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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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Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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Rosewood Exuma: A precedent-setting case for environmental law and future development in The Bahamas  

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By Eric Carey, ONE Consultants, former Executive Director of the Bahamas National Trust. 

We are facing an extraordinarily important moment in judicial history in The Bahamas as we await a decision on the trial of allegations in the Yntegra group’s Rosewood Exuma project.

As former Minister of the Environment, Romauld Ferreira, put it in the Supreme Court last week: “A lot is at stake…a  great deal of what will be considered in this case sets the stage for what’s to come for future development in the country.”

In the trial of the judicial review of government approvals given to Yntegra for their Rosewood Exuma resort this week, we’ve heard technical arguments about failure to make key environmental documents like Yntegra’s Environmental Impact Assessment and Environmental Management Plan available to the public, failure of key documents to assess some of the most controversial aspects of the project, an unlawful consultation process, and a failure to conduct further consultation following major changes to the development.

Lawyers for Turtlegrass described how there was a “salami slicing” of the project into chunks as a way to circumvent the approvals process and disguise its full impact from public scrutiny. Only certain portions came before the public and key stakeholders like Turtlegrass and Over Yonder Cay for scrutiny, while some of the most controversial aspects did not. This is particularly problematic given what is at stake – the dredging of a beautiful Exuma bay, the North Bay, to transform it into an industrial shipping channel, complete with an enormous seawall, dock, back-of-house facilities and other industrial infrastructure.

It is unfortunate that it has had to come to this – an expensive judicial review process that calls out the government for falling down on its duties to protect the environment and follow the law – but it is important and the broader implications should not be overlooked. When Justice Leif Farquharson rules on this case, he’ll set a precedent that could echo in The Bahamas for years to come, one that answers the question: are the 2019 environmental laws that Ferreira took to parliament after many years of advocacy by environmentalists toothless tigers that are just for decoration – or are they capable of protecting the environment that we all depend on and the rights of those affected by projects to have a genuine say in them?

What is curious is that at the same time as these points are being raised in court as part of the judicial review, we are seeing personal attacks about Bob Coughlin – the person spearheading this legal action and test of environmental laws – by online trolls. Coughlin, an Exuma resident for almost a decade, has long been established as an environmental advocate and a passionate philanthropist – one who has donated almost $4 million to causes in The Bahamas since 2018, including millions to the organisation I once led, the Bahamas National Trust.

For reasons one can only speculate about, these trolls have been trying to make out all sorts of absurd things: that his legal action in support of environmental protection is a petty dispute born out of fears of competition. That Coughlin no longer even wants to pursue his eco-tourism project, when the reality is that he was forced to put it on hold because of the destructive environmental plans that are in dispute. That he is the only one who has an issue with this Rosewood Exuma resort, when in fact, neighbouring resort, Over Yonder Cay – one of the top rated resorts in the Caribbean – as well as the Save Exuma Alliance – consisting of most of the local islands and businesses in the Exuma area, and thousands of petition signers have expressed their concern with the project – over 9,000 to date. Most ironically, they claim, wrongly, that Coughlin received crown land for personal use, when in fact it is Yntegra who received crown land while having no development track record, when Coughlin instead bought his lease on Sampson Cay from a private owner.

The timing of these claims, in the week of the trial, suggest a patronising and cynical attempt to distract from the gravity of the case being heard, what it represents, and how important this decision is. With their simplistic, jingoistic and factually-dubious references to crown land, white foreigners, and the like – it’s not hard to imagine that those involved are engaged in a ploy to push the buttons of Bahamians who they apparently believe can be too easily distracted into ignoring the real issue here: that the government, has – in the words of those in the Supreme Court this week – “run roughshod” over environmental laws with its approvals for Yntegra’s Rosewood Exuma project and that this is truly a landmark case and the decision will have a long-lasting impact on future development. This is at a time when foreign direct investment (FDI) inflows into the Bahamian economy are forecast to increase by as much as two thirds over the next two years, according to the Inter-American Development Bank (IDB).

So I call on my fellow Bahamians to stay focused. This is not a story about one man – it is a story about the future we want for our country and whether we are willing to sacrifice our ability to demand environmental accountability in all developments moving forward. There is too much at stake to be thrown off the track by trolls.

As Ferreira says of the judicial review that now awaits Justice Leif Farquharson’s judgement: “This is the first set of litigation, serious litigation, that takes a deep dive into the Environmental Planning and Protection Act and the environmental impact assessment regulations…There’s a lot at stake here.”

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Monument Supports Hands for Hunger With Paradise Plates Debut  

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ leading wine and spirits distributor, proudly supported Paradise Plates, Hands for Hunger annual fundraiser with a flavorful offering of its newest product, Monument Beverage Co.

Monument, which launched this July and is available across six major islands, made its Paradise Plates debut. Guests enjoyed three bold flavors: Peach Passion, Ginger-Lime and Melon Fizz as they socialized throughout the evening.

Monument brand ambassadors engaged guests with knowledge on the ready-to-drink beverage’s unique taste and look. Many attendees were delighted to learn that Monument is 100% Bahamian-made and owned and enjoyed seeing the various national landmarks on the packaging.

The booth was adorned with vibrant brand colors, striped arches, tropical florals and a photo worthy backdrop featuring Monument cans filled with florals cascading down the wall.

At the end of the event, the entire Monument inventory had finished, making Monument’s Paradise Plates debut a huge success.

For more details on Caribbean Wines & Spirits, new products and specials, visit www.cwsbahamas.com today.

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