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Growth and Recovery Report

Report: How has public-private collaboration boosted digital and cash transformation in the Bahamas?

Public-private collaboration aimed at boosting digital payments and reducing cash usage in the Bahamas has made gains in a relatively short timeframe. Since the start of the Covid-19 pandemic, policymakers have invested in technological infrastructure on the supply side while incentivising digital payments on the demand side through a mixture of debit and credit cards, and cashless point-of-sale…
Economic News

Blue carbon credits: the future of sustainability-focused financing?
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– The Bahamas has announced plans to sell $300m in blue carbon credits in 2022 – Coastal ecosystems like mangrove forests can store large quantities of carbon – Firms in Colombia and Japan have sought to utilise blue carbon credits – Countries are leveraging their natural environments to fund environmental projects The Bahamas has become the latest emerging market to seek to leverage…
Economic News

Bahamas: Telecom sale moves forward
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The long-stalled privatisation of the Bahamas Telecommunications Company (BTC) appears one step closer to completion, with global operator Cable and Wireless Communications (CWC) set to take a controlling interest in the Bahamian firm in April, although the move has not been without its critics.On February 9, Prime Minister Hubert Ingraham announced in parliament that the government and CWC had signed…
Economic News

The Bahamas: Oil's new frontier?
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With large swathes of undersea and land sites closed to exploration and development in the wake of the Deepwater Horizon disaster, international majors and smaller firms are considering drilling elsewhere in the region. The Bahamas is firmly in their sights.Washington imposed a six-month moratorium on drilling in US waters after the British Petroleum (BP) rig blew up in April, and the upstream oil…
Economic News

The Bahamas: Modernising regulations
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The Bahamas is in the process of overhauling key legislation regarding the operations of its central bank and companies in the financial industry, aiming to increase efficiency in the banking sector and meet international standards of governance and transparency.The financial sector is a major contributor to the economy, accounting for between 15% and 20% of GDP and providing employment to more than…
Economic News

Property Debate
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The Bahamas’ real estate sector has reacted cautiously to plans by the government to raise the stamp duty on property sales, with some concerned the additional charges could discourage investors. In his budget address to parliament on May 27, Prime Minister Hubert Ingraham outlined a series of measures to rein in public spending and bolster state finances, with the real estate sector in line to…
Economic News

Getting IT together
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The government of the Bahamas is trying to encourage the use of advanced information and communications technology (ICT) to strengthen the country's economy, by putting more of its own services online. In his mid-term budget report, delivered on February 24, Prime Minister Hubert Ingraham said that the state's ministries, departments and agencies were working to better utilise IT in its daily…

Economic News

Harbouring Plans for Growth
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Plans to build a new port dedicated to handling cruise ships at Grand Bahama will bolster the Bahamas' transport sector, both on the island itself and across the country. In early September, Prime Minister Hubert Ingraham confirmed that the state would use its powers to acquire 55 acres of land in the Williams Town area to the south of Freeport as the first step in developing a new cruise ship port.…

Economic News

Enter Economic Efficiency
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In defiance to the global downturn, Bahamians are being urged to consider the period of slowed business activity as down time in which to prepare for the next growth cycle. The global financial crisis, and in particular its effects in the US, is taking an increasing toll on the economy, with job losses rising, the key tourism sector seeing bookings drop and predictions that 2009 will be a difficult…

Economic News

A New Deal with Europe
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The Bahamas, along with 12 other Caribbean countries, has approved an Economic Partnership Agreement (EPA) with the EU, even as it is still debating whether to remove trade barriers in the services sector. The agreement grants all Bahamas exports, excluding sugar and rice, duty-free and quota-free access to the EU. In return, EU exporters will have unhindered access to 61.1% of goods in the Caribbean…