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Barbados Agricultural Management Company (BAMC) Closure: From Workers to Stakeholders in the Energy Revolution

 


In a resounding announcement in September 2022, Minister of Agriculture Indar Weir confirmed the closure of the Barbados Agricultural Management Company (BAMC), unveiling an ambitious divestment plan. CoopEnergy, backed by a substantial $100 million investment, was named as the entity that would assume a leading role in this transformative transition, drawing enthusiastic support from private investors. 

The government's divestment plan in line with the Barbados Economic Recovery and Transformation (BERT) plan was formally confirmed by BAMC CEO Orlando Atherly more than a year later, in October 2023. BAMC, responsible for managing the sugar industry, handled the grinding of canes, sugar refining, and the marketing and sale of the product. The BERT program, initiated in 2018, is the Barbadian government's comprehensive economic reform effort, addressing challenges through fiscal consolidation, structural reforms, and measures to enhance competitiveness.

This strategic initiative delineated the transformation of BAMC with its employees transitioning into shareholders of the new company. The independent management of agriculture and sugar manufacturing operations will mark a visionary shift, symbolizing a paradigm change in stakeholder engagement. This transformative move will position employees to play an active role as shareholders in the dynamic evolution of Barbados' economic landscape.

Co-Op Energy, born from the credit union movement, will not only oversee sugar production but also harness bagasse, the by-product of the process, as a potent biofuel for electricity generation. The detailed ownership structure is intended to ensure active participation from credit unions, their members, sugar industry workers, and other stakeholders, providing them with a tangible stake in the thriving energy sector. The divestment becomes a beacon of change, steering Barbados towards sustainable and prosperous ventures amid its ever-evolving economic landscape.

On December 18, 2023, the BAMC concluded its legacy, bringing an end to the sugar workers' era. Overcoming minor delays related to information technology issues, employees received their final pay cheques, symbolizing the end of a chapter that stirred a spectrum of emotions. This strategic pivot aligned seamlessly with the cooperative consortium's vision for the sugar cane industry's transformation into a robust energy-producing powerhouse. 

According to the local press, on December 18, 2023, scores of sugar workers collected their severance packages at the Portvale Sugar Factory while the cooperative movement took charge of all BAMC operations, introducing two new entities, the Agricultural Business Company Ltd. (ABC) and Barbados Energy and Sugar Company Inc. (BESC). These entities, under the ownership of the Barbados Sustainable Energy Co-operative Society Limited (Co-op Energy), will play a pivotal role in not only producing and selling sugar but also spearheading the transformation of the sugar industry into a dynamic and flourishing energy sector. 

Unfortunately, despite the initial expectation that workers would secure positions under the new entities, ABC and BESC, the closure of BAMC left sugar workers in a state of uncertainty and anticipation. As the severance process unfolded, employees received walking papers, signaling the onset of a transitional period and amplifying their eagerness to learn more about their forthcoming roles in emerging energy-focused entities.

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