Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

Chapter 2: The Early Years: 1972 - 1975 19 THE ORGANISATIONAL STRUCTURE The first order of business was to put the basic organisational structure in place, complete with a Board of Directors and a management team. The Central Bank Act made provision for a governor, five directors and a general manager. The governor, who was appointed for a five-year period, was chairman of the Board and, as chief executive officer of the Bank, managed the institution and ensured that the policy of the Board was executed. The general manager could attend Board meetings but could not vote unless he presided as chairman in the governor’s absence. The office of Governor Under the authority conferred on him by Section 11(1) of the Act, Prime Minister Barrow appointed Dr. Courtney Blackman (later Sir Courtney) to be the first governor of the Central Bank of Barbados. According to Blackman, while visiting Chicago in April 1972, he was awakened by an early morning phone call from Barrow, who offered him the position. To quote Blackman, “I immediately accepted, lest he should change his mind, but later teased him that I would never again accept a job offer while half asleep.” His letter of appointment, dated July 4, 1972, stated that the governor’s tenure started from June 12, 1972, at a salary of $24,000 per annum, plus CHAPTER 2 THE EARLY YEARS: 1972 - 1975