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

92 The Governors The governors have been the driving force behind the Bank’s development; they set the agenda and, in collaboration with the Board of Directors, general managers, divisional directors and deputy governors, executed the policies. Each of them contributed to the Bank’s growth, but as expected, there were differences in leadership style and priorities. Sir Stephen Emtage, the longest-serving member of the Board, pointed out that the management style differed according to their training, experience and temperament. 57 This section presents a chronology of the appointments to the position of governor and a description of each governor’s major achievements. After serving for three consecutive five-year terms Dr. Blackman's tenure ended on March 31, 1987. As the founding governor he had many accomplishments. He recruited some of the brightest and most competent staff and invested in their personal development. His term in office had included some of the pivotal points in the Bank’s existence - the introduction of the Barbados currency, the fixing of the exchange rate, the establishment of the offshore sector and the construction of the Bank’s headquarters. Governor Blackman strongly supported the Bank’s outreach, taking a direct interest in the expansion of the Research (now Research and Economic Analysis) Department and was unrelenting in his quest to lift the standard of public debate on economic and financial matters. He was also fearless in defence of his views, in particular his contention that unbridled increases in wages and salaries were the way to economic ruin. Perhaps most importantly, Governor Blackman can be credited with doing much to secure the operational autonomy of the Bank. At his retirement he was one of the most experienced central bank governors in the world, and had served three ministers of finance. 58 After 1987, there were frequent changes in the senior management team. General Manager, Edward “Teddy” Griffith, was in charge of the Bank from April 1 to September 14, 1987. Thereafter, in a period of 22 years, there were five governors, all of whom had been associated with the Bank from its earliest days. After Dr. Blackman’s departure there was much speculation about who would be his successor. Among the names mentioned were Stephen