54 November 2016 - Business View Caribbean
Also, the corporation is aiming to compete with the pri-
vate courier companies, such as FedEx, UPS, and DHL.
“The traditional postal system is very-well acquainted
with the rural areas of the country,” Stephen explains.
The corporation already has a postbox system in Mi-
ami and it intends to extend that system into the coun-
try. “We have a very large Diaspora who are returning
to Grenada, building new homes, etc. They get regular
small packages coming from the United States, the
United Kingdom, Canada, and parts of the Caribbean.
We are going to extend that service, especially in the
rural areas where DHL and UPS and FedEx are not
properly acquainted.”
Another new revenue stream will come from a service
that reaches out to residents when their mail arrives.
“For example, the senior citizens who have returned
and who have retired want to receive traditional mail
like their monthly magazines, etc.,” Stephen says. “We
are providing an extra service – when their mail ar-
rives, we contact them and by providing that service,
they are paying for it.”
A four million dollar loan from the IMF (International
Monetary Fund) and other lending institutions, as well
as a renegotiation of its debt, incurred over previous
administrations, has helped the Postal Corporation
reorganize and restructure itself. But cutting staff, re-
ducing wages, reducing energy costs, using less pa-
per, etc., have also helped it turn a profit for the first
time in years. “We are having a net profit that averages
over $100,000 a month,” says Stephen. “So we are
already in the black.”
“The government has taken a bold step to reform an
institution which has been failing financially and was
not providing a reliable service to improve the welfare
of Grenadian citizens,” he says, summing up the re-
