Connect with us

Bahamas News

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

Published

on

#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)

 

 

Continue Reading

Bahamas News

Nassau Cruise Port Donates Nearly $2 Million Towards Food Security

Published

on

Nassau, Bahamas: The Nassau Cruise Port has donated $1.95 million towards
projects that will assist the Ministry of Agriculture and Marine Resources in its aim
to increase food security for The Bahamas.

The donation officially occurred at the Ministry’s offices recently, where Minister
of Agriculture and Marine Resources Hon. Jomo Campbell, Minister of Labour
Hon. Pia Glover-Rolle, Permanent Secretary Neil Campbell and Nassau Cruise
Port CEO Mike Maura listened to a number of presentations including one for a
poultry programme for schools, a chicken broiler production programme, the
redevelopment of the Blue Hill Road Farmers Market and an Authentic
Bahamian Cultural Concept Store,

Mr. Maura said he was impressed by the presentations.

“I had the privilege to listen the presentations and review presentations that
touched on food security and the need for us to be self-sufficient, which as a
Bahamian I support completely. At the Nassau Cruise Port, we get excited
about the prospects of offering more authentic food to the millions of visitors
that we have each year,” he said.

“And then, in addition to that, we had presentations around the further
development of our artisans, which is so important to us as well. The guests
visiting our shores are looking for something that really touches The Bahamas
and can’t be found somewhere else. The Nassau Cruise Port has made a pledge to BAIC and its affiliates. We will be supporting the projects that were presented and we can’t wait to get started.”

Minister Glover-Rolle, who is also the Member of Parliament for Golden Gates,
hailed Nassau Cruise Port as a “great community partner.”

“Thank you for the opportunity to not only present but agreeing to participate.
Our Minister of Agriculture has a goal of reducing food imports by 25 percent by
the year 2025 and our project in the Golden Gates Community speaks to that,”
she said.

“We have a number of backyard farmers, farmers and fishers in our community
in Golden Gates. Being able to use the Blue Hill Road Farmers Market, which is
going to be dubbed the ‘Fish Fry of the South,’ as a hub for food security but
also a hub where artisans and handicraft persons can come and sell their wares
is wonderful. So, we are happy that you have agreed to partner with us and we
look forward to a partnership and we hope to welcome some of your visitors
when this amazing renovation is done.”

Minister Campbell also lauded the Nassau Cruise Port for its efforts.

“I would like to say thank you to the presenters for the presentations that are
several steps in the right direction for our country, to Mr. Maura and his board at
the Nassau Cruise Port and I would like to say thanks to God for this partnership
and bringing us all together as we move forward, upward, together in building a
better, brighter, future for The Bahamas,” he said.

Continue Reading

Bahamas News

Career Symposium 2024 Connects University Students with Successful Professionals

Published

on

Nassau, THE BAHAMAS — Some of the most successful and accomplished professionals and business leaders in the country recently shared their experiences and nuggets of wisdom with students at University of The Bahamas (UB) about thriving in a wide range of careers.

The University Centre for Counselling and Career Services and the Career and Job Placement Advisory Unit collaborated to host the 2024 Career Symposium which brought students face to face with leaders in the careers to which they aspire.

Vice President of Academic Affairs, Dr. Maria Oriakhi, said the symposium was key to developing potential as university students strive to leave their mark on the world.

Ms. Rickell Curry

“In the spirit of collaboration and growth, let us engage in meaningful dialogue, cultivate relationships, and harness the power of collective wisdom to shape our futures,” said Dr. Oriakhi. “Together, let us embark on this journey of exploration and discovery, united in our commitment to realizing our fullest potential and making meaningful contributions to our communities and beyond.”

Promoting careers in psychology, Ms. Curry noted that psychologists are equipped with the ability to help others, troubleshoot areas of weakness within themselves, and become better people and professionals in the process.

“The floor is yours to be able to explore. There’s no job where you don’t have to deal with people, so learning, even if you get a bachelor’s in psychology, is a great grounding,” she said.

Dr. Darville, one of few interventional radiologists in The Bahamas, offered another nugget of advice on choosing an area of study.

Dr. Elizabeth Darville

“It is important to know enough about yourself in order to make the decisions you want to make,” said Dr. Darville. “You have to work on yourself first and know what you want to do. Radiology gives you a chance to have fun. It gives you a chance to mold your career closer to your personal life than other medical specialties might.”

Another growing field is project management which Mr. Hepburn called a life skill. He also urged a commitment to lifelong learning.

“Individuals that continue to learn become unstoppable, period,” said Mr. Hepburn. “It is so true. When you learn, you become unstoppable because nothing can stop you in your process of development.

Mr. Wellington Hepburn

“The more you know, the more valuable you are. We need individuals who are cross functional—that can operate in different capacities. So please understand that your learning should never stop.”

With small and medium-sized businesses helping to drive the economy at an incredible rate, Ms. Rolle affirmed the importance of entrepreneurship in any economy.

“When we talk about entrepreneurship, we usually look at it from a myopic standpoint,” she said. Ms. Rolle. “What do I mean by that? Small, but usually about self: ‘how do I make more money?’ And in some cases, some look at entrepreneurship as a way of survival. ‘I need to make a couple extra dollars, I have this bill to pay’. Those types of things.

Ms. Samantha Rolle

“But entrepreneurship really, in its truest form, is about innovation, whether it’s a new concept or any existing concept that you innovate new ways, or help expand the economy.”

The career symposium was held at the Harry C. Moore Library and Information Centre and is held every academic year.

 

PHOTO CAPTIONS

 

  • Career Symposium 1: UB Vice President of Academic Affairs, Dr. Maria Oriakhi, delivers the opening address at the 2024 Career Symposium.
  • Career Symposium 2: Students and guest speakers enjoy a lighthearted moment during the 2024 Career Symposium.
  • Career Symposium 3: Ms. Rickell Curry speaks to students during the 2024 Career Symposium.
  • Career Symposium 4: Dr. Elizabeth Darville delivers remarks during the 2024 Career Symposium.
  • Career Symposium 5: Mr. Wellington Hepburn educates students on the importance of project management during the 2024 Career Symposium.
  • Career Symposium 6: Ms. Samantha Rolle talks about the role and importance of entrepreneurs and entrepreneurship in any economy.

 

Office of University Relations

University of The Bahamas

2nd Floor, Michael H. Eldon Complex

Oakes Field Campus

P.O. Box N-4912

Nassau, The Bahamas

Tel: (242) 302-4355/4354/4365

Continue Reading

Bahamas News

$36 Million Dollar Upgrade for World Athletics Relays in Nassau, Bahamas

Published

on

Rashaed Esson

Staff Writer 

 

#TheBahamas, April 15, 2024 – After years of thorough maintenance, The Thomas A Robinson National Stadium in The Bahamas is finally getting a multi-million dollar makeover, readying the 10-year old facility ahead of the World Athletics Relays on May  5, 2024; it is being staged in Nassau for the fourth time.

This $36 million refurbishment is being funded by the Chinese Government, as part of a vision to enhance the country’s sport infrastructure to benefit youths in athletics. The stadium was gifted to The Bahamas in 2012 by the Chinese.

The relay is the qualifying event for the 2024 Summer Olympic Games and there will be 32 national teams, in each relay event, and 20 races on both days of competition, according to World Athletics.

Day 1, will have 20 heats across the five Olympic-calibre events (4 heats each for 4×100, 4×400, men, women and mixed) and will qualify 40 teams for the Summer Olympics.

Distinctly, the top two teams from each heat will directly qualify for the 2024 Games.

On day 2, 30 more national teams will be qualified through 15 heats and five finals, across those five events.

The upgrades which include new trusses, rooftops, seats, the lawn, score boards, LED displays and more, are expected to be complete at least two weeks before the relays, being held under the theme: ‘Chase the  Sun’.

In a special ceremony on Monday April 8, The Bahamas Prime Minister, Philip Davis said:

In December 2023, our shared vision took shape, as the government of the Commonwealth of The Bahamas, and the government of the People’s Republic of China, inked an implementation agreement for the renovation of the stadium. This gesture of goodwill and friendship, from the Chinese government to undertake the China Aid Maintenance and Renovation project of our national stadium, stands as a testament to the strong bonds that unite our countries. This project, executed by China Urban Construction Research Institute Company Limited, and the China Machinery Industry Construction Group Company Limited, reflects our shared commitment to excellence, innovation and mutual development.”

Additionally, H.E Dai Qingli, outgoing Chinese Ambassador to The Bahamas who also attended that ceremony, spoke.

“At the end of the project, the Bahamian people will get a fully renewed and modern world class stadium because everything is going to be either renewed or repaired,” she said.

Some 1,600 athletes will be in The Bahamas for the World Athletics relays, with five events.  The Bahamas won the bid over Lausanne, Rome in 2022.

Mario Bowleg,  Minister of Youth, Sports and Culture in reports, thanked China for their contribution to the redevelopment of the stadium.

“We thank them for their commitment to ensuring that they bring this facility back up to A1 standard so that we can continue holding international events and using these facilities as a development of our young people.”

Continue Reading

FIND US ON FACEBOOK

TRENDING