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PM Minnis: Government’s dramatic reform agenda, and certainty and stability, have helped to improve economy

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#Bahamas, January 19, 2018 – Nassau – The Bahamian economy is steadily improving as a result of the Minnis Administration’s dramatic reform agenda during the first seven months of its governance of The Bahamas, and while there is still “a long road ahead,” there are positive prospects for the economy on the horizon, Prime Minister, Dr. the Hon Hubert A. Minnis said Thursday.  Prime Minister Minnis said the turnaround is also a result of the “certainty and stability” his Administration has brought to the table insofar as government policy (policies) is concerned.

“Certainty and stability are crucial for economic growth and development,” Prime Minister Minnis told a packed room.  “Even in tough economic conditions, businesses invest and create jobs if there is certainty about government policies on things like work permits, taxes, regulations relating to their business and other matters.”

Addressing the Opening Session of the 27th Annual Bahamas Business Outlook Seminar under the theme “Creating a World Class Bahamas,” Prime Minister Minnis said his Administration undertook a number of initiatives of dramatic reform and transformation in order to stabilize the Bahamian economy when it first took over the reins of governance on May 10, 2017.

Prime Minister Minnis said his Administration was also able to forestall further downgrade of the country’s credit rating through “quick action and careful financial management” a process, the Prime Minister said, took tremendous effort and “reining-in” of public finances.

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“Upon coming to office, my Government fully appreciated that becoming a world class country demanded dramatic and ongoing reform, modernization and transformation.

“To aggressively pursue our reform agenda required a programme of immediate stabilization; ideas for economic liberalization and public sector reform, and a variety of initiatives to boost growth and development.

“We had to first stabilize public finances and the economy through fiscal discipline, transparency and honesty with international agencies. Through quick action and careful financial management, we forestalled further downgrade of our credit rating. This took tremendous effort and reining-in of public finances.”

Prime Minister Minnis said his Administration continues to address the issue of corruption by public officials – which he said is a burden on the public sector and which retards investment, development and productivity.   Additionally, the Government “continues to take the necessary steps” to comply with various international norms and protect the country’s financial services industry.

“Upon our election to office, The Bahamas faced the threat of immediate blacklisting by the Organization of Economic Cooperation and Development and the European Union.  We faced blacklisting if we failed to give a definitive indication of our commitment to apply for membership to the Multilateral Convention for the Automatic Exchange of Tax Information.

“We are continuing to take the necessary steps to comply with various international norms and to protect our financial services industry.  The Government is also committed to a programme of dramatic reform and liberalization of the economy.”

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The further liberalization of the economy will include a focus on Bahamian small and medium-sized businesses (SMEs) which the Prime Minister said are “a critical part of our economy.”

“These businesses employ thousands of Bahamians. They are critical for economic growth,” Prime Minister Minnis said.

The Prime Minister outlined a litany of initiatives his Administration has undertaken or will undertake in the near future that are designed to “move the Bahamian economy forward” even further.  These include the recent liberalization of the Exchange Control Regime, the introduction and passage of the Commercial Enterprise Bill (now Act), the impending sale of the Grand Lucayan and Memories properties in Grand Bahama, and the establishment of Deliverables Unit in the Office of the Prime Minister, among other initiatives.

The Prime Minister also announced his plans to undertake a number of investment promotional trips to Canada, the United States, Europe, East Asia and South American.

By: Matt Maura (BIS)

Photo Caption: Prime Minister, Dr. the Hon. Hubert Minnis.

(BIS Photo/Peter Ramsay)

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New Manifestos Released as Bahamas Heads to Historic May 12 Vote

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The Bahamas, April 14, 2026 – With the 2026 Bahamian general election set for May 12, the country’s major political parties have now formally placed their plans before the electorate, offering competing visions for governance, growth and relief.

The governing Progressive Liberal Party (PLP), led by Philip Davis, launched its “Blueprint for Progress 2026” on April 8, 2026, outlining a 46-page plan focused on long-term development and systems reform. The document places heavy emphasis on energy transition, digital government, workforce training and food security, positioning the party as one seeking continuity following its first term. The full plan is publicly available online through official PLP platforms for voters to review.

Just days later, on Sunday, April 12, the opposition Free National Movement (FNM), under Michael Pintard, unveiled its 2026 Manifesto at a major event in Nassau. Spanning 54 pages, the document centers on cost-of-living relief, tax reform, healthcare expansion and housing, offering what the party describes as a more immediate response to economic pressures facing Bahamian families. The FNM has also made its manifesto accessible online.

Beyond the two major parties, the Coalition of Independents (COI) had already entered the policy space earlier, formally unveiling its long-range Vision 2030 framework on Saturday, March 1, 2025, at the Fusion Superplex in Nassau during a packed national launch led by party leader Lincoln Bain. That framework has since been complemented by a 100-day action plan released in late March/early April 2026, adding a short-term policy layer to its long-range proposals.

These policy rollouts come as the country prepares for a pivotal vote, with the Parliamentary Registration Department confirming a voters’ register of approximately 203,000 eligible voters, one of the largest in the nation’s history. Key dates are now set, with Nomination Day on April 16, followed by advance polls on April 30, ahead of General Election Day on May 12.

With platforms now in the public domain and the timeline locked in, the focus shifts squarely to the electorate—who must now weigh the promises, examine the plans and decide the country’s direction at the polls.

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

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From Concept to Approval: What a 2019 Water Security Plan Now Means for Bahamians

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The Bahamas, April 14, 2026 – At its core, the $65 million water security project is designed to strengthen the reliability, safety and resilience of the water supply across The Bahamas.

If implemented as planned, the investment is expected to improve water quality, reduce contamination risks and support public health, while increasing supply reliability and limiting service disruptions during droughts or system failures. The project also aims to expand and upgrade infrastructure, including wellfields, pumping stations and storage capacity, and to protect freshwater resources from saltwater intrusion—an increasing threat for low-lying islands. In practical terms, that could mean cleaner, more consistent and more dependable access to water for residents across the country.

The project was first conceptualised in 2019 under the previous administration, when a proposal was submitted to the Green Climate Fund to strengthen the resilience of the country’s water systems. That early work came just months before Hurricane Dorian exposed the vulnerability of national infrastructure, including critical water and sanitation systems, particularly in the northern Bahamas.

The initial phase focused on developing the concept, identifying priority areas and engaging regional and international partners, including the Caribbean Development Bank, to support the design and preparation of a full funding proposal.

Following the change in government in 2021, the project advanced into its most technical and demanding stages. The current administration oversaw the completion of key requirements, including feasibility studies, environmental and social assessments, and detailed financing negotiations with international partners—steps necessary to move the proposal from concept to approval.

That multi-year process has now culminated in approval of a $65 million financing package, combining grant funding with concessional loans to support long-term upgrades to the country’s water infrastructure.

While the project brings significant international support, it is not entirely free money. The package is structured as a blended financing arrangement, combining grant funding with concessional loans—meaning a portion of the funding will ultimately need to be repaid. Based on information released by the Caribbean Development Bank, approximately $25 million of the total package is tied to loan financing, with the remaining portion provided as grant support.

Concessional loans typically carry more favourable terms than commercial borrowing, including lower interest rates and longer repayment periods. However, they still represent debt obligations that will be borne over time.

Notably, detailed terms of the loan components—including interest rates, repayment schedules and any associated conditions—were not disclosed in the initial announcement issued by the Office of the Prime Minister (Bahamas). Those details are expected to be outlined in formal financing agreements, but have not yet been made public.

For Bahamians, the project represents both investment and obligation. While the grant funding provides a significant boost to infrastructure development, the loan component adds to the country’s long-term financial commitments—making transparency around terms and implementation timelines especially important.

While the approval marks a significant milestone, the timeline for delivery remains a critical factor. Based on information available from project partners, implementation is not expected to begin immediately. The initiative is anticipated to move into its execution phase later in 2026, following finalisation of financing agreements and completion of preparatory requirements.

From there, the project is projected to unfold over several years, with estimates suggesting a multi-year implementation period of up to seven years to fully deliver the planned upgrades to water infrastructure across The Bahamas.

This means that while the funding has now been approved, the benefits will be realised gradually rather than all at once. A definitive completion date has not been publicly outlined, and detailed timelines tied to specific islands or phases of work have yet to be disclosed.

For Bahamians, the question now shifts from approval to execution—when funds are drawn down, when construction begins, and how consistently the project moves from plan to delivery.

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

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Fuel Pain at The Pump: Global Tensions Drive Prices Up as Bahamians Feel the Squeeze

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NASSAU, Bahamas — What should be a simple five-minute drive is fast becoming an expensive, hour-long ordeal, as rising fuel prices collide with worsening traffic congestion across New Providence.

As of early April 2026, gasoline prices across The Bahamas have climbed sharply, with motorists now paying an estimated $5.50 to over $6.50 per gallon, depending on the station and grade. The increases, seen at major retailers including Esso, Rubis and Shell, reflect a volatile global oil market driven by escalating geopolitical tensions.

The latest spike — in some cases jumping more than 50 cents per gallon within days — is being driven by uncertainty surrounding escalating tensions involving Iran. U.S. President Donald Trump has issued a direct ultimatum, warning that the United States could launch aggressive strikes on Iranian infrastructure, including power plants and key facilities, if demands are not met. While he has also expressed hope for a swift resolution, the threat of rapid escalation is already rattling global oil markets — and The Bahamas, heavily dependent on imported fuel, is feeling the impact almost immediately.

At the pumps, the frustration is real.

Drivers are now paying significantly more just to sit in traffic. Commutes that once took minutes are stretching into hour-long crawls, burning fuel with little movement and compounding the financial strain. For many residents, the issue isn’t just the price per gallon — it’s how quickly that gallon disappears.

Industry players are also bracing for impact. Higher diesel prices are expected to ripple across key sectors, including trucking, construction, and shipping — all of which ultimately feed into the cost of goods and services. In short, this is not just a fuel story; it’s an inflation story in the making.

Despite the surge, the Bahamas Petroleum Retailers Association has moved to calm fears, confirming that there is no fuel shortage. Supply remains stable, but consumers are being urged to adjust behavior — from maintaining proper tyre pressure to considering carpooling — small measures that could stretch every dollar a bit further.

Retailers, however, are not offering much comfort on price relief. While fluctuations are expected, insiders say the days of sudden price drops are unlikely in the immediate term. The “shock” increases may level off, but a meaningful decline hinges on global stability — something that currently feels out of reach.

For Bahamians, the reality is tightening: higher fuel costs, longer commutes, and a growing sense that relief isn’t coming anytime soon.

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

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