A strong economy means jobs and opportunity for all!
In order to bring about great economic change, residents of the Bahamas must understand the country’s current economic conditions and indicators. The three largest business sectors in the country include tourism, financial (offshore banking) and agriculture.
You need to know how the system works!
The status quo in Bahamian governance over the last forty years has not yielded long-term positive results and opportunity for all citizens of the Bahamas. While the country has remained relatively stable over this period, that too has now changed and the effects of long-term socioeconomic neglect have now become abundantly evident.
The Campaign for the Bahamas suggests the following solutions to help spark the failing economy.
We need the government to work for the people! The government must stimulate economic growth by acting. This will require significant courage by the government of the day, as change will require a paradigm shift in the way the Bahamas is governed and managed.
Freedom of Information Act – that includes a whistle blowers act and an ombudsman’s
Fiscal Responsibility Act – that imposes public spending limits, GAAT accounting practices, size of government limits and holds leaders and public managers accountable to performance
Civil Society Act – that ensures that civil society is intricately involved in government planning, decision making, and policy.
Policy changes that increase the ease of doing business in the Bahamas.
Identify emerging markets and new investment opportunities.
Foster local and foreign investment.
Support local commerce and industry.
Improvements must also be made to:
- Immigration policies;
- Monetary policies;
- Trade agreements;
- Energy costs;
- Taxes, duties & tariffs
- Duties; tariffs;
- Political party constitution;
- The Bahamas Constitution and many other factors.
ORG Economic Development Position Paper