While remittances from abroad do support local economies, these inflows are not sufficient to offset the lost human capital and may contribute to a reliance on external sources of economic stability.

Mitigation Strategies

To mitigate the impacts of a declining population and labour pool, Caribbean business leaders can take several steps:

Invest in Workforce Automation: Adopting technology and AI can help offset labour shortages and enhance efficiency.

Attract and Retain Talent: Offering competitive wages, flexible work arrangements, and pathways for career growth can help retain existing talent and attract skilled professionals who might otherwise seek opportunities abroad.

Develop Age-Responsive Products: As consumer needs shift with an aging population, tailoring products and services toward elder demographics—such as health, wellness, and retirement services—can help maintain demand.

Expand Markets: Companies can look beyond the Caribbean to more populous markets with younger demographics, like parts of Latin America, to diversify revenue.

Engage in Policy Advocacy: Collaborating with governments to support youth employment initiatives, incentivize family growth, and create skilled migration programs can address demographic challenges systemically.

Enhance Skills Training: Invest in upskilling programs to enhance productivity and adapt the existing workforce to high-demand roles, filling gaps left by emigration.

By anticipating these demographic shifts, leaders can future-proof their businesses, ensuring resilience in a changing Caribbean economy.

Republic Financial Holdings Limited (RFHL) is the registered owner of all of the Banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (St Maarten) N.V., Republic Bank (EC) Limited, Republic Bank ( Anguilla) Limited, Republic Bank (Suriname) N.V, Republic Bank (Cayman) Limited, Republic Bank (Ghana) Plc., Republic Bank (BVI), Cayman National Corporation as well as Republic Wealth Management Limited and other subsidiaries.

In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.

Leadership

Vincent A. Pereira, Chairman
Vincent A. Pereira is an accomplished petroleum engineer with more than 35 years in the energy sector, bringing extensive leadership and technical expertise to his role as Chairman of RFHL. His career includes significant achievements in both Trinidad and Tobago and the United States, with a strong background in operational excellence and strategic development.

Mr. Pereira is a former President of BHP Trinidad and Tobago, where he was instrumental in achieving value-based growth, overseeing major offshore developments, and spearheading exploration efforts in deepwater frontier basins. His influence extends to industry governance, having served as a Director of the Energy Chamber of Trinidad and Tobago and as a Governor on the Board of the National Energy Skills Centre.

Education and Credentials
Bachelor of Science in Chemistry, University of Guelph
Master of Business Administration (MBA), Houston Baptist University
Diploma in Petroleum Engineering, University of the West Indies

Nigel M. Baptiste, Group President and Chief Executive Officer
Nigel M. Baptiste has dedicated over 30 years to the banking sector, contributing to Republic Bank Limited’s growth and innovation. Appointed in 2016, Mr. Baptiste’s tenure as Group President and CEO is marked by his commitment to strengthening Republic’s leadership position in the Caribbean financial market. His extensive experience encompasses key roles, including Managing Director of Republic Bank Limited and Republic Bank (Guyana) Limited and serving as General Manager of Human Resources.

Mr. Baptiste’s strategic vision has positioned RFHL for sustainable growth and market responsiveness. He also champions operational excellence across multiple subsidiaries, aligning the group’s strategic initiatives with economic development goals across the Caribbean.

Education and Credentials
Bachelor of Science (Honours) in Economics, University of the West Indies
Master of Science in Economics, University of the West Indies
Advanced Management Program, Harvard Business School
Diploma with Distinction, ABA Stonier Graduate School of Banking
Associate of the Chartered Institute of Bankers

Republic Financial Holdings Is A Driving Force And Agency For Change

“The Republic Group has been competitive in the pursuit of service excellence and nation-building for more than 186 years.”

Working closely with many to help build successful people and sustainable societies, the Group strives to go beyond the boundary as the one true indigenous team that has stood the test of time in efficiently delivering service to our clients, stakeholders, and communities in the Caribbean, South America and Ghana.

In every field, every time we bat, we stride forward confidently with eyes fixed on hitting our goals. As we focus on unlocking the truest potential of our People, Planet, Progress and Communities, we are determined, compassionate and strategic in our approach in seizing
opportunities and facing challenges head on.

Unified in this purpose, the Republic Group continues to be a driving force and agency for change in the markets we serve, working together as one to bring our stakeholders and our people, leading-edge solutions to fulfil their needs and achieve their goals.

As a team, we will continue to cheer for, and empower, many in bringing out their best. As a Group, we will endeavour to create sustainability, promote equity, and nurture the talents of our people and communities wherever we channel our resources.

Republic Financial Holdings Limited (RFHL) recorded a profit attributable to equity holders of the parent of $1.75 billion for the year ended September 30, 2023, an increase of $224.0 million or 14.7 percent over the profit of $1.53 billion reported in the prior year.

These results are a combination of the returns from the Group’s advances and investment portfolios, and reduced credit loss expenses.

Based on these results, the Board of Directors declared a final dividend of $4.10 per share for the year ended September 30, 2023. When combined with the interim dividend of $1.10 per share, this brings the total dividend for the year to $5.20 per share, an increase of $0.70 or 15.6 percent over the amount declared for 2022. At a share price of $121.02 as at September 30, 2023, this results in a dividend yield of 4.3 percent on an RFHL share.

The Group earned net interest income of $4.7 billion for year ended September 30, 2023, an increase of $526 million or 12.7 percent above the prior year.

Average total assets increased by $1.9 billion or 1.7 percent in the fiscal, with the net interest margin increasing from 3.76 percent in 2022 to 4.17 percent in 2023.

• In Trinidad and Tobago (T&T), net interest income grew by $142 million, being the net impact of increases in interest income and interest expense of $210 million and $68 million respectively. The increase in interest income was generated primarily from the growth in the advances portfolio, coupled with higher interest rates on United States dollars (USD) denominated investments. The $68 million increase in interest expense stemmed from growth in the deposit portfolio and higher interest rates on the US$150 million floating rate debt.

* In Barbados, net interest income grew by $5 million, the net result of a $3 million increase in interest income and a $2 million decline in interest expense. The $5 million growth in interest income was the result of increased portfolios for advances and investment securities, while the decreased interest expense was due to a decline in the deposit portfolio of Republic Bank (Barbados) Limited.

• The Cayman Islands recorded increased net interest income of $247 million, the net effect of increases in interest income of $352 million and $105 million in interest expense. The increases were the result of increased yields on USD investment securities and customer deposits in the Cayman Islands market.

• The Eastern Caribbean (EC) recorded growth in net interest income by $74 million due to increases in interest income and interest expense by $83 million and $9 million respectively. This resulted from increased portfolio balances for advances and customer deposits in the EC islands, while interest rates remained fairly constant.

• In Suriname, the increase of $40 million was the net effect of an increase in interest income of $37 million and a $3 million decline in interest expense. The increase in interest income was due to growth in the advances and investment portfolios, while the decreased interest expense was a result of a reduction in deposit rates.

• In Ghana, the $40 million decrease in net interest income resulted from a decline in interest income of $5 million and increased interest expense of $35 million. This decline was mainly due to a reduction in average interest rates for advances and the depreciation in the Cedi exchange rate during the year. The increased interest expense resulted from increased interest rates in addition to an increased customer deposit portfolio.

• In the British Virgin Islands (BVI), the increase of $9 million in net interest income was due to increases in interest income and interest expense by $20 million and $11 million respectively. Increased yields on advances, investments and customer deposits accounted for the increased income and expense.

The increase in profitability in 2023 is reflected in the rise in most key ratios in 2023, with the Return on Average Assets (ROA) ratio increasing from 1.53 percent in 2022 to 1.73 percent in 2023, and the Return on Average Equity (ROE) ratio increasing from 12.73 percent in 2022 to 13.87 percent in 2023.

Earnings Per Share (EPS) also increased from $9.37 in 2022 to $10.69 in 2023, an increase of $1.32 per share. RFHL’s share price closed at $121.02 as at September 30, 2023, a decline of $18.99 over the past year, while the Price/Earnings (P/E) ratio decreased from 14.9 times in 2022 to 11.3 times in 2023.

Dividends
The Board of Directors declared a final dividend of $4.10 (2022: $3.45) per share, which brings the total dividend to $5.20 (2022: $4.50) per share for the fiscal year, an increase of 15.6 percent or $0.70 in total dividend payment over 2022. At a closing share price of $121.02, this dividend represents a dividend yield of 4.30 percent (2022: 3.21 percent).

The Group’s capital adequacy ratios across all countries and at the consolidated level remains quite robust. The final dividend was paid on December 1, 2023, to all shareholders of record on November 16, 2023.

GraceKennedy Limited has announced key leadership changes, effective February 14, 2025, coinciding with the company’s 103rd anniversary.

After a distinguished tenure, the Honourable Don Wehby, CD, OJ will retire as Group CEO on February 14, 2025, and step down from the Board of Directors. Mr. Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from J$58 billion in 2011, to J$155 billion in 2023.

Expansion through mergers and acquisitions has been a hallmark of Wehby’s leadership, enabling the company to grow regionally and globally. Under his guidance, it has become one of the largest and most dynamic entities in the Caribbean, with operations spanning the Caribbean, North and Central America, the United Kingdom, and Europe. “I am proud of the progress we have made during my tenure, and I am confident that the new leadership team will take GraceKennedy to even greater heights,” said Wehby. “I want to thank the Board, my colleagues, and our customers for their support over the years,” he added.

Frank James, current CEO of the company’s Domestic Foods Division and former Group CFO, will assume the position of Group CEO on February 14th, 2025, and be appointed to the Board on the same date. Mr. James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. James quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the Board of Directors that same year. In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than sixty percent up to 2023 and continues on that growth path, with even greater growth in profitability over the period.

“I am honoured to take on the role of Group CEO and lead the GraceKennedy team,” said Mr James. “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve,” he added.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

He added, “We welcome Frank to his new role as Group CEO and I have every confidence that his strong leadership will ensure continued growth and innovation across the business. The best is yet to come for GraceKennedy.”

Professor Shirley also expressed his gratitude to Andrew Messado, GraceKennedy Group CFO, for his exemplary leadership during the transition period, following Don Wehby’s temporary leave of absence as Group CEO, in late 2024. The GraceKennedy Chairman noted, “Mr. Messado’s steady hand ensured the company’s continued momentum, and his contributions during this period are gratefully acknowledged.”

These leadership changes are in keeping with the company’s succession plan and are designed to ensure continuity and drive future growth, in line with its 2030 Vision of becoming the Caribbean’s #1 brand with Jamaican roots and a global reach.

GraceKennedy Limited has named Frank James as its new Chief Executive Officer (CEO) as it announced the retirement of Don Wehby from the post.

In October last year, Wehby announced he was taking temporary leave from his role to focus on his health.

In a media release on Tuesday, GraceKennedy said Wehby will retire as Group CEO on February 14 and step down from the board of directors.

Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from $58 billion in 2011 to $155 billion in 2023.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

James, who is the current CEO of the company’s Domestic Foods Division and former Group Chief Financial Officer, will assume the position of Group CEO on February 14 and be appointed to the board on the same date.

James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. He quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the board of directors that same year.

In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than 60 per cent up to 2023.

In commenting on his new role, James. said, “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve.”

Scotia Group Jamaica Limited has announced the resignation of Perrin Gayle, Executive Vice President of Retail and Small Business Banking and Acting Head of Retail (Caribbean and Central America) effective January 24, 2025. Perrin joined the organization in 2012 and held progressively senior roles in both Trinidad & Tobago and Jamaica. During his tenure, Perrin made a very strong contribution to our team, and we wish him well. Upon Perrin’s departure, Yvett Anderson, the current Director of Customer Experience & Advocacy, will support the business as Acting Head of Retail and Small Business for Caribbean North and Central.

The Jamaica Stock Exchange (“JSE”) announces that the Managing Director, Dr. Marlene Street Forrest, will continue to serve in her current capacity until the Board of Directors has successfully completed the recruitment process for her successor.The JSE Board and Dr. Marlene Street Forrest are committed to ensuring a smooth transition to maintain the integrity, stability and continued growth of the organization. The recruitment process is well underway, and the Board remains focused on selecting a candidate who will uphold the JSE’s legacy of innovation and excellence in capital market development.

VM Investments Limited (VMIL) advises that Mrs. Nicole Adamson, who held the post of  Manager, Research, Business Planning and Investor Relations at VMIL and VM Wealth Management Limited (VMWM), resigned from the company effective December 31, 2024.

The Board of Directors of Pan Jamaica Group Limited (‘PJG’) has confirmed that Stephen Facey and Jeffrey Hall will remain as Chairman, and Vice Chairman & Chief Executive Officer (‘CEO’) of PJG, respectively. PJG previously indicated its intention to name a successor to Mr. Hall as CEO and simultaneously to appoint Mr. Hall as Executive Chairman of PJG with effect from January 2025. The PJG Board has confirmed that both the company and the persons involved are completely satisfied with the current governance and executive leadership arrangements, and accordingly, the Board has elected to defer the planned succession.

Pan Jamaica Group Limited (‘PJG’) announces that Mr. Eric Scott, Deputy Chief Financial Officer will be leaving PJG to pursue other opportunities, effective March 31, 2025.

The Board of Directors of Derrimon Trading Company Limited (DTL) is pleased to announce the appointment of Ian C. Kelly, CD, as Chief Executive Officer effective January 1, 2025. Mr. Kelly, who joined Derrimon in 2011, most recently served as Group Chief Financial Officer, Executive Director, and Divisional Director at Sampars, Corporate Planner and Finance Director. Derrick Cotterell, the outgoing CEO and Chairman, will assume the role of Executive Chairman after 26 years of visionary leadership at the helm of the company. This leadership transition aligns with Derrimon’s robust corporate governance and strategic succession planning, ensuring the separation of the roles of CEO and Chairman. Mr. Kelly’s extensive accomplishments at Derrimon include spearheading the execution of many key mergers and acquisitions, the initial IPO in 2013 and negotiating and securing funding for Derrimon’s transformative projects, including the J$4.076 billion Additional Public Offering in 2021. His commitment to innovation and operational excellence positions him as a transformative leader for Derrimon’s next chapter.