Economy - Greater Belize Media

Business Senator Urges Government to Boost Transparency

At today’s Senate Special Select meeting, Business Senator Kevin Herrera praised the government’s efforts to grow the economy, noting an eight-point-two percent increase in GDP and a thirteen percent rise in annual revenue compared to the previous year. But he says that’s not enough. Herrera is now calling on the government to follow through on its promises of good governance and transparency. He stressed the need for accurate financial reporting and criticized the administration for failing to produce audited government accounts since 2014. “It’s time we match economic growth with accountability,” Herrera said.

Kevin Herrera, Business Senator

“The accounting for government and the responsibility for this lies with the government and in particular, with the Ministry if Finance. This is the Prime Minister’s Ministry and so he bears responsibility for this. There cannot be any audits unless accounts are presented. And we know that the accounts are not being presented; they are nine years late. This continues, Madam President, to be a major violation of the finance and auditory format, which requires yearly and timely audits. So every year, there are no audits submitted, and every year, there are no accounts submitted. It continues to violate what we fought so hard for in 2005. When we did the finance and auditory reform, along with the unions, along with civil society, and the then-current administration.”

Inflation Eases, But Food Costs Climb

We’re keeping a close eye on your wallet tonight. New data from the Statistical Institute of Belize shows that while prices are still on the rise, the pace is finally slowing. The national inflation rate for April stands at one-point-three percent—modest, but still noticeable. Food prices continue to climb, with everyday staples like bread, watermelon, and even fruit juice seeing double-digit spikes. Renters are also feeling the squeeze, and butane gas just got pricier. But there’s a silver lining, fuel prices are down, offering some relief at the pump. We’ll break down what’s getting more expensive, what’s easing up, and what it all means for your bottom line. Here’s Isani Cayetano with an economic snapshot.

Isani Cayetano, Reporting

New numbers are in from the Statistical Institute of Belize, and they show that while prices are still rising, the pace is slowing. The national inflation rate for April 2025 stands at 1.3 percent, a modest increase from the same time last year. The Consumer Price Index—or CPI—now sits at 119.6, up from 118.1 in April 2024. Once again, food prices are leading the charge. The cost of food and non-alcoholic beverages rose by 2.7 percent, with notable spikes in everyday staples. Bread and bakery products jumped by 3.5 percent, while fruits like watermelon and lettuce soared by over 20 percent. And if you’re reaching for a refreshing drink, be prepared to pay more—fruit and vegetable juices surged by a whopping 15.4 percent.

Renters are also feeling the pinch. Housing-related costs rose by 2 percent, driven by a 2.3 percent increase in home rental prices. The price of a 100-pound cylinder of LPG climbed by nearly $7, now averaging $127.63. But there’s some relief at the pump. Fuel prices dropped across the board—diesel is down 7.2 percent, regular gasoline fell 6.6 percent, and premium is down 4.1 percent. This helped pull the overall transportation category down by 1.7 percent. Looking at short-term trends, the month-over-month inflation rate was nearly flat at -0.03 percent, suggesting price stability between March and April. Regionally, Belmopan and San Pedro saw the highest inflation at 3.5 percent, driven by rising costs in food, rent, and personal care. Meanwhile, Independence Village bucked the trend, with prices actually falling by 2 percent, thanks to lower costs in food, fuel, and even mobile phones. And finally, the year-to-date inflation rate, which looks at the first four months of 2025, sits at 1.6 percent, with food, housing, and personal care again being the main contributors. So, while prices are still climbing, the pace is easing—and that’s a trend worth watching. That’s your economic snapshot. Isani Cayetano for News Five.

PM Wants to Transform Belizean Beach into Public Park

The battle over Belizean beachfront is heating up and the Briceño administration says it’s drawing a line in the sand. Over the past three days, government parliamentarians have taken aim at the Opposition, accusing them of shady land dealings tied to former U.D.P. minister Anthony “Boots” Martinez. At the center of the controversy: a prime piece of coastal property and a neighboring parcel once earmarked for a housing NGO, now reportedly on the market for a staggering eleven million dollars. Tonight, we take a closer look at the political storm brewing over Belize’s shoreline.

Prime Minister John Briceño

“It is unfortunate. For some time when we were in opposition we were asking about this housing for the poor and nobody could have answered and tell us what they are doing, even the then prime minister was kinda skeptical when we was asked about it and could not give a straight answer. But the outrage it has caused with the Belizean people, especially in Belize City, especially people from outside that use that beach, I think it will be our responsibility to make, is it Mr. Pollard or Mr. Martinez, and make, ask them, I think it is in the interest of the public for them to bring it back so then we can declare it as a public park, pass it on to the city council to manage so our citizens in Belize City can enjoy.”

Reporter

“But you know they won’t do that. They are going to expect compensation at market level and the leader of the opposition said yesterday, if the government sees it fit you have funds to do that reclamation.”

Prime Minister John Briceño

“I am very disappointed in her because she stands up there and pontificates. She is not prepared, not strong enough, I wanted to use man enough but I don’t want it to sound sexist. But when you are not prepared to stand up for what is right, then you need to question the leadership of the leader of the opposition, because she knows what Boots Martinez has allegedly done, or MR. Pollard, what they have done is wrong.”

Espat Tells Chang to Encourage Chinese Stores to Lower Costs

Things got heated in the House today as Cayo South Area Representative Julius Espat took aim at Opposition member Lee Mark Chang, this time, over the rising cost of groceries. Espat suggested that Chang, as the former President of the Belize Chinese Association, could help ease the burden on Belizeans by encouraging his colleagues in the business community to lower their profit margins. But Chang wasn’t about to let that slide. He fired back, defending his position and pushing back against what he called an unfair accusation. News Five has the fiery exchange.

Julius Espat, Area Representative, Cayo South

“Are you a member of the Chinese Business Association? I thought you were the president at one time? You are not a member? But you speak friendly with them sometimes? You speak friendly with them? So I was right, you were the president and probably still a member. What I am saying is if you want to help us, cause you are part of government too, never forget that, so if you want to help the government to reduce the cost of living then I think the honorable members of the Chinese Association need to sit with us because we as government can do our part, we can put in subsidies, but we need the Chinese Association who monopolize the grocery and restaurant industry to help us to reduce the cost by reducing their profits. I would also like to express that maybe the Indian community.”

Lee Mark Chang, Area Representative, Mesopotamia

“On a point of order, I remember clearly about two or three years ago there were some meetings with the Chinese Association which I was invited to, they were inquiring and investigation into how the price gouging came about.”

Lee Mark Says 2025 Budget “Putting Most People Under Pressure”

With two opposition members absent, the united front in the House of Representatives has taken a hit. Still, Mesopotamia’s Area Representative, Lee Mark Chang, isn’t staying quiet. As only the second opposition member to speak on the 2025 budget, Chang criticized the Briceño administration, saying the budget is pushing Belizeans further into debt, deepening inequality, and making life harder for everyday people.

Lee Mark Chang, Area Representative, Mesopotamia

“This 2025/2026 budget is moving us deeper into debt, inequality, struggles, budget cuts and from the real needs of the people. We are here to debate the budget brought forward by the administration, and let me say clearly this budget is putting most people under pressure. It is the largest budget in Belizean history, almost one point eight billion dollars. Yet it fails to deliver meaningful relief to the majority of Belizeans. This government was swept into power on a gold slogan “everybody fi win”. But madam speaker five years later the truth is clear, only few are winning. The poor and working Belizeans are carrying the burden. High cost of living and broken promises are the realities for most.”

Fort George Area Rep: “Take Back Belizean Beach”

The pressure is mounting on former U.D.P. Minister Anthony “Boots” Martinez and his associates to hand back a stretch of beach that many believe rightfully belongs to the Belizean people. Government leaders have been sounding the alarm for a while now—and today, Minister of Public Service Henry Charles Usher added his voice to the growing demand. He’s also calling on the opposition to step up and join the push to return Belizean Beach to its rightful owners: the people of Belize.

Henry Charles-Usher, Area Representative, Fort George

“The country knows there is a clear difference between the parties. Just this week the headlines included a land scandal involving former UDP Minister Boots Martinez and the former UDP proprietors of the boledo who were milking Belizeans without giving one cent to sports. Not one cent to health, not one cent to education, not one cent to social projects, nothing. But those proprietors who were involved were cashing in their wealth. It is being reported by the tax department that they were also dodging millions in taxes. Just like how this government took back boledo for the Belizean people, it is my hope that we can also take back Belizean beach. And I wonder if any person from the opposition side will join in this chorus to take back Belizean beach.”

Fonseca Fires Back at Opposition Leader’s Budget Response

Freetown Area Representative and Minister of Foreign Affairs, Francis Fonseca, didn’t hold back during today’s budget debate. He dismissed Opposition Leader Tracy Taegar-Panton’s response as nothing more than “empty, hollow rhetoric.” Fonseca criticized her remarks as weak and uninspired, even suggesting her notes were filled with Google searches and ChatGPT-generated content. He also took a jab at the opposition’s presence in the House, pointing out that Hugo Patt and Miguel Guerra were both absent from the debate, leaving their side short on representation. Fonseca’s comments added another layer of tension to what’s already a fiery exchange over the proposed national budget been.

Francis Fonseca, Area Representative, Freetown

“She said we are not here to just criticize and oppose, we are here to be balanced and so, but the absolute betrayal of that desire was almost immediate when she started to talk. What followed was empty hollow rhetoric, this dark meaningless rhetoric which offered no vision for the country not one plan for the country. She said nothing about what the UDP could do, no plan for the country, no vision, ideas, solutions. Typical UDP, so in my view it was a very weak, lazy response. I say that, before anybody say the lady weak, lazy, I said that about the former leader too, his response was always lazy. No thought or effort had gone into the preparation of their presentation. Just lot of googling, lot of google thing extracted and paced, a lot of cut and pace or googling. Chat GPT nuh. Very disappointing. Even two members of the other team on her side already have a slim team over there, a maga team and two of them couldn’t bother to show up. Two of them could not get them selves out of bed to witness the leader of the opposition.”

Opposition Leader, “this crowd di tek we fuh kunumunu”

The budget debate continued with sharp criticism from the Opposition today, this time over a twenty-six-million-dollar loan motion tied to the Western Highway upgrade. Opposition Leader Tracy Taegar-Panton took aim at the Briceño administration’s infrastructure strategy, questioning its priorities. She pointed out that while nearly half of the highway project is being funded through this loan, not a single dollar is being invested in upgrading bus terminals, a key part of the public transport system. Panton argued that the government is leaning too heavily on road construction as its main economic driver, while overlooking the everyday needs of commuters.

Tracy Taegar Panton, Leader of the Opposition

“To tell the Belizean people, at our very first working session, before the prime minister could dot the last I and cross the last a loan motion was approved for the sum of twenty-six million dollars to over forty-seven percent of road repairs from Democracia to Belmopan. According to the member for Cayo South, who is responsible for the ministry of housing and infrastructure development, urgent repairs are needed. To listen to his logic one would never understand that millions have been invested over the years for highway upkeep that include this eighteen mile stretch. There was a time when the member of Cayo south use to stand up and make the case that people cannot eat streets. Now this is lauded as this government’s preferred strategy to keep the wheels of this economy going. This crowd the take we for kunu munu.”

DPM Hyde Defends Record-Breaking Budget, Fires Back at Opposition

Deputy Prime Minister Cordel Hyde is standing firmly behind the Briceño administration’s proposed 2025/2026 budget, calling it the largest in Belize’s post-independence history. During today’s House Sitting, Hyde didn’t hold back. He took a jab at Opposition Leader Tracy Taegar-Panton, questioning whether she had even listened to the same budget presentation delivered two weeks ago. Hyde also took a moment to reflect on the state of the economy when the Briceño administration took office in November 2020, painting a picture of how far the country has come under their leadership.

Cordel Hyde, Deputy Prime Minister

“I rise in support of this budget, the biggest in post-independence Belize, one point seven eight billion Belize dollars, three hundred and three million dollars for the ministry of education alone, a hundred and eighty-one million for the ministry of health and wellness. A hundred and sixteen million for the ministry of home affairs, eighty- four million for the ministry of National Defense, six hundred and ninety-eight million for wages, salaries and exgratia payments and pension for our teachers and public officer. We are putting our money where our mouths are. So we forget that when we took over in November of 2020 that it was absolute worst of times. It was in the middle of COVID and tens of thousands of Belizeans were not working and hundred we drying, a total of six hundred and eighty-five. And we had to borrow a million a day to pay salaries for teachers and public officers. We were on the edge of an economic cliff. We were facing a most uncertain future, but the prime minister led and the rest is history.”

Government Pitches Proposal to Unions, Citing Economic Progress

Last week, we reported that the Government’s Joint Negotiation Team had officially sent its proposal to the unions, following Cabinet’s green light. Today, that proposal took center stage in the House of Representatives. Deputy Prime Minister Cordel Hyde, who leads the talks on behalf of the government, presented the details during the House Sitting. He highlighted key points from the proposal, using them to support his argument that the Briceño administration has not only turned the economy around—but is continuing to strengthen it. The proposal is now in the hands of the Joint Union Negotiation Team, setting the stage for what could be a pivotal moment in government-union relations.

Cordel Hyde, Deputy Prime Minister

“Cabinet affirmed its commitment to an increase of six dollars to the minimum wage in line with Plan Belize. Such an increase to come after the requisite engagement and consultation with all relevant stakeholders. On the matter of request of salary adjustment of eight and a half and two frozen increments, Cabinet has improved a three percent salary increase starting October 2025 and an additional increment at the start of fiscal year 2026/2027. So in effect a double increment will be issued then. Cabinet also authorized our negotiating team to reach an agreement with JUNT on the remaining five and a half percent increase and the additional increments, subject to mutual agreements relating to pensions reform and cost saving measures. Cabinet also instructed the Attorney General to give legal effect to government’s assumptions of a hundred percent of gratuity and pension for all teachers in grant aided institutions, effective September 2024. Previously government was only responsible for seventy percent, but because the churches was contributing their thirty percent and retired teachers were not receiving their due, government had to step in.”