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Bahamas Government to Implement New Accounting System In Order to Better Monitor Country’s Finances

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#Bahamas, November 14, 2017 – Nassau – The Government of The Bahamas is in the process of moving away from the cash-based form of accounting it presently employs to an accrual based accounting system, Prime Minister Dr. the Hon. Hubert A. Minnis said Monday.   The move, which is foreshadowed to be implemented at the end of June, 2022 for full central government transitioning to accrual accounting and then 2023 for the public sector at large, is expected to better strengthen the Government’s accounting framework by ensuring greater transparency and accountability in public sector finances, while allowing officials to better monitor government debt and liabilities.

An accrual method of accounting records revenues and expenses when they are incurred, regardless of when cash is exchanged.   The term “accrual” refers to any individual entry recording revenue or expense in the absence of a cash transaction.

Prime Minister Minnis said the new system would also allow for government’s use of high-quality information to make informed and sound spending decisions, while properly managing the nation’s assets and liabilities.   Addressing a Bahamas Institute of Chartered Accountants Seminar Monday (November 13, 2017) at Melia Nassau Beach resort, Prime Minister Minnis said the current system of accounting employed is “woefully lacking” in providing government with a complete and accurate view of financial activities and reporting.

“As many of you know, the Government still uses the cash basis of accounting in compliance with IPSAS (International Public Sector Accounting Standards); cash basis is woefully lacking in providing us with a complete and accurate view of financial activities and reporting,” Dr. Minnis said.

“As policymakers, we value the importance of financial reporting that meets international standards. It is essential that we are in a position to utilize high-quality information to make informed and sound spending decisions, while properly managing our assets and liabilities.

“This is critical to us securing more sustainable public sector finances, achieving greater credibility in policymaking and building a more durable economic future for our country.   It is also vital to delivering on acceptable levels of transparency and accountability in government’s financial management,” Prime Minister Minnis added.

Dr. Minnis said the Government’s resolve in this regard is underscored by the prominence it has given to fiscal responsibility, transparency and accountability in its governing mandate.

“To provide an update to our efforts, the Government’s Working Group produced a concept paper outlining the road map for the implementation of accrual-based accounting and the implementation of International Public Sector Accounting Standards for budgeting, accrual accounting and financial reporting.

“Moving to accrual-based accounting will ensure greater transparency and accountability in public sector finances, as well as, a better monitoring of government debt and liabilities.

“The potential harm of the absence of these prudent practices were exposed in our recent assessment of the fiscal outcome for Fiscal Year, 2016/2017.   As you know, high levels of unbudgeted expenditure arrears are poised to elevate the actual overall fiscal deficit some five times higher than originally budgeted.   The lack of transparency and accountability inherent in cash basis accounting is unsustainable and breeds mistrust,” Prime Minister Minnis added.

Prime Minister Minnis said coincident with the exercise to improve financial reporting, the Government also has a roadmap to modernize and align the existing chart of accounts (COA) with best practices and the International Monetary Fund’s Government Finance Statistics reporting standards.

Work on the COA re-design, which commenced in 2014, is expected to be completed and fully implemented, for July 1, 2018. (A chart of accounts [COA] is a financial organizational tool that provides a complete listing of every account in an accounting system.)

“In the 2017/2018 Budget Communication, the Government announced plans to introduce fiscal rules as a means of achieving a credible and sustainable reduction in the fiscal deficit and the debt position,” Prime Minister Minnis said.

“With the assistance of the IMF, we are making progress in defining a sound framework that will include controls on certain recurrent expenditures; taking more decisive steps with pension reform and better managing subsidies to our state-owned enterprises.

“Successful implementation of this framework depends on our ability to measure our performance which is contingent upon having the proper financial management systems to provide the data needed for analysis, but transitioning public financial reporting to accrual-basis accounting is no small feat. We have targeted a date of end of June 2022 for full central government transitioning to accrual accounting and then 2023 for the public sector at large,” Prime Minister Minnis added.

By: Matt Maura (BIS)

Photo caption: Prime Minister Minnis addressing Bahamas Institute of Chartered Accountants Seminar, November 13, 2017 at Melia Nassau Beach.

(BIS Photo/Peter Ramsay)

 

 

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Walker Confirmed as U.S. Ambassador to The Bahamas: A Partner in America’s Extended Family

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By Deandrea Hamilton | Magnetic Media

 

The United States and The Bahamas share more than proximity — they share a bond of history, trade, and culture that Washington’s newest diplomat calls “part of America’s extended community.”

Now, for the first time in 14 years, the U.S. Embassy in Nassau will again be led by a Senate-confirmed ambassador. Herschel Walker, the Heisman-winning football legend turned entrepreneur, has been confirmed by the U.S. Senate as America’s official envoy to The Bahamas.

Walker, who will oversee one of the Caribbean’s most strategically positioned U.S. missions, told senators during his confirmation hearing that The Bahamas will play a key role in upcoming U.S. 250th Independence celebrations. “The Bahamian people,” he said, “will be included in this milestone year, because our stories are intertwined — through family, trade, and friendship.”

While his nomination was unconventional, his priorities are anything but vague. Walker vowed to counter growing Chinese influence in the Caribbean, calling Beijing’s investments in Bahamian deep-water ports “a direct threat to U.S. national security.” He pledged to work closely with Bahamian authorities to ensure American interests remain the region’s cornerstone.

“There’s a rise in drug smuggling in The Bahamas, and this is a real danger to the United States,” Walker said, referring to the Operation Bahamas, Turks and Caicos (OPBAT) partnership. He promised to strengthen intelligence sharing, joint patrols, and law enforcement coordination to disrupt trafficking routes that have grown increasingly sophisticated.

But Walker also emphasized opportunity over fear — signaling that his ambassadorship will not only focus on security, but on strengthening The Bahamas as a gateway for U.S. investment, trade, and tourism.

“I will advise the American business community of the vast investment opportunities that exist in The Bahamas,” he said. “And I will make sure the Bahamian government maintains an environment where U.S. companies can invest confidently — because America must prove it is still great as an investor.”

For a small island nation sitting less than 50 miles off the coast of Florida, this renewed diplomatic attention carries weight. Since 2011, the post of U.S. ambassador had remained vacant — a gap that many observers say weakened direct ties, delayed joint security initiatives, and allowed other powers to move in.

Walker’s confirmation — approved 51 to 47 — ends that silence. And with it comes the expectation that this former Olympian and business owner will translate his discipline, charisma, and resilience into diplomatic results.

Critics question his lack of foreign policy experience, but Walker counters with confidence: “Throughout my life, people have underestimated me. I’ve always proved them wrong — by outworking everyone.”

As he prepares to take up residence in Nassau, Walker says his mission is simple: rebuild trust, deepen cooperation, and remind both nations that their futures are tied not just by geography — but by shared purpose, mutual respect, and the enduring ties of community.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

 

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PAY STANDOFF: Prime Minister Cancels Talks as Unions Warn of More Protests

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By Deandrea Hamilton | Magnetic Media

Monday, October 13, 2025 — Nassau, The Bahamas – What began as a calm holiday meeting has spiraled into a full-blown standoff between The Bahamas Government and two of the country’s most powerful public sector unions — the Bahamas Union of Teachers (BUT) and the Bahamas Public Services Union (BPSU) — after the Prime Minister abruptly cancelled follow-up talks set for Tuesday, blaming public comments made by union leaders.

The announcement of the cancelled meeting came late Monday, just hours after a tense sit-down at the Office of the Prime Minister, held on National Heroes Day, where both BUT President Belinda Wilson and BPSU President Kimsley Ferguson accused the government of dragging its feet on salary increases and retroactive pay owed to thousands of public officers.

Wilson, never one to mince words, said the Prime Minister’s “technical officers” — the very people responsible for executing his instructions — were failing to carry out his directives regarding payment timelines.

“The Prime Minister’s issue,” Wilson said, “is that he has persons working for him who are not following his instructions. If those officers would follow through on what he told them to do, we wouldn’t be here today.”

Wilson added that the BUT and other unions are demanding retroactive pay dating back to September 2024, and that all increases be applied and paid by the October payday, not December as previously stated by the Prime Minister.

“Senior civil servants already received their retroactive pay — thousands of dollars — backdated to September of last year,” Wilson charged. “We’re saying the small man deserves the same. This isn’t a gift. It’s money already earned.”

Her comments came after the government publicly insisted that the salary adjustments would be implemented by December 2025, just ahead of Christmas — a timeline unions flatly reject as too slow.

Ferguson: ‘No More Excuses’

Following Wilson, BPSU President Kimsley Ferguson delivered a fiery statement of his own, telling reporters the unions would no longer tolerate delays or mixed messages from the Davis administration.

“The Prime Minister was receptive — but we’re not accepting excuses,” Ferguson said. “If the Prime Minister’s having a memory lapse, we have the Hansard from Parliament to remind him exactly what he promised public officers.”

Ferguson went further, warning that if Tuesday’s meeting failed to produce results, unions would “visit the House of Assembly” and intensify their campaign for immediate payment.

“Public servants, ready yourselves,” he declared. “We are prepared to stand together — all across The Bahamas — until our needs are met.”

Now, with the Prime Minister cancelling tomorrow’s talks altogether, that threat appears closer to becoming reality.

Government Bungles Response

Observers say the administration’s handling of the matter has been confused and contradictory, with conflicting statements on payment timelines and poor communication fueling frustration among teachers, nurses, and general public officers.

The government has maintained that the funds are allocated and will be disbursed before year’s end, but unionists insist they’ve heard it all before — and this time they want results, not promises.

The Prime Minister’s decision to cancel the meeting, rather than clarify or de-escalate tensions, has drawn sharp criticism across social media and among rank-and-file civil servants who see the move as punitive and dismissive.

Slowdown and the Threat of Another Mass Protest

Across several ministries, departments, and schools, reports are already surfacing of a go-slow in the public service, as workers express solidarity with the unions’ demands.

Many believe another mass demonstration is imminent, similar to the one staged last week Tuesday when thousands of workers gathered outside the House of Assembly on Bay Street as Parliament reopened after summer recess.

That protest brought parts of downtown Nassau to a standstill as union members sang, marched, and even sat in the street — a powerful show of defiance that now threatens to repeat itself unless the government moves quickly to resolve the impasse.

A Political Flashpoint

What began as a straightforward salary dispute has now evolved into a test of credibility and competence for the Davis administration. With a restless public sector, rising inflation, and unions unified across professions, the government risks not only another protest — but a full-blown industrial crisis heading into the year’s end.

For now, the unions are standing firm: they want retroactive pay from September 2024 and full salary adjustments by this October. Anything less, they warn, could push the country’s workforce from a slowdown into open confrontation.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Nassau Cruise Port Marks Sixth Anniversary with Exciting New Additions for Visitors and The community

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[Nassau, Bahamas, October 8, 2025] Nassau Cruise Port (NCP) proudly celebrates its sixth corporate anniversary by unveiling a series of transformative additions that further enhance the guest and community experience. The anniversary comes at a pivotal moment in the growth of the port, with the opening of a new swimming pool, an expanded marina, and a state-of-the-art ferry terminal that will support transfers to the Royal Beach Club, which is currently under construction on Paradise Island.

Since its $300 million redevelopment, Nassau Cruise Port – the largest transit cruise port in the world – has welcomed millions of visitors and become one of the most vibrant cruise destinations in the world. This anniversary not only reflects its commitment to delivering world-class facilities, but also its dedication to creating meaningful connections between visitors and the Bahamian community.

“This milestone represents much more than the passage of time,” said Mike Maura, Jr., CEO and Director of Nassau Cruise Port. “It reflects our promise to continually elevate the guest experience, contribute to the local economy, and provide opportunities for Bahamians. During our first year (2019) of operating the Nassau Cruise Port, Nassau welcomed approximately. 3.85 million cruise guests, and 2025 will see well over 6 million cruise visitors visit Nassau. Our focus on driving cruise tourism and the $350 million investment in our downtown waterfront is a testament to our vision of making Nassau a premier cruise and leisure destination.”

The new pool offers a refreshing retreat for visitors enjoying Nassau’s waterfront, while the expanded marina will accommodate additional yachts, boosting tourism and local commerce. The ferry terminal expansion enhances passenger flow and supports convenient, seamless transfers to the Royal Beach Club, strengthening Nassau’s position as a hub for Caribbean cruising and leisure.

As part of its anniversary celebrations, NCP will host a series of internal and external activities to celebrate its team and to highlight its ongoing investments in the Bahamian economy, including job creation, local vendor opportunities, and cultural showcases at the port.

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