Sunday, November 13, 2022

The Securities Commission of The Bahamas on FTX Withdrawals

Securities Commission of The Bahamas Poinciana House

North Building, 2" Floor

31A East Bay Street

P.O. Box N-8347

Nassau, The Bahamas


MEDIA RELEASE


Executive Director 

Christina Rolle - 242-397-4100


Securities Commission Addresses FTX Statement on Bahamian Withdrawals


The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets Ltd. the prioritization of withdrawals for Bahamian clients.


Securities Commission of The Bahamas
Nassau, The Bahamas, Saturday 12 November 2022 — The Securities Commission of The Bahamas (the Commission) notes the statement made by representatives of FTX which advised “Per Bahamian HQ’s regulation and regulators, we have begun to facilitate the withdrawals of Bahamian funds.  As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators”.

The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets Ltd. the prioritization of withdrawals for Bahamian clients. 

The Commission further notes that such transactions may be characterized as voidable preferences under the insolvency regime and consequently result in clawing back funds from Bahamian customers.  

In any event, the Commission does not condone the preferential treatment of any investor or client of FTX Digital Markets Ltd. or otherwise.


About The Securities Commission of The Bahamas


1. The Securities Commission of The Bahamas (the Commission) is a statutory body established in 1995 pursuant to the Securities Board Act, 1995.  That Act has since been repealed and replaced by new legislation.

2. The Commission’s mandate is defined in the Securities Industry Act, 2011 (SIA, 2011).

3. The Commission is responsible for the administration of the SIA, 2011 and the Investment Funds Act, 2019 (IFA), which provides for the supervision and regulation of the activities of the investment funds, securities and capital markets.

4, The Commission is responsible for the administration of the Financial and Corporate Service Providers Act, 2020.

5. The Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act, 2020.

6. The Commission is responsible for the administration of the Carbon Credit Trading Act, 2022.

7. The functions of the Commission are to: advise the Minister on all matters relating to the capital markets and its participants; maintain surveillance over the capital markets and ensure orderly, fair and equitable dealings in securities; foster timely, accurate, fair and efficient disclosure of information to the investing public and the capital markets; protect the integrity of the capital markets against any abuses arising from financial crime, market misconduct and other unfair and improper practices; promote an understanding by the public of the capital markets and its participants and the benefits, risks, and liabilities associated with investing; create and promote conditions that facilitate the orderly development of the capital markets; and perform any other function conferred or imposed on it by securities laws or Parliament (SIA, 2011,s.12).

Thursday, November 10, 2022

FTX Assets in The Bahamas Officially Frozen - The Company is Now in Liquidation

The Bahamas Freezes FTX Assets
Thursday November 10, 2022 - Nassau, The Bahamas:  The Securities Commission of The Bahamas freezes FTX assets; company put into liquidation


“Today, the Securities Commission of The Bahamas (the Commission) took action to freeze assets of FTX Digital Markets and related parties. The Commission also suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital Markets Ltd. (FDM),” said a statement released by SCB Executive Director Christina Rolle this evening.

“The Commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research. Based on the Commission’s information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful.

Since the unfolding of events involving FDM, the Commission has proactively dealt with the situation and continues to do so.

“The Commission determined that the prudent course of action was to put FDM into provisional liquidation to preserve assets and stabilize the company.” 

Monday, November 7, 2022

Haitians Need to Stop Sewing Seeds of Discord in The Bahamas and Focus on Assimilaton Into The Bahamian Society

STOP XENOPHOBIA IN BAHAMA LAND!


Last month, Louby Georges posted
on his page a Post of a Bahamian Soccer Team which won the overall prize after defeating three other Caribbean Teams.

Rather than CONGRATULATE The Bahamas Team, some in the Haitian Community went out of their way to diminish the Bahamian Team's success by telling the public that the success was due to the Haitian and Jamaican Descents on the team.

I found that repulsive and expressed my views on the Post.

Now, today, Monday, Nov.7, THE PENDULUM has swung the other way and non other than Louby Georges is now calling Bahamians "XENOPHOBIC", because they are now expressing their views on the "Bahamians of Haitian Descent" passing out, as full fledge Immigration Officers.

The Bahamas Constitution gives Citizenship access to every child born in the Bahamas after 1973 to FOREIGN PARENTS. Once that child reaches the age of 18 yrs old, they can apply for Bahamian Citizenship. Once that child has pledged allegiance to this nation, they become a full fledge Bahamian Citizen with all the rights and privileges afforded to ALL BONIFIED CITIZENS.

When a Bahamian Citizen of Haitian Descent achieves an award or honour, WE NEED TO STOP THIS NONSENSE OF DIGGING UP their parents nationality to give credence of their success to Haiti. Only the Haitian Community does this. We do not hear this from nationals of other nations.

The Haitian folks "cook their own Goose" now, and cry fowl when they have to eat their own meal.

I want ALL HAITIANS living in the Bahamas to know that you cannot "Eat your cake and have it to", because THE PENDULUM DOES SWING BOTH WAYS, as it has done with the Soccer Team vs The Immigration Passing Out. Both Haitians and BAHAMIANS are XENOPHOBIC, if you want to use that word. Do not throw up your Haitian Nationality in the faces of BAHAMIANS and expect them to accept it lying down. It won't happen. When you kick up dust, it will fly in your face.

When Miss Bahamas Universe, Miss Shantell O'Brien won her title at the Miss Universe Pageant, the Haitian Community jumped on Social Media and told the World that Shantell was a Haitian. They basically killed that young Lady's accomplishment, because most BAHAMIANS no longer saw her as one of us.

You Haitians need to stop sewing seeds of discord for yourself. You need to focus on ASSIMILATION into Bahamian culture, or just leave The Bahamas and go to Haiti and be happy.


Thursday, November 3, 2022

A New National Health Insurance - NHI Bill Laid in The Bahamas House of Assembly

The new Bill will lay the foundation for the launch of Catastrophic Care coverage, which is a priority for The Bahamas Government, according to The Minister of Health and Wellness, the Hon. Dr. Michael Darville


The best prescription to address the country’s complex health challenges is an affordable and robust primary health system that can mitigate many of our health challenges brought on by the impacts of poorly managed non-communicable diseases like hypertension, diabetes and cancers undiagnosed in the earlier stages of clinical presentation, said Dr. Darville.


Bahamas National Health Insurance (NHI) Bill, 2022
NASSAU, The Bahamas -- The Minister of Health and Wellness the Hon. Dr. Michael Darville laid for the first time in the House on Wednesday,  October 26, a new National Health Insurance (NHI) Bill, 2022, which aims to repeal and replace the existing 2016 legislation that proved instrumental in the initial launch of quality, affordable primary care coverage and services in 2017. 

Dr. Darville explained that the current legislation is no longer sufficient to meet the evolving needs of NHI and the increasingly complex financial landscape presently in the country. 

“Over the past few years, with the ongoing COVID-19 pandemic, we have witnessed first-hand the importance of maintaining accessible primary care and the impacts of primary healthcare coverage on the overall health and well-being of our people. 

“We have also seen the staggering financial impacts of acute care and the tremendous burden at our hospitals brought on by patients suffering from chronic non-communicable diseases.” 

He said the best prescription to address the country’s complex health challenges is an affordable and robust primary health system that can mitigate many of our health challenges brought on by the impacts of poorly managed non-communicable diseases like hypertension, diabetes and cancers undiagnosed in the earlier stages of clinical presentation. 

Dr. Darville said this universal challenge was brought to the forefront by the Pan American Health Organization 30th Sanitary Conference in Washington D.C . a few weeks ago, and confirmed at the recent Cuban Health Conference.

“For this reason, I am introducing the National Health Insurance Bill, 2022 which will modernize the NHIA’s legislation to meet the current realities of the Bahamian health system.”

He said, “This bold move will certainly bring together both public and private clinical practices under a common financing structure that rewards performance quality and service excellence.” 

Dr. Darville said the new NHI Bill will lay the legal framework to roll out a suite of services known as the Standard Health Benefit, that all NHI beneficiaries will receive what is available now and much more.  These services include: 
  • Primary Health Care Services 
  • Health Education and Promotion 
  • Early Detection and Preventative Care 
  • Diagnostic Imaging 
  • Pediatric and Maternity Care 
  • Screening Programs for Cancer and Other Specified Conditions 

He explained that the new Bill will lay the foundation for the launch of Catastrophic Care coverage, which is a priority for the administration.

The Health Minister said this piece of legislation will prove to be a critical step for the expansion of primary healthcare benefits along with robust health and wellness programs across the country as the government pushes toward universal health coverage.

He said through this proposed Bill, all private insurers that offer health insurance plans in the country will be required to offer the newly purposed Standard Health Benefit package as a minimum standard of coverage. 

Dr. Darville said in this sense, NHIA will assume the role of the insurer of last resort and will protect the poorest and most under-served communities. 

He also noted that in addition to introducing the Standard Health Benefit as the minimum standard for all health insurance plans in the country, this legislation will expand the network of providers to deliver services. 

Dr. Darville said, “But let me reassure the general public that these providers will need to meet the Authority’s high-quality standards and they will not be a part of this entire process unless they prove to be in good standing with our medical licensing agencies.”


Source

Sunday, October 16, 2022

The fight for climate change and fair climate financial support is essential to The Bahamas' survival

Bahamian Prime Minister says fighting Climate Change and fighting for fair climate financial support is essential to country’s survival


Since being elected to office on September 16, 2021, Prime Minister Davis has led discussion on Climate Change and its dire impact on Small Island Developing States, such as The Bahamas



Bahamian Prime Minister and Minister of Finance, the Hon. Philip Davis
NASSAU, The Bahamas - Fighting Climate Change and fighting for fair climate financial support are crucial to the survival of The Bahamas, according to Prime Minister and Minister of Finance, the Hon. Philip Davis.

He made the statement during his first National Address, delivered Tuesday, October 11, 2022 in a live broadcast heard around the country.

In the 36-page document, the prime minister shared the progress of his administration so far and plans for education, food security, job readiness, health care, national security, climate change, and more measures for the way forward.

Since being elected to office on September 16, 2021, Prime Minister Davis has led discussion on Climate Change and its dire impact on Small Island Developing States, such as The Bahamas. He also called for financial support in dealing with this impact; and in his remarks he described how Carbon Credits can play a positive role in mitigating this dilemma.

Prime Minister Davis noted that the building of coalitions to have a more unified and powerful say on the world stage is most effective in delivering a clear message.

However, as momentum gathers, The Bahamas must speak up, take matters into its own hands, he said: one important measure in garnering climate financial support is to introduce new legislation for carbon credits -- an early priority in the first year of his administration.

“Because the threats posed by Climate Change are now widely acknowledged to be serious and imminent, countries and corporations are making a transition from carbon-emitting fossil fuels to renewable energy sources like solar and wind.

“But it’s going to require a massive and very expensive change to energy infrastructure, all over the world; so it won’t happen overnight.

During the transition, our existing energy systems will continue to push carbon dioxide into the atmosphere,” the prime minister said.

He also observed that many countries and companies are required to compensate for those emissions by buying carbon credits. Carbon credits are a way to pay the planet back for the harm caused by those continuing emissions.

“What we in The Bahamas are now doing is working to become the first in the world to sell blue carbon credits.


We have been working with top scientists to map and verify our mangroves and seagrass meadows, so that we can begin trading carbon credits.

“So, we are innovating in a way that is going to protect our environment, and bring in what we believe will become a very important source of revenue for The Bahamas,” the prime minister said.

Last week, the International Monetary Fund (IMF) while downgrading the Bahamian economy, also cited that it is vulnerable to climate shocks that are likely to come with increasing frequency and intensity.

“So, when they look at our country, they are pricing in a high probability of future Hurricane Dorians – and saying, essentially, that they believe we have a worse outlook than other countries who have similar economic and fiscal situations, but less climate risk,” the prime minister said.

He added, “Now you understand why I spend so much time and energy on the issue of Climate Change…. Fighting climate change, and fighting for fair climate finance, is central to our country’s ability to thrive.

“Actually, it’s central to our country’s ability to survive. That’s why we call it an existential threat.” The prime minister deemed it important for The Bahamas to lead the way in this activism.

Hence, it’s why he hosted regional leaders to the first-of-its-kind conference in Nassau recently, to present a stronger voice in the upcoming COP27 – the UN Climate Change Conference, November 2022, in Egypt.

“A lot of important decisions will be made then about how to compensate countries like ours for our climate debt and risks,” he said.

He noted that The Bahamas has contributed only the tiniest percentage of the world’s global emissions, yet it is on the frontline -- consistently rated as one of the countries most at risk.

“The wealthiest countries on earth have become so wealthy by using oil, gas and coal to produce energy and power; their industrialization, and these fossil fuel emissions pump massive amounts of carbon dioxide into the atmosphere.

All that carbon dioxide in the atmosphere traps more of the sun’s rays, heating up our planet. And that warming is having all kinds of climate effects – including rising sea levels and more intense hurricanes,” the prime minister said.

He concluded: “I don’t want our country to be forever trapped by this cycle of destruction, tragedy, and debt. That’s why we’re fighting for change.”

October 12, 2022

Saturday, October 15, 2022

The government of the Bahamas is staunchly committed to doing all it can to implement effective disaster prevention measures

Few can provide a better firsthand account of the toll that natural, biological, and other climate-driven hazards have on small island nations like The Bahamas


Global climate change is precipitating major shifts in weather patterns and setting the context for a world rife with unpredictable storm activity


REMARKS TO THE DISASTER RISK REDUCTION SUMMIT, 2022 - BY BAHAMIAN PRIME MINISTER HON. PHILIP E. DAVIS KC, MP 

CONVENTION CENTER BAHA MAR RESORT CABLE BEACH 13 OCTOBER 2022  


Ladies and Gentlemen:  


Global Climate Change and warming
We know about Disaster.  We know what it is like to live in a world where every year, we brace ourselves for possible catastrophe.  We know all too well the utter devastation a hurricane can bring to our shores. 

On September 1st 2019, a devastatingly unprecedented Category Five hurricane made landfall in Abaco and then Grand Bahama.  That was a terror the likes of which we’d never seen before. 

Hurricane Dorian was, by all accounts, a freak hurricane—a product of an ever-warming planet.  Global climate change is precipitating major shifts in weather patterns and setting the context for a world rife with unpredictable storm activity.  It is us, low lying island nations across the hurricane, tornado and typhoon belt of the Atlantic and Pacific Oceans who are most vulnerable. 

Few can provide a better firsthand account of the toll that natural, biological, and other climate-driven hazards have on small island nations like The Bahamas.  Hurricane Dorian took many lives, and nearly decimated Abaco’s economy. 

Our entire world reeled in the aftermath.  If this were not enough, we were then confronted with Covid 19, the worst respiratory illness pandemic the world has seen since 1918.  We have suffered. 

We had two trying years of economic setback and social hardship on the heels of these major crises.  The United Nations General Assembly has declared today, October 13, the International Day for Disaster Risk reduction. 

Initiatives like this are crucial to advancing the charge for a world where extreme loss and tragedy are tempered and mitigated by implementing innovative response strategies and early warning measures.  Today, on this International Day of Disaster Risk Reduction, we highlight the commitment and collective action of not only the Bahamian people, but of many countries worldwide in reducing devastation, loss of life, and economic setbacks resulting from disasters. 

We are not alone in facing these challenges.  Our friends, family, partners, and colleagues around the world face similar challenges.  This rings especially true for our friends and partners from the University of Hawaii’s Pacific Disaster Center (PDC) who have been by our side and on the ground to support responses to Hurricanes Dorian, Joaquin, and Matthew. 

Faced with similar challenges, The Bahamas and PDC are looking beyond reactionary measures to forge novel ways of thinking and doing in response to disaster.  To this end, today we will sign an MOU between the University of The Bahamas and the University of Hawaii. 

We have also recently completed a National Disaster Preparedness Baseline Assessment (NDPBA) in partnership with the PDC.  The national baseline assessment provides a localized, detailed assessment of risk for each of the Family Islands. 

It offers fresh insights to help meet the critical needs of each island and bolster our comprehensive national strategy for disaster management and mitigation.  PDC’s national baseline assessment program is not merely recognized by the Bahamian government, but internationally by the United Nations and received first place in the Sasakawa Award for Disaster Risk Reduction earlier this year. 

The program provides a global model for translating complex risk information into meaningful disaster management policy, planning, and action.  These efforts support our Blueprint for Change, which details aggressive actions to kick start transformation in our economy and the way we recover and rebuild. 

We are especially concerned with securing a sustainable, dignified and resilient future for all.  The partnership between University of The Bahamas and the University of Hawaii will allow us to undertake joint scientific research between our institutions to promote sustainable solutions to help our island states better adapt to the impending crisis we both face. 

Climate change is a slow onset mega disaster that threatens the entire globe and it requires a scientific foundation of knowledge to ensure that policy and actions are rooted in evidence.  We can no longer afford to view ourselves in isolation from others, or act without reliable information. 

We must work together across national borders to create a common scientific foundation, to maximize our collective efforts to build safer, more resilient communities.  The Bahamas is proud to be at the frontier of this scientific approach with the University of Hawaii and PDC. 

We aim for this work to benefit not only our island states, but all nations around the globe.  Hurricane Dorian put us to the test—we faced that monstrous storm and suffered terribly. 

In our little island country, we say: When you know better—do better.  The government of the Bahamas is staunchly committed to doing all it can to implement effective disaster prevention measures and we are thankful to our partners at the PDC for their willingness and enthusiasm toward the same.  Thank you.

Source  

Thursday, September 22, 2022

The Bahamas is one of the most difficult places for its own citizens to do business or become entrepreneurs!

An Open Note To The Bahamas Prime Minister, The Hon. Philip Davis


As The Bahamas prepares to celebrate fifty (50) years as an “independent” country, one is left to ponder if we have truly made any real strides towards economic prosperity


As this is our country Mr. Prime Minister, then we the people should have more of a stake in it. As Voltaire said, “A multitude of laws in a country is like is a great number of physicians, a sign of weakness and malady.”



"The Way Forward"


By: Dr Kevin Turnquest Alcena
LLB (Hon-1st Cl.), LLM (Hon-1st Cl.)
PhD in Economics / Ph.D. in Clinical Psychology
Ph.D. in Public Health / PhD in Herbal and Holistic Medicine
Titular Professor
Lawyer & Fellow—CILEx; ACIArb; & Snr. Fellow–AMLA

Sept. 21, 2022


Bahamian Nation
Great Economist, Adam Smith said, “A nation is not made wealthy by the childish accumulation of shiny metals, but is enriched by the economic prosperity of its people.” Well if the wealth of a country is incumbent upon the state of its economics, then Mr. Prime Minister - The Bahamas and its leaders have been “…weighed in the balances, and art found wanting” (Daniel 5:27)! As this nation prepares to celebrate fifty (50) years as an “independent” country, one is left to ponder if we have truly made any real strides towards economic prosperity.

The passing of Queen Elizabeth signified the ending of an era of which those left behind have broken through the barriers of hundreds of decades of forced tradition. The tearing down of these invisible walls and unrealistic expectations have now given the future generation’s options and choices their forefathers were forbidden to make.

However, can we as a “sovereign” nation say the same? When one considers the many archaic and draconian measures still in place that hinders progression in The Bahamas, are we really moving forward? Or are we stuck in decades of false traditions and mental slavery that keeps us in cycles of poverty rather than prosperity?

If Smith’s idea of economic prosperity is to be believed, then where is our wealth Mr. Prime Minister?

Do not get me wrong sir - this is not an indictment on you per se, but rather a question for all of those that have made themselves available to represent the public.

Granted Mr. Prime Minister, The Right Honorable Philip “Brave” Davis, you have made excellent headway in trying to transition this country through a pandemic and into recovery, as well as aiming to improve the social and economic status of the less fortunate. There are still some key areas that need immediate attention and with the right team of advisors I do not doubt some of these issues can be resolved.

Firstly, let’s take a look at the issue of Bahamians helping Bahamians. The Bahamas is one of the most difficult places for its own citizens to do business or become entrepreneurs! The process at Inland Revenue itself is nonsensical. It’s almost completely automated, which makes it difficult to speak to someone on the phone or even in person. What’s the point of having a building full of people if you cannot speak to anyone?

Moreover, if the system has been automated, why is the turnaround time so long? Furthermore, you are required to fill out the application for all agencies on one website, yet, we still have to wait for each of these agencies to separately respond, especially Environmental Health and Ministry of Works!

May I suggest that if one agency is used to fill out the application, then the system should be digitized so that all agencies can tap into a central portal that will allow all relevant parties to receive a notification of when requests come in, and they can begin working on them simultaneously so that the response time and confusion are drastically diminished!

Another issue with doing business in this country is the bureaucracy and the ridiculous criterion of having a “letter of good standing” from N.I.B. If this institution is supposed to have an entire unit dedicated to ensuring that employers are paying their contributions, why then is this letter necessary? If the personnel hired for this task are doing their jobs by prosecuting those who are not meeting their obligations - then this procedure can be quelled.

As this is our country Mr. Prime Minister, then we the people should have more of a stake in it. As Voltaire said, “A multitude of laws in a country is like is a great number of physicians, a sign of weakness and malady.”

Secondly, the government needs to devise a national plan to eradicate illiteracy and the decreasing national average. Social promotion has and still does not help in meeting the needs of our children.

There are over 5,000 students leaving school every year in this country with less than 20% attending college. So, what happens to the other 80%? What prospects do they have if they cannot meet the basic needs of reading and writing? Stephen Covey said one of the “Habits of Highly Effective Leaders” is being innovative.

It is imperative that technical schools be erected to help those that cannot comprehend or pass ten (10) academic subjects. Jamaica, for example has fourteen (14) Technical Schools and two (2) Agriculture schools, which means they are even training their students to feed themselves and their families.

If our brothers and sisters in the Caribbean understand the importance of alternative education, why haven’t we? The government should take a note out of Haiti’s book - in that it has asked Cuba to assist them with their illiteracy problem.

The Human Resource of our country is the most critical part of any nation because we are a service based economy. Another alternative to alleviating the educational problem could be the introduction of a National Service. This would assist those males and females between the ages of 17-21 who are delinquent and continue to be a menace to society, but are not old enough to be placed in Fox Hill Prison.

The programs in place are not helping and only making these young people aggressive and unproductive citizens of society. Something must be done, and the usage of the old Victorian system has already set our kids up for failure. “Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing it is stupid” (Albert Einstein).

Thirdly, as I have said many times before, the national debt dilemma truly needs to be addressed. A national plan begins with having the right set of people in place that can not only give advice, but wise counsel. Proverbs 11:14 says, “Where no counsel is, the people fall: but in the multitude of counsellors, there is safety.”

Mr. Prime Minster, wise counsel can keep you and this country from destruction. Simply appointing people to this post or this position does not expand knowledge or make for a great plan. There is no economic think tank or advisory board that can steer this country in the way forward.

We need persons with international connections that can help the country with debt management, and transition to a position of prosperity. Stephen Covey said, “Make time for planning; wars are won in the general’s tent.”

We are continuing the same old structure of bringing back and allowing bureaucrats to dictate or give advice on the way forward. We are looking to you for a paradigm shift in how we do business in this country, because at present - we are digressing.

We see a cycle of people repositioning themselves over and over again; the former this one or that one, and all at the expense of the taxpayer’s money.

The Opposition Leader suggested a good recourse for decreasing our debt; that being allowing Bahamians to buy bonds into our debt. This alternative makes good economic sense and is innovative. The old anachronistic structure at Central Bank needs to be change and rid ourselves of some of these committees. The country is too small and too deep in debt to continue down this path.

Recently, there have been some Bahamians who have decided to open a council in Miami and become digital nomads. This is because the taxes here are too high and defeats the purpose of trying to improve one’s social economic status.

How are we going to help the 49,000 people that is out of work with the existing structure in place? We need to deregulate the country, and allow for ease of doing business for both Bahamians and foreigners.

N.I.B. should be privatized before it goes broke from all the borrowing and mismanagement of money that takes place.

Another ingenious idea to assist in ridding us of this national debt is the implementation of a National Lottery. We have the knowledge and people with the ability and connections to direct the leaders on how to go about doing this. A National Lottery can aid in supplementing Social Services, Education and Youth and Sports, because as it stands - we have no monies to overhaul these ministries.

Also, looking at a Public Service Reform and reducing the public service by at least 20,000 as we can no longer maintain it - will be a big step in moving in the right direction.

In concluding, Matthew 20:26 states, “…Instead, whoever wants to become great among you must be your servant.” Mr. Prime Minister, as a great leader - you are called to serve the people and to do so, you must meet the people where they are at.

Progression requires change, and it must begin with those who have taken a step forward and chosen to lead those they are in authority over. Many are still struggling to get by and need help in getting to their destination.

It’s time to be more than just innovative, but think outside the box; time for something new. As Barak Obama said, “Change will not come if we wait for some other person, or if we wait for some other time. We are the ones we've been waiting for. We are the change that we seek.”

Saturday, September 17, 2022

My Take on the Marital Rape Bill

The Marital Rape Bill is a Serious Attack on The Holy Institution of Marriage


By Dennis Dames


The Marital Rape Debate in The Bahamas
The Martial Rape Bill is what King Solomon would refer to as: madness and folly, and a
chase after the wind.


It will, if passed, create more problems than it solves – in my view. For one, it will kill the sacred institution of marriage instantly - as who is the sensible man who would want to get married under
such a wicked law?


Sweethearts and ladies of the night are delighted about this situation- no doubt. Their standard of
living will improve dramatically with the a passage of a Marital Rape Bill. 


God is not pleased!

Sunday, September 4, 2022

The Official Opposition, Free National Movement (FNM) party is in political upheaval

Inside troublemakers who support the return of the former FNM party leader, Dr. Minnis are apparently trying feverishly/violently to frustrate the leadership of one Michael Pintard


Dr. Hubert Alexander Minnis is the seemingly bitter former FNM party leader who refuses to "Get Lost!"



Leadership challenges faced by Pintard historically infamous


By Fred Sturrup | GB News Editor | sturrup1504@gmail.com


Pintard and Minnis of The FNM
Recently during a high level meeting arranged by the Official Opposition in the Commonwealth of The Bahamas, the Free National Movement, reportedly there was contention.  The situation boiled over into an embarrassing, brutal physical altercation that left a noted party supporter seriously injured.  Eye witnesses informed that he was savagely put upon by a fellow strong FNM proponent, who has differing views regarding Dr. Hubert Alexander Minnis who led the party to defeat last September.

The Hon. Michael Pintard is the sitting leader of the FNM.  He attained such status in a democratic fashion, decisively.  Dr. Minnis is the seemingly bitter former leader, who did not offer himself for the role when Pintard disposed of several others through the “in order” convention voting process.

As I pointed out in an earlier opinion piece it doesn’t appear that Dr. Minnis is going away.  The view here is that he continues to grandstand, is not really respectful of Leader Pintard, and there is, accordingly,  this emotional spillover to his supporters.  Thus the FNM party is in deep crisis.  Pintard’s leadership is being assailed.

This is unfair and unprecedented in Bahamian politics.

This atrocious scenario never came about before because politicians and their followers of the past, though many of them were strong-minded, their characters did not lend themselves to violence against each other. 

The country’s first political party, the Progressive Liberal Party (PLP) saw the leadership pass from Henry Milton Taylor to Lynden Oscar Pindling.  Taylor and a few others were bitter about the new kids on the block taking over, but there was not much of a thought of challenging the new order.

After Pindling’s 30-plus years of leadership, Perry Gladstone Christie emerged as leader.  There was the expected resentment and disappointment felt by those who preferred Dr. Bernard Nottage, but the party moved on handsomely.  Christie delayed his time in PLP leadership, by failing to live up to his own reported time table to demit office. However, present PLP Leader and Prime Minister Philip “Brave” Davis bided his time, and look where he is today!

The second political party in the country which produced the first government, the United Bahamian Party, had a very smooth transition from the longtime leader Sir Roland Symonette  era to Sir Jeffery Johnstone.

The FNM itself,  went through many changes, in true democratic fashion, never burdened by anything such as inside troublemakers, apparently trying feverishly/violently to frustrate the leadership of one Michael Pintard.

This is not right.  Let the man do his job in peace. 

From Sir Cecil Wallace to Sir Kendal Isaacs and back to Sir Cecil; to the three-time prime minister Hubert Alexander Ingraham; to Dr. Minnis; with interim leaders in place such as John Henry Bostwick, Cyril Tynes, and Tommy Turnquest; the FNM never faced anything even close to the present debacle.

It is therefore incumbent upon Pintard and the others within the FNM who have rationale, to immediately put the house in order.

Source 

Monday, August 15, 2022

Bank Report: Small firms in five Caribbean economies surveyed - reported high financing costs as a more significant barrier to business than larger firms

IDB Report: Better Access to Financing for Firms Could Drive Growth and Jobs in Caribbean


Bank Financing and Small Businesses in The Caribbean
A new report from the Inter-American Development Bank (IDB) and IDB Invest recommends Caribbean countries focus on overcoming obstacles to financial access and inclusion for businesses, because having more developed and inclusive financial systems could increase growth and reduce poverty and income inequality.

The report Finance for Firms: Options for Improving Access and Inclusion emphasizes the important link between deeper and more accessible financial systems, and faster and more inclusive economic development.  The publication compares financial systems of six Caribbean countries—The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago—to others from across the world.  It also assesses results of enterprise surveys in 2014 and 2020 to identify key financing challenges faced by firms, including small enterprises, and those that are owned or operated by women.

The report finds that firms across the Caribbean face outsized challenges, particularly when compared to global peers.  It also finds that the COVID-19 crisis appears to have further constrained access to financing, that smaller firms seem to face more significant hurdles than larger ones, and that businesses owned and/or operated by women face more severe challenges than others.  These challenges companies encounter include high borrowing costs, burdensome collateral requirements, inadequate funding mechanisms, and complex application procedures.

In 2020, 76% of firms in Suriname and 72% of firms Barbados reported that issues such as significant collateral requirements posed major or very severe obstacles to their performance and ability to do business, up from 22% and 35%, respectively, in 2014.

Meanwhile, in 2020, small firms in five of the six economies surveyed reported high financing costs as a more significant barrier to business than larger firms.

Surveys also suggest that women-owned or -operated firms (WOFs) face more significant financial constraints than other firms, with an average of about two-thirds of these enterprises reporting access to financing as a major or severe obstacle.

“It is key for the public and private sector in Caribbean countries to collaborate so entrepreneurs can better finance their ambitions to grow their businesses,” said David Rosenblatt, Regional Economic Advisor for the IDB’s Caribbean Department.  “This is important for strengthening the ongoing economic recovery, in the near-term, and improving growth prospects for the future.

The authors proposed several priorities, including ensuring macroeconomic stability and policy prudence, improving the availability of credit information, and promoting credit sector competition, among others.

Finance for Firms: Options for Improving Access and Inclusion is part of the IDB’s Caribbean Economics Quarterly series. In addition, it has country-specific sections for The Bahamas, Barbados, Guyana, Jamaica Suriname, Trinidad and Tobago.

This report is in line with the SMEs, gender and inclusion pillars of Vision 2025 – Reinvesting in the Americas the IDB’s roadmap to economic recovery and inclusive growth in Latin America and the Caribbean.


Source

Thursday, August 4, 2022

REPORT: San Salvador Island tourism-based island economy is constantly under threat of climate change impacts such as submergence of coral reefs, flooding of coastal lowlands, loss of marine and terrestrial biodiversity, and destruction of cultural heritage sites

The Economics of Climate Change Adaptation and Ecosystem Services in The Bahamas


 

Lessons from San Salvador Island



From IDB


Climate Change Impact Bahamas
San Salvador island in The Bahamas is highly vulnerable to climate change impacts due to its limited land space, fragile ecosystems, population and assets exposure, limited human and technological capacity, and susceptibility to the vagaries of international trade and exogenous economic shocks.  


Higher temperatures, sea-level rise, and coastal flooding linked to extreme weather events are expected to impact crucial ecosystems such as coral reefs, and assets from the tourism sector, especially from the cultural, historical, and environmental heritage. 

This report provides a qualitative and quantitative assessment of the potential impacts of climate change on the economy and ecosystems to provide stakeholders with updated inputs for improved decision-making. 

First, the report presents an Economics of Climate Adaptation (ECA) assessment to identify and analyze the main impacts of climate change, estimate potential economic losses, and propose adaptation measures to improve the island's resilience. 

Second, it presents an Ecosystem-Based Service (EBS) assessment to identify the main ecosystems of the island, evaluate the services they provide, and determine their contribution to the economy of San Salvador.


Monday, July 25, 2022

It is possible to substantially improve the quality of education for all while focusing on the students who need it the most

All members of society benefit from improving the educational outcomes of all of our children


Does  Educational  Support  for  Struggling  Students  Also  Benefit  High Achievers?

From Research Insights - IDB


Education for all children is the absolutely correct thing to aspire for
What  effect  did  improving  low-achieving  students’   literacy   skills   have   on   their   higher- achieving  classmates?  We  investigated  the  relationship  between  the  performance  of  high  and low  achievers  and  found  that  the  test  scores of higher-achieving  students  negatively  correlated with the share of low achievers in their classroom.  Figure  1  plots  the  relationship  between  end-of- the-year literacy and math scores of non-eligible students  and  the  share  of  low  achievers  before the intervention, in the control schools only. 


We compared the test scores of higher-achieving students  after  one  academic  year,  finding  substantially greater achievement across the board in treated  schools - compared  to  control  schools.  In treatment schools where there were tutoring activities,  higher-achieving  students  outperformed similar  students  in  control  schools  by  0.108  of  a standard deviation. This coefficient is sizable and represents  roughly  30  percent  of  the  treatment effect  on  the  eligible  students  (low  achievers).  For  both  literacy  and  math,  average  achievement decreases monotonically with the share of low-achieving students. 


We also estimated the effect of peers’ contemporaneous  outcomes  on  high  achievers  and  found strong evidence of peer effects on academic outcomes.  Our  results  imply  that  a  one-standard- deviation  increase  in  peers’  contemporaneous test scores increases individual reading scores by 0.679 of a standard deviation.


Quality learning and education for every child of the world
To  address  whether  these  changes  were  due  to direct  (non-peer)  or  indirect  (peer)  treatment effects,  we  ruled  out  alternative  mechanisms coming  from  a  reduction  in  class  size.  Additionally,  we  did  not  find  evidence  that  teachers changed their effort or teaching practices.  Rather, we  found  suggestive  evidence  that  some  of  the effect  might  be  due  to  a  reduction  in  students’ misbehavior.  Finally, the effects were stronger in classes  where  eligible  (low  achiever)  peers  improved the most, consistent with direct peer-to- peer learning interactions.


POLICY IMPLICATIONS 

Our findings suggest that policies looking to support the bottom of the achievement distribution have  the  potential  to  generate  social-multiplier effects for all students, providing a strong rationale that underscores why all members of society can benefit from improving the educational outcomes of only some.  It is possible to substantially improve the quality of education for all while focusing on the students who need it the most.    


Source/Full Report

Monday, July 18, 2022

Economist Herman Daly says, In ecological economics, we’ve tried to make a distinction between development and growth

"... When something grows, it gets bigger physically by accretion or assimilation of material. When something develops, it gets better in a qualitative sense."


FROM THE BEGINNING OF MY CAREER AS AN ECONOMIST, I REJECTED THE DIVIDE BETWEEN GROWTH AND DEVELOPMENT AS BEING MEANINGFUL!


By Professor Gilbert Morris


As I wrote in my final Economics paper so long ago: ”All development includes growth or its prospects. But not all growth is development: and our concerns should be to foster development”.

Economist Herman Daly on the distinction between development and growth
Now here is Herman Daly
- an economist who pioneered development over growth, along with our own Sir Arthur Lewis, for different reasons - now making headlines at last for these concepts, toward which intelligence, commonsense and our needs should have directed us long ago against Western/IMF orthodoxy.

QUOTING DALY:

"Mainstream economists don’t have any answer to that to the growth redundancy. The reason they don’t have any answer to that is that they don’t measure costs. They only measure benefits. That’s what G.D.P. is."

"In ecological economics, we’ve tried to make a distinction between development and growth. When something grows, it gets bigger physically by accretion or assimilation of material. When something develops, it gets better in a qualitative sense."

"What I call the empty world was full of natural resources that had not been exploited. What I call the full world is now full of people that exploit those resources, and it is empty of the resources that have been depleted and the spaces that have been polluted."

"globalism versus internationalism. Globalism says to erase national boundaries. Let’s have one global system that we manage globally. Internationalism says national boundaries are important, but they’re not the ultimate thing…”.

"Earth is not expanding. We don’t get new materials, and we don’t export stuff to space. So you have a steady-state Earth, and if you don’t recognize that, well, there’s an education problem."