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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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Monument Beverage Co. Caribbean Wines & Spirits Uniquely Bahamian Newest Product

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor is proud to announce the launch of Monument Beverage Co., its newest 100% locally produced ready-to-drink alcoholic cocktail.

Monument, “Made to Celebrate”, perfectly encapsulates everything the brand represents. Created and distributed by CWS, Monument is inspired by culture, crafted with excellence and bursting with innovation.

This unique beverage celebrates island living with three bold flavors, Ginger Lime, Peach Passion and Melon Fizz. All of which can be enjoyed at an ABV of five-point-two percent.

The brand’s creativity really shines through each can’s packaging. Bold colored stripes, cherished native flora and fauna and of course, national monuments can all be found on each can.

The beverage’s two year plus development is a testament to CWS’ dedication to quality and innovation. Countless hours of tastings, reformulations, focus groups and package design reviews all paid off with the creation of Monument.

Karla Wells-Lisgaris, Chief Commercial Officer of Caribbean Wines & Spirits and Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, shared what this authentically Bahamian made product launch means for the company.

“When we were conceptualizing Monument, we wanted to create a product that not only tasted like The Bahamas but would be an ode to the nation as well. With those two thoughts in mind, I, along with a team of experts, created three incredible flavors we believe really connect with and celebrate the essence of island living,” she said.

“Additionally, being that Monument is the first product to be 100% manufactured by Caribbean Wines & Spirits, we really wanted to ensure that both the flavors and packaging honored our rich heritage. On each of the cans, you can find various monuments such as the Nassau Public Library in New Providence, the Garden of the Grove in Grand Bahama and the Hatchet Bay Silos in Eleuthera; all of which pay homage to our diverse Bahamian heritage.” Wells-Lisgaris concluded.”

The historic monuments found throughout our islands are more than places we pass every day; they are reminders of who we are, where we’ve come from and the stories that connect us as Bahamians.

Monument is perfectly formulated with quality ingredients, and each can celebrates a collection of these cultural icons from across The Bahamas.

Whether chilling solo beachside, gathered around a family table or backyard a grill with friends, make Monument your sip of choice.  Monument is made to celebrate, visit  www.cwsbahamas.com today for more details.

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Lady Kayla Crowned Goombay Punch Cup Sailing Champion of 2025/2026

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L–R: Joss Knowles, Kianno Hutchinson, Jazmin Darling, Assistant Marketing Manager at Caribbean Bottling Company and Dallas Knowles receiving a donation on behalf of the Exuma Sailing Club at the Long Island Regatta awards ceremony.

NASSAU, Bahamas —– Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to crown Lady Kayla of Exuma as this year’s annual Bahamas Goombay Punch Cup winner.

CBC created the Bahamas Goombay Punch Cup to further the advancement of sailing and Bahamian culture through monetary and social support. The competition judges the skipper’s performance across three regattas, The Best of the Best, the National Family Island and Long Island Regattas.

The winning sloop led by Kianno Hutchinson and Joss Knowles showcased their skillmanship in the E-Class category across each round of competition. In addition to winning the trophy, the skippers were awarded a $5,000 donation, an $8,000 stipend to the junior sailing club of their island and a limited-edition Lady Kayla Bahamas Goombay Punch commemorative can, which will be released soon.

Jonathan Thronebury, Marketing Director of CBC shared the significance behind The Bahamas Goombay Punch Cup.

“The Bahamas Goombay Punch is more than a beloved local brand; it’s a vibrant part of our cultural fabric. Just like sailing, our national sport, it carries a rich legacy that spans generations. Recognizing this shared history, we’re proud to support initiatives that celebrate and advance Bahamian culture,” he said.

Hutchinson and Knowles shared what this win meant for them.

“I felt super proud when I realized we won. I am grateful and thankful to God, for good coaches and Joss. It was really an honor winning the Bahamas Goombay Punch Cup,” Hutchinson expressed.

“I am very honored to have been able to compete in the Bahamas Goombay Punch Cup, I think it is a great concept and idea for a competition and really adds a new motive throughout the regattas. The whole championship was super competitive, and every single race was a fight. Alvington McKenzie was extremely competitive and had us until the Long Island regatta, which made it a very fun and tough competition. Very excited to have been the winner of a super close championship,” Knowles revealed.

Lady Kayla’s owner, Dallas Knowles, shared the team’s winning strategy.

“In sailing consistency is key and our guys in Lady Kayla are some of the best in the business at staying near the top.  In the end, that was enough to secure their first Bahamas Goombay Punch Cup win. We are so proud of Joss and Kianno for what they have done in Lady Kayla.  Thank you to Caribbean Bottling Company for such an amazing and forward-thinking initiative,” Knowles shared.

The Bahamas Goombay Punch Cup is proud to continue its impact on sailing and community building through clean and fair competition.

For more updates on the Bahamas Goombay Punch Cup and Caribbean Bottling Company visit the website www.cbcbahamas.com today.

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Caribbean Bottling Supports the 27th Basketball Smiles Week  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.

Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable Powerade water bottles and numerous marketing materials.

The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.

Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.

Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.

“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.

Sam Nicholls, Basketball Smiles Camp President and Founder expressed.

“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.

CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.

For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.

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