Who Runs Belize’s Economy, the Key Players in 2026

BELIZE · ECONOMY

The Belize economy is small enough that a few state bodies, four banks and some foreign-owned firms decide most of it.

For Americans who holiday, retire or invest there, the same names set interest rates, power bills and the price of a hotel room.

The Belize Economy in Numbers

Belize is a country of 418,982 people, according to the Statistical Institute of Belize (SIB), the government’s statistics office, in its mid-2026 estimate. Its economy produced BZ$1.388 billion (about US$694 million) of goods and services in April to June 2026, SIB said on 30 September 2026.

That was 1.4% more than a year earlier, and unemployment stood at 1.9% in April 2026, SIB said. Consumer prices rose 4.4% in the year to August 2026, with transport costs leading the climb.

The Belize dollar has been fixed at two to one US dollar since May 1976, the Central Bank of Belize (CBB) says. Halve any Belize dollar price and you have the US dollar price.

The fixed rate works because the central bank holds enough dollars to back it. At the end of July 2026 its reserves covered 4.0 months of merchandise imports, against a benchmark of 3.0 months, the CBB reported.

Imports are the weak spot. Gross imports rose 15.1% to BZ$1.96 billion (about US$982 million) in January to July 2026, the CBB said.

Domestic exports fell 17.9% to BZ$207.7 million (about US$104 million) over the same seven months.

Public sector debt was BZ$4.65 billion (about US$2.33 billion) at the end of July 2026, or 65.3% of output. Of that, BZ$2.96 billion (about US$1.48 billion) is owed abroad, and the central government accounts for about nine-tenths of the foreign part.

The Government and the Central Bank

Belize is a parliamentary democracy, and power over the Belize economy sits with one office. Prime Minister John Briceño leads the governing People’s United Party (PUP), and his government sets the budget.

On 15 October 2026 Briceño spoke to a Caribbean ministerial meeting at the World Bank and IMF annual meetings, the Press Office said. He said fuel had risen 27.7% since the Hormuz crisis.

Public debt reached 66.4% of output in August 2026, he added.

The Central Bank of Belize is the second pillar. Governor Kareem Michael heads it, according to the bank’s website in October 2026, and also serves as Registrar of Credit Unions.

The bank defends the dollar peg, supervises the banks and keeps the national reserves. The law requires external assets of at least 40% of notes, coins and deposits, and it held 65.1% at the end of July 2026.

The government also borrows from regional lenders.

The Caribbean Development Bank paid out the most in January to July 2026, BZ$19.1 million (about US$9.6 million). The World Bank, the Inter-American Development Bank and the Kuwait Fund followed.

Those loans fund road, school and water projects. Read the Rio Times report on Belize’s talks with lenders for the latest on the government’s borrowing.

Sugar and Its Foreign Owner

Farm exports still pay for much of what the Belize economy imports. In 2025 domestic exports earned BZ$390 million (about US$195 million), down 16% from BZ$464 million (about US$232 million) in 2024, according to SIB.

Sugar was the largest line at BZ$113.7 million (about US$56.8 million), or 29% of the total. Bananas earned BZ$91.0 million (about US$45.5 million), marine products BZ$46.4 million (about US$23.2 million) and citrus BZ$30.4 million (about US$15.2 million).

Sugar is run by Belize Sugar Industries (BSI), which runs the country’s two mills. BSI is part of ASR Group, which says on its website that it is owned by Florida Crystals Corporation.

The 2025/26 cane crop came to 1,504,325 long tons, down 0.5%, but sugar output rose 2.4% to 133,618 long tons, the CBB reported. Sugar earnings fell 35.5% to BZ$56.6 million (about US$28.3 million) in January to July 2026 because world prices dropped.

Bananas, Citrus and the Sea

Bananas are organised through the Banana Growers’ Association.

Output slipped 3.3% to 51,653 metric tons in January to July 2026, the CBB said. Export earnings still rose 5.1% to BZ$63.4 million (about US$31.7 million) on better prices.

Citrus is in trouble. Deliveries fell 43.0% in the 2025/26 season, which the CBB blamed on higher costs, fewer plantings and citrus greening, a tree disease.

The Sea and the Ranch

Marine exports are smaller but growing. Lobster tail earned BZ$23.6 million (about US$11.8 million) in 2025, and conch earned BZ$14.5 million (about US$7.2 million), SIB data show.

Cattle sales abroad reached BZ$16.3 million (about US$8.1 million) in 2025, up from BZ$11.9 million (about US$6.0 million) a year earlier.

The Four Banks and Who Holds the Money

Belize has four domestic banks, and the CBB publishes their books every quarter. At 31 March 2026 they held BZ$5.68 billion (about US$2.84 billion) in assets and BZ$4.89 billion (about US$2.44 billion) in deposits.

Atlantic Bank is the largest, with assets of BZ$2.41 billion (about US$1.21 billion) and 12 branches. Belize Bank follows at BZ$2.26 billion (about US$1.13 billion) with 11 branches.

Heritage Bank holds BZ$782 million (about US$391 million) in assets and has 13 branches. National Bank of Belize holds BZ$229 million (about US$114 million) and has 3.

Belize Bank is the most profitable. Its return on average equity was 28.7% in the CBB’s March 2026 table, against 8.6% at Atlantic Bank.

Belize Bank grew in 2021, when Scotiabank sold its Belize business. The buyer was Caribbean Investment Holdings Limited, the holding company that owns Belize Bank, Breaking Belize News reported.

The average rate on new deposits was 1.86% in July 2026, while the average rate on new loans was 8.77%, the CBB said. That gap of 6.91 points is the banks’ main income.

Lending is tilting toward business and building. Private-sector credit rose 4.2% to BZ$2.99 billion (about US$1.50 billion) in the first seven months of 2026, while personal loans fell.

Power, Phones and the State Companies

The state has pulled back into the Belize economy since 2025. In October 2025 the government agreed to buy three Macal River hydro plants from Fortis Inc. of Canada.

The deal also took Fortis’s 33.3% stake in Belize Electricity Limited (BEL), the national grid company.

The price was about BZ$256 million (about US$128 million), Lexpert reported, with US$110 million for the plants and US$18 million for the BEL shares. The plants, Mollejon, Chalillo and Vaca, supply over a third of the electricity Belizeans use each year, the government said.

The government then offered half of Hydro Belize Limited to the public at BZ$29 a share. Applications topped 4.45 million shares for the 4 million on offer.

The sale raised BZ$129.1 million (about US$64.6 million), Prime Minister Briceño said in March 2026.

About 2,000 Belizeans took part, along with institutions. The Social Security Board (SSB) manages workers’ pensions and bought extra shares worth BZ$5.7 million (about US$2.9 million).

Breaking Belize News reported in July 2026 that the SSB proposed a further BZ$20 million (about US$10 million) purchase. The board runs contributions for about 190,000 workers and pensioners.

Telecoms is the other state-owned giant. Belize Telemedia Limited (BTL) reported a record net profit of BZ$36.9 million (about US$18.5 million) for the year to 31 March 2026.

Shareholders approved a dividend of BZ$0.37 (about US$0.19) a share on 17 September 2026. Cash stood at BZ$62.8 million (about US$31.4 million) and long-term debt fell to BZ$15.6 million (about US$7.8 million).

Cabinet said the government, the SSB and the people of Belize are BTL’s majority owners. On 13 August 2026 it refused to back BTL’s proposed purchase of the rival Smart network, also known as Speednet.

The National Trade Union Congress of Belize opposed the deal. BTL’s chairman confirmed in August 2026 that the Public Utilities Commission, the regulator, has ruled BTL a dominant provider, which brings extra rules.

BTL’s chief executive is Ivan Tesucum, as of September 2026.

Tourism and the Cruise Business

Tourism is the other big source of foreign currency. Stay-over visitors numbered 332,038 in January to July 2026, down 0.8% on a year earlier, with 282,555 arriving by air, the CBB said.

Cruise passengers did better. Disembarkations rose 9.9% to 589,413 and ship calls rose to 217 in the same seven months.

Two ports share the traffic. Fort Street Cruise Port in Belize City took 147 calls, down from 159, the CBB said.

Harvest Caye Cruise Port in southern Belize took 70 calls, the most it has recorded for the first seven months of a year.

The banks lean on this trade too. Lending to tourism businesses grew by BZ$8.8 million (about US$4.4 million) in the first seven months of 2026, the CBB said.

Air links matter as much as ports, and the Rio Times has covered the first direct flight from Europe that Belize has signed for.

Drinks, Retail and the Private Groups

Outside farming and finance, a few private firms are household names. BOW Beverages sells Belikin beer, Coca-Cola soft drinks, Heineken, Guinness and Red Stripe, its own website lists.

Shops and distribution led new bank lending, with BZ$30.0 million (about US$15.0 million) added in the first seven months of 2026, the CBB said. Imports of food, drink and tobacco rose 5.4%.

Foreign owners such as Florida Crystals control sugar, and the state controls power and phones. The other large private groups behind the shops, hotels and importers sit outside the central bank’s published data.

For more on the country’s politics and place in the region, see the Rio Times guide Belize explained and its report on Belize geopolitics.

What It Means for US Readers

For Americans, the peg is the main comfort. A Belize dollar is always worth 50 US cents, so local prices convert simply and do not swing against the dollar.

The cost is that Belize cannot cheapen its currency in a bad year. When tourism slows or fuel costs jump, the adjustment lands on government budgets, jobs and imports.

Visitors meet the fuel bill in transport. Transport prices rose 6.3% in January to July 2026, and restaurants and accommodation rose 3.0%, the CBB said.

Anyone weighing the Belize economy as an investment should watch the same few names. The government’s borrowing, the two big banks and the cruise lines decide how much money moves.

Read the Rio Times report on Belize’s slower growth for the latest figures, or the Belize hub for more coverage.

What Is Not Known

The final split of Hydro Belize shares between small investors, the SSB and the government has not been published. The full board of Hydro Belize had not been put in place in March 2026, the Prime Minister said.

Who owns the largest private groups is not disclosed in official statistics or central bank reports. The final cost of the hydro purchase to taxpayers, once share-sale proceeds and plant revenue are counted, has not been set out in full.

Whether BTL will try another acquisition after the Cabinet’s refusal is open. The company’s chairman has said BTL accepts the decision and the regulator’s dominance ruling.

Frequently Asked Questions

Who runs the Belize economy?

The government, led by Prime Minister John Briceño, sets the budget. The Central Bank of Belize, under Governor Kareem Michael, runs the dollar peg and supervises the banks.

What is the Belize economy based on?

The Belize economy rests on tourism, farming exports and services. In 2025 sugar, bananas, marine products and citrus made up about 72% of domestic exports, according to the Statistical Institute of Belize.

Who owns Belize Telemedia Limited?

Cabinet said in August 2026 that the government, the Social Security Board and the people of Belize are the majority owners of BTL. The company reported a record net profit of BZ$36.9 million (about US$18.5 million) for the year to March 2026.

Which are the biggest banks in Belize?

Atlantic Bank (assets BZ$2.41 billion, or about US$1.21 billion) and Belize Bank (BZ$2.26 billion, or about US$1.13 billion) lead. Heritage Bank and National Bank of Belize are smaller, according to the Central Bank’s March 2026 data.

Is the Belize dollar tied to the US dollar?

Yes. The Belize dollar has been fixed at two to one US dollar since May 1976, the Central Bank says, so US visitors can halve any local price.

Who owns Belize’s sugar industry?

Belize Sugar Industries is part of ASR Group, which says Florida Crystals Corporation owns it. Cane farmers supply the mills, and sugar earned BZ$113.7 million (about US$56.8 million) in 2025.

Sources: Statistical Institute of Belize, September 2026 release (GDP Q2 2026, CPI, trade), 30 September 2026; Statistical Institute of Belize, External Trade Bulletin December 2025 (2025 domestic exports), December 2025; Central Bank of Belize, Monthly Economic Highlights July 2026, 24 September 2026; Central Bank of Belize, Quarterly Financial Information of Domestic Banks, March 2026, 31 March 2026; Central Bank of Belize, home page (governor, exchange rate), 22 October 2026; Government of Belize Press Office, release on the Fortis hydro and BEL purchase, 16 October 2025; Government of Belize Press Office, Hydro Belize share offer, 17 December 2025; Breaking Belize News, Hydro Belize share offer oversubscribed, 10 March 2026; Breaking Belize News, Cabinet rejects the Speednet acquisition, 13 August 2026; Breaking Belize News, BTL record profit, 18 September 2026; Government of Belize Press Office, Prime Minister Briceño at the World Bank-IMF annual meetings, 15 October 2026; Breaking Belize News, Social Security Board and Hydro Belize, 17 July 2026; Lexpert, Fortis sells Belize hydro assets and BEL stake, 22 July 2026; Breaking Belize News, BTL accepts defeat on Smart takeover, 14 August 2026; ASR Group, About us, October 2026; BOW Beverages, products, October 2026; Central Bank of Belize, Office of the Governor, 22 October 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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