Showing posts with label cost of living Bahamas. Show all posts
Showing posts with label cost of living Bahamas. Show all posts

Thursday, May 4, 2023

Does The Bahamas Government understands the prudence of a national sovereign wealth fund?

It would be wise of The Bahamas govenment to implement a sovereign wealth fund


“One People United In Sovereign Wealth!"

By Dr. Kevin Turnquest-Alcena


Dr. Kevin Turnquest-Alcena
As the nation continues preparation to trod toward the road of celebrating 50 years of Independence, the need for the preservation of our country is now!
Prime Minister Brave Davis must be cognizant of the fact that the country's debt is out of control, crime is high, the cost of living has increased and as such a solution to these impending issues need to be found.

Hence, while attempting to pass the mining legislation, it would be a very prudent and wise of our govenment to implement a sovereign wealth fund component for several reasons.

A sovereign wealth fund is - a state owned investment that invests globally in a variety of financial assets. Several countries utilize this strategy, including: Singapore, China, France and Norway.

Benefits of SWF include, but not limited to:
1. Protecting and stabalizing budgets and economies from excess volatility in revenues and exports.
2. Diversify from non-renewable commodity exports.
3. Diversify revenue streams.
4. Better earning potential on foreign exchange.
5. Long-term capital growth.

So, why should The Bahamas consider implementing such a strategy?

Firstly, due to the issue of global warming, entire countries are being harmed environmentally. This will surely affect the areas of South Beach and even islands like Andros to be under water. As a country, we need to be very proactive and strategic in our resolve to secure the problem.

The question to ask is, "Does the Brave Administration understand the importance of a national sovereign wealth fund?" Planning true nation building and not the subpar colonial system we continue to adhere too takes hard work, along with persistence. This is necessary as we have seen an increase in debt, crime, the educational system, over staffed public services, low performance in terms of productivity, even the idea of feeding ourselves have become obsolete.

Secondly, the SWF will be beneficial in that it is open to all Bahamians regardless of color, class or creed, no one would be exempt. It can be set up in such a way that rather than issue money, it could be invested towards nation building. This investment fund will subsidize the issues we are now facing with National Insurance and our pensions. The SWF gives you the opportunity to do this.

The Question one must ask is, "Does the "Brave" Administration have the will and the ability to implement a Sovereign Fund that will be for the greater good?"

As Proverbs 16:9 say, "A man's mind plans his way: but the Lord directs His steps and make sure.

Prime Minister Davis you are indéed a man that understands empathy and the importance of doing the greatest good for the greatest amount of people.


Source 

Thursday, August 25, 2005

Bahamian Voters Call for Answers and Updates on Issues of National Importance in The Bahamas

Even Supporters of The Ruling Progressive Liberal Party - PLP are Also Conceding that The PLP Government of Prime Minister, Perry Christie has to Do More to Improve its PR



Bahamas: Voters Want Answers 

 

 

By Candia Dames

Nassau, The Bahamas

25 August 2005


 


Many Bahamians are anxious to hear from Prime Minister Perry Christie on a number of issues of concern, including the much discussed Petrocaribe oil deal, the liquefied natural gas proposals, the decision to remove Sir Stafford Sands from the $10 bill, and the government’s progress in establishing a national health insurance scheme.


But his illness, which struck back in May, coupled with the traditionally slow summer period means that the Prime Minister has been off the front pages for weeks.


In January 2004, Mr. Christie started what he promised would be a quarterly ‘meet the press’ event where reporters could pose questions to him on a variety of issues.  But it was an initiative that was short lived.  In fact, nearly six quarters have passed without the event taking place again.


Mr. Christie also has made no national addresses for the year.


The Prime Minister had promised after returning to work nearly two months after his slight stroke that he would hold a press conference soon to address a number of issues of national importance that arose during his illness.  But that too has not happened as yet.


There are other issues that some people want an update on.  For instance, after much talk about the redevelopment of Bay Street, the transformation has still not started, leaving some merchants asking why.


Speaking about the planned downtown overhaul at his party’s last convention in November 2003, the Prime Minister said, "We have to change and we have to do so without delay."


But that was nearly two years ago.


At that same convention, he also announced that work on the Heads of Agreement for the $2.5 billion Ginn investment project for West Grand Bahama was being finalized.


"I have assured the Ginn group that my government is committed to bringing the project on line as speedily as possible," Prime Minister Christie said at the time.  "We have therefore agreed to complete a Heads of Agreement as quickly as possible so that this project can be underway early in the New Year."


But the New Year of 2004 came and left, but there has still not been any Ginn deal sealed.


The need for better public relations on such matters is something some Bahamians pointed to on Wednesday.


PLP’s are also conceding that the government has to do more to improve its PR.

 

Only recently PLP Chairman Raynard Rigby said that it’s a shortcoming the government needs to address.


For Bahamians waiting to hear from the Prime Minister, the concerns are varied.


"I would like to see [the Prime Minister] report on the Petrocaribe oil deal because I am not getting sufficient information from [Minister of Trade and Industry] Leslie Miller," said Jacob Rolle, a teacher at Central Andros High School who was on Bay Street on Wednesday.


"Another point is I am very apprehensive about the dealing with the president of Venezuela and his connection with Cuba.  I don’t think the U.S. would like us to be involved with those two dictators so we have to be very careful how we move ahead with friendly relations with those two countries."


Ricardo Mackey, who also teaches at the Central Andros High School, said rising oil prices continue to be a major concern and he too would like to hear what the Prime Minister has to say about Venezuela’s plan to sell fuel to the region at significantly lower costs.


"Right now there’s a concern about gas prices in Nassau…something needs to be done about that because gas only goes up in the Family Islands, it never goes down whereas gas fluctuates in New Providence," Mr. Mackey said.


He added that civil servants also want to hear specifics from the Prime Minister on planned salary increases given that the cost of living continues to increase.


"I think we need to find out what’s going on," he said.


If he could hear from the Prime Minister, Mr. Mackey said he would also like him to report on the status of the national health insurance scheme, something that was a part of the PLP’s platform when it was elected to office in 2002.


"I think it would be good if we have this kind of medical plan," the Andros schoolteacher added.


Darnell Finlayson, a straw vendor, has something closer to home on her mind.  She said that she would like the Prime Minister to speak directly to straw vendors about when a new straw market will be built on Bay Street.


The old market was destroyed by fire in September 2001, nearly four years ago.


"We need our straw market back because [the makeshift one] is in a bad condition," Ms. Finlayson said as the rain poured around her.


"The floors are flooding.  The tourists can’t walk inside.  They’re getting all wet.  It needs to be in a better position for the tourists.


Four years is enough time to build our market and I don’t know why we don’t have our market back, but Prime Minister, we really need a market back for our guests."


Across the street, Anthony Gibson, a manager at Diamonds International, said he too would like to hear from the Prime Minister as it relates to a timetable for a new straw market.


"I know there have been many promises made to the [vendors].  I have been in [the market] and I have seen the conditions these people have worked under.  Right now, this is the rainy season, only God one knows how they make it in there," Mr. Gibson said.


Mr. Gibson also raised the issue of Petrocaribe.


"What I really think we need to look at right now is this gas situation," he said.  "What I think is that we need to go full force ahead and get this thing on the run."


Allan Whyley, a retired Bahamian, also has Petrocaribe on his mind.  He said that it’s one issue he too would like to hear the Prime Minister speak about.


"The Petrocaribe accord has been so politicized.  To comment on it intelligently, you have to know more about it and we don’t have that," Mr. Whyley said.


He also noted that the Prime Minister earlier in the year announced that the government would have approved one of the liquefied natural gas projects before the end of January.  But that never happened.


Mr. Whyley said Bahamians want to know from the government what it intends to do about the proposals on the table.  He hopes that the Christie Administration rejects them.


"I really don’t want the government to approve LNG," he said. "I think [Mr. Christie] needs to make a statement about LNG.  These are issues that need to be addressed, but there are more immediate things happening with the small man that need to address. The government needs to say exactly what is reserved for Bahamians in this economy because I see foreigners coming in here and doing everything."


Lionel Carey, who said he was one of the chairmen of the former Vanguard party, said he like many Bahamians would like to hear an update on LNG.


"In the U.S. if they don’t want that in their own country, I think that’s a lesson for us.  We have tourism and we have to be sensitive about anything that could affect it in a negative way," said Mr. Carey, who now works in the Ministry of Housing.


Mr. Whyley, meanwhile, said that the immigration issue is also one that many people are concerned about.


"That’s something that really needs to be addressed seriously," he noted.  "What is happening?  Don’t the people deserve to be brought up to date?"


But not everyone thinks the Prime Minister is being too quiet on issues of national importance.


Mark Symonette, a law student, said various Ministers have been doing a good job at reporting on what has been going on in their individual portfolios.


"There are a number of issues that are outstanding," Mr. Symonette said.  "But I feel that the Prime Minister is doing an excellent job given the economic and social climate that we are in.  I think we must remember that the Ministers of the government are appointed to handle their portfolios and I think they are doing an excellent job also.


"They are reporting on their particular portfolios so I don’t see a need for the Prime Minister to get involved in every issue."


While a guest on the Love 97 Programme "Jones and Company" nearly two weeks ago, former Deputy Prime Minister Sir Clement Maynard said that the government appeared to be falling down in reporting to the public on what it is doing.


It’s something he indicated needed to be addressed.