Thursday, November 7, 2024

Climate, Trade and Cultural Diplomacy

The Bahamas Prime Minister, The Hon. Philip Davis’ Keynote Address at the 10th Annual Diplomatic Week on “Climate, Trade and Cultural Diplomacy”



Parliamentary Colleagues, Ambassadors, Heads of Mission, Ladies and Gentlemen...


Philip Davis
“We wish to live in peace; we wish to satisfy the needs, both spiritual and physical, of our own people; we wish to be neither dominated nor coerced, and we wish to create a society built on the sound foundation of constitutional authority.”


These are the words of Sir Lynden Pindling, who declared to the world our Bahamian vision—a vision that has not dimmed but burns brighter, guiding our steps in an era of unprecedented challenges.


Our aspirations remain unchanged: to stand as a free nation, bound by neither fear nor force, to govern ourselves and prosper in the embrace of justice and peace.


Yet today, as climate change threatens our shores, our very sovereignty hangs in balance.  For us, climate change is no distant concern, no matter for future generations alone; it is the here and now, an ever-rising tide that threatens to wash away the home Sir Lynden spoke of so fervently.


In the struggle for climate justice, The Bahamas stands as a voice for the vulnerable, a champion of those who, like us, seek only to secure the lives and futures of our people.  We fight for a world where those responsible for this crisis answer for the loss and damages felt by those who contributed least to its cause.


Thus, we turn to the law, seeking justice from the very courts that stand as guardians of humanity’s conscience.


The International Court of Justice is now poised to deliver an advisory opinion on climate change—a ruling that we believe will echo across borders and demand accountability.


This is not about treaties and pledges; it is about moral reckoning, an acknowledgment that those who have sown the seeds of destruction must also reap the responsibility to repair.


For too long, our islands and countless others have borne the burden of “loss and damage” inflicted by climate change: land eroded, homes destroyed, livelihoods swept away in storms more violent, more frequent than any our ancestors could have foreseen.


The loss is not only material but spiritual—a threat to our culture, our heritage, and our identity as a people of the sea.


We seek not charity but justice—a clear and binding recognition that those who have profited from the destruction of our world must also contribute to its healing.


And here lies the power and purpose of diplomacy.  In every hall of power, every forum, we carry the voices of our people and the stories of our shores.  Diplomacy is our shield and our voice—a way to remind the world that we may be small, but our challenges are universal.


As ambassadors, you are called not only to advocate but to educate—to speak plainly of the impacts we face, and to rally the world toward action.


Our diplomats stand not merely as representatives of The Bahamas but as advocates of all who stand to lose everything from inaction.


To our diplomatic corps, I say this: your work is not only to bridge our borders but to defend the dignity and future of our nation.  In you, the Bahamian people see their hopes carried forth, their challenges made known, and their voices amplified.


Through diplomacy, we insist that The Bahamas and all small island nations shall not be mere bystanders but leaders in crafting a sustainable and equitable future.


Let it be known: The Bahamas will not be a silent spectator in this struggle.  We are neither large in land nor in might, but we are bound by an unyielding resolve.  We will wield the law as our shield and justice as our sword, joining hands with other nations who refuse to be casualties of indifference.


For the duty to protect this world is one we all share, but the responsibility lies heaviest on those who have brought it to the edge.


In addressing trade, we must be candid: The Bahamas has, for too long, relied on a narrow set of industries to fuel our economy.  While these sectors have served us well, the time has come to diversify and strengthen our economic foundations.  Trade is not just a matter of economic theory; it is about creating real, sustainable opportunities that can withstand the storms of global uncertainty.


Our commitment to diversifying trade is not a singular ambition; it is a necessity.  The Office of the Prime Minister has taken this challenge on with a comprehensive approach, fully aware that a resilient Bahamas must be one that taps into the potential of all its industries and regions.


This strategy demands intentional efforts to develop our trade policy, empower our entrepreneurs, and streamline systems that invite and retain investment.  Our work aims to open new pathways for Bahamian businesses, whether through export, manufacturing, or tech-driven enterprise.


In this endeavour, we owe a great debt of gratitude to the National Trade Commission, whose dedication and expertise have been instrumental in crafting a trade policy that aligns with our national vision.  They have worked tirelessly to evaluate trade agreements, recommend best practices, and advocate for trade policies that put Bahamians first.


Their leadership has brought clarity to our objectives and direction to our path forward.


Through the National Trade Policy and Vision 2040, we are paving the way for trade to be inclusive and transformative, driving both local economic growth and foreign partnerships.  We are identifying markets, building capacity, and dismantling the structural barriers that have kept our economy anchored in a narrow space.


This includes efforts to expand Freeport as a free trade zone, foster export-oriented industries, and strategically reduce tariffs to make Bahamian products more competitive abroad.


To our foreign service representatives, your role is crucial.


The relationships you build and the investments you help secure are integral to diversifying and sustaining building a bridge to a more resilient Bahamas—one where our people can thrive across industries, not just in a select few.


Your work ensures that The Bahamas is seen not only as a paradise for visitors, but as a reliable and innovative partner for businesses worldwide.


As we look toward Freeport and other emerging trade zones, we see a vision where Bahamian ports become bustling hubs of international commerce, where local businesses and foreign investors alike benefit from our strategic location.


We envision an economy that is more than resilient; it is adaptive, sustainable, and inclusive, offering prosperity and security for all Bahamians.


The future of our trade must reflect the strength and diversity of our people.  It is a future in which Bahamian goods, ideas, and services reach global markets, lifting our economy from within.


And it is through our commitment to reform and the work of our trade representatives and the National Trade Commission that we are setting this course.


In this spirit, we remain focused on creating an economic environment that does more than sustain—it elevates.  We move forward with a deep resolve to build a Bahamas that is open to the world, ready to grow, and prepared to stand shoulder-to-shoulder with the global community.


Today, we meet as partners and allies, here to advance a shared understanding of The Bahamas’ foreign policy priorities across key regions and pressing global issues.


Your presence underscores the significance of our collective mission in building alliances grounded in mutual respect, stability, and long-term cooperation.


In the Middle East, The Bahamas is establishing an office in the United Arab Emirates to lay the groundwork for strategic economic cooperation.  Through agreements on asset protection, tax frameworks, and trade facilitation, we aim to position The Bahamas as a reliable partner for mutual investment and growth with the region.


We recognize China’s ongoing support in infrastructure, education, and healthcare, which has played a central role in advancing our nation’s capacity to meet the demands of a modern, diversified economy.


Similarly, we extend our thanks to the United States, a critical partner whose investments in our security, healthcare, educational systems, and climate resilience initiatives have significantly contributed to our stability and growth.


We value the sustained commitment of the United States in these areas and look forward to deepening our collaboration on both the economic and security front.


We are pleased to announce the opening of the Consulate General in Jamaica, where we welcome Akveta Knight, and in Port of Spain, where Dr. Monica Davis joins us to further our outreach.


In the United States, we welcome Joy Newbold as Consul General in Los Angeles, enhancing our representation on the West Coast.  In Canada, we honour the legacy of the late Al Dillette, who established our office in Toronto, and we welcome Melanie Griffin as his successor.


In Africa and the Middle East, our foreign policy is focused on partnerships that drive economic, technological, and political collaboration.


The Bahamas will expand its diplomatic presence on the African continent, recognizing the value of stronger ties in trade, technology, and development.


By establishing a formal presence in Africa, we aim to build enduring partnerships that are rooted in mutual benefit and long-term cooperation.


We view these relationships as vital to achieving South-South growth, with outcomes that include expanded trade, investment, and educational opportunities.


By strengthening these bonds, we are positioning The Bahamas to address shared challenges and foster sustainable development.


We remain committed to the process of reparatory justice, recognizing the responsibility to address the enduring impact of slavery.


Recent discussions with the British Commonwealth at CHOGM have underscored the importance of this process, and we urge the international community to support these efforts as we work toward meaningful progress in achieving justice.


Furthermore, The Bahamas is seeking a non-permanent seat on the United Nations Security Council for the 2032-2033 term.  As we prepare for the vote in 2031, Our aim is to bring the perspective of small island nations to the Council, advocating for peace, security, and climate resilience.


Friends,


The Bahamas reaffirms its allegiance to CARICOM, a bond forged not in geography but in shared spirit and purpose.


In the face of a world often swayed by power and wealth, we stand together as the Caribbean, a chorus of sovereign voices calling for dignity, justice, and resilience.  United, we are greater than the sum of our islands, a force that will not be silenced nor dismissed.


And to our neighbours in Cuba, we agree the time for embargoes has passed.  The shackles that hold back free exchange must be lifted, for they serve only to hinder progress and prosperity in our shared sea.


We call upon the world to remove this barrier, to allow Cuba the dignity of engagement and the promise of opportunity.  Let our waters flow with trade, ideas, and friendship, for only through connection shall our region thrive.


To Haiti, our hearts and our hopes extend.  We do not view her struggles from afar but feel them close, like the pulse of the Caribbean tide.  We are bound by kinship and by duty, and The Bahamas stands ready to support Haiti’s path to stability and peace.


Yet, we believe that the foundation of that peace must be laid by Haitian hands, led by Haitian voices, and sustained by Haitian will.  We shall not falter in our support, for we know that the strength of one island fortifies the strength of all.


Beyond these shores, The Bahamas casts its lot with the Global South, a fellowship of nations bound not by wealth but by shared vision.


We seek a world in which each nation’s voice is a note in a global symphony, where equity guides trade, where justice leads climate action, and where the needs of the many eclipse the ambitions of the few.  The Global South, though often marginalized, will rise, its concerns resonating in halls of power where they can no longer be ignored.


Friends,


The Bahamas is focused on strengthening diplomatic relationships with the South Pacific, a region with which we share the unique challenges of small island states.


Together, we face pressing issues like climate resilience, sustainable development, and ocean preservation.


By building closer ties with South Pacific nations, The Bahamas aims to enhance cooperation in these critical areas, fostering partnerships that will support both our immediate needs and our long-term stability.


The Bahamas will be seeking the support of our international partners next year for our candidature to the International Maritime Organization (IMO).


As a small island state with a strong commitment to sustainable maritime practices, we bring an important perspective on issues like maritime security and ocean conservation.


Our goal at the IMO is to advocate for policies that serve the interests of all coastal nations, ensuring that ocean resources are managed responsibly and sustainably.  We look forward to engaging with our allies on this important initiative.


We look forward to strengthening our partnerships with each of you and to forging new pathways that enhance our shared goals and reinforce the principles that unite us.


When we speak of culture, we speak of our very essence—an inheritance of strength, vision, and defiance.


We are Tavares Strachan, boldly challenging conventions, showing the world that Bahamian creativity cannot be contained.


We are Courtney C. Spears, whose movements on the stage are declarations of resilience, embodying our stories with elegance and force.


We are Buddy Hield, Jonquel Jones, and Jazz Chisholm, athletes who do not merely compete but conquer, proving that Bahamian grit and talent deserve the world’s admiration.


We are Lenny Kravitz, whose music pulses with the spirit of these islands, grounding his artistry in the Bahamian soul.


We are Amos Ferguson, a painter who brought the colours and life of our people to canvas, defining a legacy that transcends time.


And we are Jeffrey Meris, who pushes the boundaries of contemporary art, forcing the world to reckon with the depth and complexity of our culture.


These icons do not just represent us; they carry our pride, our resilience, and our power.  Through their achievements, The Bahamas proclaims to the world that we are not merely a destination but a nation rich in talent, spirit, and ambition.


In their dance, their sport, their music, and their art, they give voice to the Bahamian story—a story of triumph over adversity, of beauty rising from the sea, of dreams that know no borders.


We export more than culture; we export conviction.  We stand before the world and say, “This is The Bahamas: a nation unafraid to rise, unafraid to lead, and unafraid to demand its place on the world stage.”


Our cultural ambassadors do https://opm.gov.bs/prime-minister-davis-diplomatic-week-2024/not just perform—they embody our resilience, our pride, and our unwavering belief in who we are.


In closing, let it be known that The Bahamas is a symbol, not only for our people but for all who seek justice, strength, and unity.


We are a small island nation, yet we stride with giants.  Our diplomats, our athletes, our artists—each of you carries this legacy forward, bearing the weight of our dreams and the fire of our convictions.


Together, we will shape a future where The Bahamas shines, not only as a place on the map but as a force of purpose and power. Let us leave here, guided by the same spirit that lives in each of our icons, determined to leave an indelible mark on the world.


Source


05 November, 2024

Thursday, October 17, 2024

The Bahamas Can Significantly Increase Its Property Tax Revenue By Adopting Advanced Tax Compliance Measures Targeting Foreign Property Owners

Strengthening the Tax Net: Advanced Strategies for Capturing Property Tax Revenue from Foreign Property Owners in the Bahamas, Including High-Profile Individuals

 

By Dr. Kevin J. Turnquest-Alcena 
Nassau, NP, The Bahamas

 

“Deo adjuvante, non timendum.”

“With God as My Helper, I have nothing to fear

 

Introduction


Kevin Alcena
The Bahamas has made progress in enhancing tax compliance, particularly concerning property taxes for foreign property owners.  However, enforcement challenges persist, especially with high-profile individuals such as celebrities, who often own valuable properties in the Family Islands.  By leveraging technology, automated systems, and implementing strategic legislation, the Bahamian government can further enhance its revenue collection while minimizing administrative burdens.


This article explores innovative strategies to improve tax collection from foreign property owners, with a focus on high-profile individuals, based on proven international best practices.


Current Strategies and Challenges


• Property Tax Enforcement: Foreign nationals are required to pay property taxes on their Bahamian properties.  However, enforcement remains weak, particularly in the Family Islands, due to challenges in identifying foreign owners and auditing underreported properties.


• Digitalization and Automation: Digital tax platforms have simplified the registration and payment processes for property taxes.  However, challenges persist in identifying unregistered or underreported foreign-owned properties, especially in the Family Islands where tax records are often incomplete.


Proposed Strategies for Enhanced Tax Compliance: Celebrity and High-Profile Property Owners


1. Pre-Landing Automated Tax Declaration for Foreign Property Owners and Celebrities


High-profile individuals, including celebrities, should be required to complete a digital pre-landing tax declaration before entering The Bahamas.  This system would flag property ownership and require declarations of rental or timeshare income.


Evidence-Based Approach: Countries like Australia have successfully implemented similar pre-arrival tax declaration systems, which ensure that foreign property owners fulfill their tax obligations prior to arrival.


2. Time-Share and Rental Income Verification


The Bahamas could collaborate with real estate agents, property management firms, and platforms like Airbnb to track rental and timeshare income.  The collected data could be automatically submitted to the Inland Revenue Department (IRD), cross-referenced with ownership records, and taxed appropriately.


Evidence-Based Approach: Spain has successfully partnered with short-term rental platforms like Airbnb, mandating that rental data be shared with tax authorities to ensure compliance.


3. Post-Landing Verification and Tax Payment System


Upon arrival, foreign property owners, particularly high-profile individuals, should be prompted by immigration officials to verify whether they have declared all rental or timeshare income and paid relevant property taxes.  Non-compliance should result in financial penalties and restrictions on property-related activities, such as selling or leasing.


Evidence-Based Approach: The United States' Internal Revenue Service (IRS) works with the Department of Homeland Security to track foreign investors' income earned from U.S. properties, ensuring tax compliance through cross-agency collaboration.


4. Automated Flight Plan and Property Ownership Linkage


The Bahamas could link flight plans and property ownership records to automatically detect any property associated with high-profile travelers.  This would trigger notifications for undeclared or unpaid property taxes.


Evidence-Based Approach: The UK’s HM Revenue & Customs (HMRC) uses real-time flight data to track high-net-worth individuals and ensure compliance with tax obligations related to overseas property investments.


5. Mandatory Property Code Registration and Tax Documentation


Assigning a unique Property Identification Number (PIN) to each foreign-owned property would help monitor transactions, including timeshares, rentals, and sales.  This would facilitate tracking and enforcing tax compliance for property-related activities.


Evidence-Based Approach: Canada has implemented mandatory registration of foreign-owned properties with unique property identification numbers, resulting in a significant reduction in tax evasion.


6. Collaborative Efforts with Private Jet and Yacht Charter Companies


Many high-net-worth individuals travel to The Bahamas by private jet or yacht.  The Bahamas could require private jet and yacht charter companies to share passenger data with immigration officials, which would then be cross-referenced with property ownership records.


This would trigger automated tax notifications for undeclared property income, such as rentals or timeshares.  Evidence-Based Approach: The European Union’s Passenger Name Record (PNR) Directive mandates that transportation companies share passenger data with tax authorities, ensuring that high-net-worth individuals comply with tax regulations.


7. Real-Time Rental Income Tracking and Automated Notifications


The Bahamas should partner with digital platforms like Airbnb and local property managers to implement real-time rental income tracking.  Automated systems could send notifications to foreign property owners, reminding them of their tax obligations whenever their property is rented, ensuring timely payment of taxes.


Evidence-Based Approach: The OECD has published several case studies on how governments can collaborate with digital platforms to track rental income and improve tax compliance.


Conclusion


By adopting advanced tax compliance measures targeting foreign property owners, particularly high-profile individuals, the Bahamas can significantly increase its property tax revenue. Implementing pre-landing and post-landing tax declaration systems, real-time rental income tracking, and flight data linkages will streamline tax collection and close existing loopholes.


Drawing from international best practices in countries such as Australia, Spain, and the United Kingdom, The Bahamas can create a more efficient and equitable tax system, ensuring that foreign property owners contribute fairly to the Bahamian economy.


References

1. FIRB. (2020). Foreign Investment Review Board Annual Report. Australia Government.

2. Spain’s New Tax Rules for Holiday Rentals. (2020). Spanish Property Insight.

3. IRS. (2020). Tax Guide for Foreign Investors. U.S. Government Publishing Office.

4. HMRC. (2019). High-Net-Worth Individuals Compliance Overview. United Kingdom: HM Revenue & Customs.

5. Canada Mortgage and Housing Corporation (CMHC). (2021). Foreign Ownership of Canadian Property: Trends and Compliance.

6. European Commission. (2016). Passenger Name Record Directive.

7. OECD. (2021). International Framework for the Digital Economy.  OECD Publishing.


Source

Friday, October 11, 2024

Statement From The Bahamas Foreign Ministry On Social Media Complaints of Inmate In Panama

In Panama, a foreign prisoner does not have the automatic right to transfer to their country of origin

Prisoners in Panama

There is a social media post that suggests that there has been a lack of attention to Bahamians serving sentences in Panama.  It is not the intention of the public officials of the Ministry to engage in exchanges with inmates, their friends or family members on social media on confidential consular matters.


People who are incarcerated in foreign jurisdictions and their families are necessarily stressed by their situations.  However, each complaint that reaches the ministry is investigated, properly, and objectively assessed.


We advise all citizens traveling anywhere that the government does not provide legal services.  It is up to the individual to acquire legal representation.


In Panama, a foreign prisoner does not have the automatic right to transfer to their country of origin.  Each request is considered on its individual merits after at least half of the sentence has been served.  The decision is at the option of the Panamanian government, not the Bahamian government.


The Ministry is thoroughly familiar with the inmate and we have asked a consular representative to make a visit later this month.


Be assured that the Ministry of Foreign Affairs takes the welfare of Bahamians abroad seriously.


11th October, 2024


Source

Friday, October 4, 2024

Sustainable Development and Prosperity for All Bahamians and The Posterity in The Bahamas

The Bahamas - A Nation in Crisis: A Roadmap for Economic Recovery, Debt Reduction, and National Development in The Bahamas


By Dr Kevin Turnquest-Alcena
Nassau, The Bahamas

Dr. Kevin Alcena
The Bahamas, once a leading economic force in the Caribbean, is now at a critical juncture.  The national debt has ballooned, competitiveness has waned, and global competitors, like Bermuda, have overtaken The Bahamas in key sectors such as captive insurance and financial services.  This situation poses serious risks for the nation's future stability, especially considering the lack of financial buffers to withstand natural or economic disasters.


The time for comprehensive reform is now.  The Bahamas must act decisively to address issues in immigration, inland revenue, financial regulation, and urban development, while leveraging examples from countries like Singapore, India, and Jamaica that have successfully implemented similar reforms.  Through bold and innovative measures, The Bahamas can reduce its debt, foster economic growth, and build a resilient future for all Bahamians.


1. Commendation for Inland Revenue and Insurance Sectors


The Inland Revenue Department and insurance sectors are integral to the financial stability of The Bahamas.  Their recent progress in collecting taxes and generating revenue has been commendable, but more must be done to ensure efficiency and sustainability.  The reliance on contract workers, many of whom lack adequate training, has been a challenge.  By transitioning these workers to permanent roles and providing formal training that includes a minimum C grade in Math and English, the government can create a stable and efficient workforce capable of driving tax collection efforts (Bahamas Ministry of Education, 2021).


This initiative must be paired with an increase in the minimum wage to ensure that workers are fairly compensated, thereby boosting morale and increasing consumer spending.  Such measures will help alleviate economic challenges while promoting greater stability in the workforce.


2. Addressing National Debt and Economic Competitiveness


The Bahamas faces a crippling national debt, which as of 2020, had exceeded 103% of GDP (Central Bank of The Bahamas, 2021).  If not addressed, this debt will hinder the country’s ability to invest in critical sectors like infrastructure, education, and healthcare.  Countries like Norway and the UAE have successfully mitigated such risks by creating sovereign wealth funds, which serve as financial buffers during times of crisis.  Establishing a similar fund in The Bahamas could provide a safety net in the event of natural disasters or economic downturns.


Additionally, The Bahamas must reform its financial services regulations to remain competitive on the global stage.  Bermuda’s rise as a global leader in captive insurance is a direct result of its business-friendly regulatory environment.  The Bermuda Monetary Authority has created a balanced regulatory framework that encourages innovation while maintaining compliance, thus attracting international businesses (Bermuda Monetary Authority, 2020).  The Bahamas must take similar steps to regain its competitive edge.


3. Leveraging Customs Instruments and Targeted Taxation for Revenue


To boost national revenue, The Bahamas can implement a sugar tax or similar levies on unhealthy products such as sugary drinks and fast food.  This model has been successful in New York City, where taxing sugary beverages and junk food has raised revenue and improved public health outcomes (New York City Department of Health, 2019).  Such taxes in The Bahamas would target large multinational companies, such as McDonald’s, and provide funds that can be reinvested into critical areas like healthcare, education, and sports development.


Revenue from these taxes should also be allocated toward developing youth programs, supporting social services, and funding national initiatives that promote health and well-being across the country.


4. Reforming Immigration Policies for Nation Building and Economic Development


The Bahamas’ current immigration policies are too restrictive and limit the country’s ability to attract skilled professionals, entrepreneurs, and digital nomads.  Countries like Canada and Singapore have implemented practical immigration policies that bring in skilled workers who contribute to their economies (Canadian Immigration and Citizenship, 2020).  The Bahamas should follow this model, easing immigration restrictions to attract multinational companies (MNCs) and skilled workers who can drive economic growth.


Additionally, undocumented immigrants who are currently part of a parallel economy should be brought into the formal system.  Legalizing their status would allow them to contribute to tax revenues and reduce the strain on public services, while also enhancing national security.  Immigrants are a crucial part of nation-building, and The Bahamas must capitalize on their potential to stimulate economic growth.


5. Implementing a Regulated National Lottery for Systematic Revenue Generation


A regulated national lottery could provide a valuable source of revenue for The Bahamas, funding essential sectors like sports, education, and social services.  Countries such as Barbados and the United Kingdom have used national lotteries to generate significant revenue for national development initiatives (Barbados National Lottery Report, 2020).  Implementing a similar system in The Bahamas would reduce the national debt and provide consistent funding for key public services.


By regulating the lottery, The Bahamas can ensure that funds are allocated systematically, with a focus on youth development, national sports programs, and education.  This will not only alleviate debt but also foster national pride and engagement.


6. Revamping Banking Regulations for Entrepreneurs and Business Development


The Bahamas' banking regulations are currently too restrictive, making it difficult for entrepreneurs and small businesses to access capital.  To support entrepreneurship and stimulate economic growth, the government must implement banking legislation that simplifies access to loans and financing for startups and small businesses.


Countries like India have successfully implemented banking reforms that support small and medium-sized enterprises (SMEs), which are vital to their economy.  By adopting similar reforms, The Bahamas can foster a business-friendly environment that encourages innovation and investment (Government of India, 2020).  Additionally, exchange control policies should be modernized to attract foreign direct investment (FDI), as investors are more likely to bring capital into a country where financial regulations are transparent and flexible (IMF, 2021).


7. Revitalizing Downtown Nassau and Developing Special Economic Zones (SEZs)


Downtown Nassau is in dire need of revitalization.  The area’s colonial architecture is deteriorating, and the lack of modern infrastructure has made it difficult to attract multinational corporations (MNCs) and tourists.  By redeveloping Bay Street into a modern economic hub, The Bahamas can attract global businesses and create jobs for local residents.  This redevelopment should focus on creating a dynamic space for local businesses and international companies, driving economic activity and tourism.


Additionally, The Bahamas should establish Special Economic Zones (SEZs), similar to those in Dubai and Singapore, offering tax incentives and regulatory relief to attract foreign companies and investors.  SEZs can serve as innovation hubs for technology, finance, and entrepreneurship, positioning The Bahamas as a competitive player in the global economy (Government of Singapore, 2020).


8. Strengthening the National Accreditation and Equivalency Council of The Bahamas (NACoB)


The National Accreditation and Equivalency Council of The Bahamas (NACoB) is responsible for ensuring that the country's educational institutions meet international standards.  However, NACoB requires reform to ensure that it is staffed by individuals with the necessary academic and professional qualifications to maintain ISO quality standards.


Countries like Jamaica have successfully implemented educational reforms by appointing qualified professionals to lead their accreditation bodies, ensuring that institutions are held to high standards (Government of Jamaica, 2019).  The Bahamas should adopt a similar approach to strengthen NACoB and ensure that the country's educational institutions are globally competitive.


9. Establishing Planning Commissions for Sustainable Development


The Bahamas must establish Planning Commissions modeled after those in India and Singapore to ensure long-term sustainability and development.  India’s NITI Aayog, for example, serves as a central policy think tank that drives economic growth and development (Government of India, 2020).  Similarly, Singapore’s Economic Development Board plays a crucial role in shaping the country’s economic policies, ensuring that Singapore remains competitive globally (Government of Singapore, 2020).


The Bahamas should establish independent planning commissions tasked with setting national growth targets, managing resource allocation, and evaluating the performance of government departments.  These commissions must be free from political interference and staffed by professionals who understand global best practices in policy development.


10. Conclusion: A Call for Introspection, Reform, and Nation Building


The Bahamas stands at a pivotal moment in its history.  Faced with mounting national debt, declining competitiveness, and an outdated regulatory framework, the country must undertake comprehensive reforms to secure its future.  The examples set by Singapore, India, Bermuda, and Jamaica show that transformation is possible with visionary leadership, practical policies, and a commitment to nation-building.


By reforming immigration policies, modernizing banking regulations, strengthening inland revenue, and implementing a regulated national lottery, The Bahamas can create a more competitive business environment, reduce national debt, and foster long-term economic growth.  Moreover, the revitalization of downtown Nassau and the establishment of Special Economic Zones (SEZs) will attract international businesses and generate jobs, while reforms to NACoB will ensure that the country’s educational institutions meet global standards.


This is not just about economic reform; it is about building a better future for our children, grandchildren, and generations to come.  We must look inward, evaluate our strengths and weaknesses, and implement policies that ensure sustainable development and prosperity for all Bahamians.  Through visionary leadership, investment in human capital, and a commitment to global best practices, The Bahamas can emerge stronger, more resilient, and ready to take on the challenges of the 21st century.


The journey will not be easy, but it is necessary if we are to leave behind a Bahamas that is prosperous, peaceful, and prepared for the future.  We owe it to future generations to act now—together, we can build a nation that not only thrives economically but also serves as a beacon of hope and progress for the world.


Source


References

Barbados National Lottery. (2020). Annual Report. Retrieved from https://www.barbadoslottery.com/

Bermuda Monetary Authority. (2020). Annual Report. Retrieved from https://www.bma.bm/

Canadian Immigration and Citizenship. (2020). Annual Report. Retrieved from https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/annual-report.html

Central Bank of The Bahamas. (2021). Annual Economic Review 2020. Retrieved from https://www.centralbankbahamas.com/research-publications

Government of India. (2020). About NITI Aayog. Retrieved from https://niti.gov.in/

Government of Jamaica. (2019). Education System Transformation Programme. Retrieved from https://www.moey.gov.jm/

Government of Singapore. (2020). Singapore Economic Development Board. Retrieved from https://www.edb.gov.sg/

IMF. (2021). Bahamas Staff Report. Retrieved from https://www.imf.org/external/pubs/ft/scr/2021/cr21248.pdf

New York City Department of Health. (2019). Sugary Drinks Taxation and Health. Retrieved from https://www1.nyc.gov/

Sunday, September 22, 2024

Foreign Labour versus Bahamian Labour in The Bahamas

The imbalanced Bahamian labour market in The Bahamas



Foreign Labour vs. Bahamian Labour


By Jamal Moss


Jamal Moss Bahamas
In the Bahamian labour market, a notable disparity exists between the wages and job opportunities available to foreign workers versus Bahamian nationals.  Foreign workers often occupy high-paying positions, while locals frequently find themselves in lower-paying roles or receiving significantly lower wages for similar job titles.


This imbalance can lead to economic inequality and social unrest, with Bahamians feeling marginalized in their own country.  Addressing this issue requires a multifaceted approach to ensure fair employment practices and opportunities for locals.


Possible Solutions


To address the misalignment between Bahamian labor market supply and demand, several measures can be implemented:


1. Skill Development and Training Initiatives: It is essential to develop targeted training programs that align with the qualifications needed for high-paying occupations in sectors such as tourism, finance, and technology.  By investing in skill development and certification programs, Bahamian workers can better meet the demands of these growth sectors.


2. Promoting Local Entrepreneurship: Encouraging local entrepreneurship can create more high-quality job opportunities for Bahamians.  Providing grants, low-interest loans, and business development services can support small and medium-sized enterprises (SMEs), fostering economic growth and technological advancement.  Jean-Pierre (2022) highlights the importance of such initiatives in boosting local employment and reducing social costs.


3. Policy Review and Reformation: Policies should be re-evaluated to prevent foreign labor from directly competing with local workers.  Setting parameters for the employment of Bahamians and implementing quotas for foreign workers in specific sectors can help balance the labor market.


4. Public-Private Partnerships: Developing partnerships between the government and private sector can enhance internship and apprenticeship programs.  These partnerships can provide on-the-job training for Bahamians, bridging the gap between education and employment, and improving access to better-paying jobs.


By implementing these strategies, The Bahamas can work towards creating a more equitable labor market, ensuring that Bahamian workers have fair opportunities and are better positioned to contribute to and benefit from the country's economic growth.


References


Jean-Pierre, M. (2022). The education system of The Bahamas: The first quarter of the twenty-first century. In The education systems of the Americas (pp. 91-117). Cham: Springer International


Source


The Bahamian Brain Drain - By Jamal Moss>>>

Saturday, September 21, 2024

The Bahamas Brain Drain

The Bahamas needs to improve its educational system to mitigate the brain drain and improve human capital



By Jamal Moss
Nassau, The Bahamas

Employment and Labor Market in The Bahamas

Jamal Moss
The challenges of Bahamian labor markets comprise various complex issues that affect the strength of its economy.  This article delves into three critical issues: brain drain in The Bahamas, wage employment of foreign workers to Bahamian workers in quality jobs, and measures to build up the middle class in the wake of taxation and inflation.

Thus, these issues are noted, and corresponding gradual commonsense changes are suggested, considering the nature of the Bahamian labor market and possible directions for its development.  First, I wish to focus on the brain drain problem affecting The Bahamas and offer incremental solutions.

Brain Drain in the Bahamas

The Bahamas faces the challenge of brain drain where educated and profound personnel migrate from the country to other developed countries where they are well rewarded.  The issue deprives the government of human capital, which is crucial in the country’s development process.  This situation is critical since high levels of unemployment, particularly among our youthful population, compel such brains to migrate in search of opportunities elsewhere.

The Bahamas has to promote educational opportunities, provide favorable working conditions, improve job procurement services, and encourage those who left to return home.  Our island nation has to retain talented people and attract gifted individuals necessary for the country’s development.

Every year, an average of 5000 students leave high school, and university graduates get to seek higher education in other countries.  Hence, there are not enough jobs or poorly paid according to their education level waiting for them.  The Bahamas should advance educational rights, demonstrate employers’ benevolence, and augment job assistance.  The Bahamas has to keep the human capital and draw skilled people, which is essential for the country's progress.

Incremental Solutions

The Bahamas needs to improve its educational system to mitigate the brain drain and improve human capital.  Financing in higher education institutions and vocational training centers will help provide quality education and training (The Nassau Guardian, 2023).

Having linkages with other institutions worldwide for exchange programs can help learners gain international benchmarks and retain talent by providing the best learning environment within their country.  Such an approach will enhance the quality of learning and place the Bahamian qualifications in parity with the international standards, making Bahamian graduates more marketable within and outside The Bahamas.

It is significant to establish a favorable working atmosphere.  Enhancing working conditions and pay will make local markets for jobs more appealing.

Bonuses such as medical coverage, pension and perks etc increase morale and, thus, worker retention.  This helps in enhancing The Bahamas government guarantee its professionals have access to such crucial benefits (Watson & Gustave, 2022).

By these possible commonsense solutions, The Bahamas can increase the attractiveness and support of its labor force so that it would not be tempted to work in another country.  Focusing on the staff’s growth and encouraging them to participate in various courses and seminars is beneficial and results in a more devoted and loyal human capital.

Another essential strategy is enhancing employment placement services.  Improving job placement and career counselling services will be necessary to match those graduating with appropriate jobs within the country.

People can use technological advancements to develop a central database for employment vacancies.  Encouraging Bahamians living in other countries to return home, tax relief, relocation allowance, and preferential employment would enhance recruiting qualified staff.

Other convincing cases regarding people becoming returnees may also encourage others to do the same, ultimately benefiting the country’s talent pool and overall progress.  We cannot continue to allow our young fresh minds to slip through our hands so easily like sand.  We must be intentional in fixing this leak. 



Saturday, August 24, 2024

The Decline of The Bahamas

The Steady Decline of The Bahamian Nation - The Bahamas


By Dennis Dames
Nassau, The Bahamas


Bahamas


The public's perception of the Royal Bahamas Police Force (RBPF) is at an all time crying low - in my view. Recent bad news about the Force and some of its Officers has added unfavourably to how the Bahamian people see the Police, and their organization.

The Coroners Court has concluded lately that a number of Police Officers have committed manslaughter in the excution of their duties. This has left a totally bad taste in the mouths of many citizens and residents generally - and has widen the distrust between the Police and the general public - which has eroded further the national security of The Bahamas.

To make matters horribly worse, a senior Officer of the Force - who occupied a high position of trust and responsibility - is accused of engaging in serious criminal activities with a high profile, highly and politically connected, potentially rogue and criminal-minded attorney, and street gangsters; some of whom have been murdered on the streets of Nassau in recent times. This has created a public scandal of monumental proportions.

The leadership of the Police Force along with the government of the day - seem to be taking the matter very lightly - in my opinion. Thus, the Bahamian community's view of the Police and the government - is one of complete disgrace. The handling of such a serious situation to date has left one to wonder if the powers that be have decided that they will gamble politically and just pretend that all's well.

Well, all is not well in The Bahamas under the political and immoral leadership of the status quo and its devoted facilitators. The Bahamian public feels as if endemic wholesale corruption, incompetence and criminality in high places throughout the Commonwealth of The Bahamas - is the order of the day which the shamelessly corrupt leadership of the nation holds so dearly close to their demonic hearts and souls.

The fruit of such diabolical corruption in high places will continue to rip apart the Bahamian nation. The wickedly corrupt political and otherwise leaders in The Bahamas do not care about the future welfare of their own friggin children! So, the future of The Bahamas will be more and more of the much sought after devilish corruption in high places - while powerful criminals and blood-thirsty bosses have their way with impunity!

How very sad - as many so called good Bahamian men and women remained silent! It looks like every Bahamian citizen are standing on the sidlines just watching The Bahamas descend in to the pits of hell.