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

95 Cox was appointed governor from September 15, 1997. He had previously held the positions of economist, deputy director of research and adviser. Immediately after leaving the Bank’s employ 10 years earlier, he had been appointed director of finance and economic affairs and thereafter had accepted a position with the Government of Grenada. Cox’s appointment to the post of governor resulted in another round of comments in various sections of the media, most of it comparing the relative merits of himself and Worrell. One view was that Worrell had been with the Bank through “thick and thin” and had the necessary technical skills to lead the organisation. An opposing view was that what the Bank needed more was a leader with Cox’s managerial and diplomatic expertise. 59 During Governor Cox’s term, the Human Resources Department, conceptualised under the previous administration, was established. Higher priority was accorded to employee empowerment and, accordingly, heads of department were encouraged to delegate more responsibility to junior staff. Cox also brought the records management function into the mainstream of the Bank’s work. The Frank Collymore Literary Endowment (FCLE) and the Lunchtime Lecture Series, two important initiatives that benefited the arts and culture, came on stream. However, Cox is mostly associated with a very controversial attempt at organisational change. 60 Notwithstanding the concerns about that experiment, few were prepared for the revocation of Cox’s appointment on April 6, 1999, after just 19 months in office. While explaining his decision at a press conference, Prime Minister Owen Arthur said that it had nothing to do with “monetary, fiscal, financial or economic policy”, was “necessary but painful” and in the best interest of all concerned. After Cox’s departure, Deputy Governor Dr. Marion Williams was appointed to act as governor and was confirmed in the position on November 1, 1999. She also had come through the ranks and had spent 25 years at the Bank, holding several senior positions (See Women on the Move in Chapter 5). During the decade that she held office, Williams did much to modernise the Bank’s operations, as evidenced by the introduction of the Real Time Gross Settlement (RTGS) and Automated Clearing House (ACH) Chapter 4: Maturity, Modernisation and Issues of Governance: 1987 and Beyond