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BAHAMAS: Symonette: Improved Systems to Further Expand Financial Services

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#Bahamas, March 5, 2018 – Nassau – Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette, says that steps are being taken to grow and sustain the financial services sector. The Minister delivered opening remarks during the 15th annual International Business and Finance Summit.  The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”

“I assumed my role as Minister of Financial Services, Trade & Industry and Immigration nine months ago,” said Mr. Symonette.  “And it is my mission to ensure that we engage industry, follow emerging trends and strategically position ourselves to be innovative as we move forward for the growth and sustainability of financial services in The Bahamas.”

He said that globally the Financial services industry is ‘constantly’ being threatened by increased global regulatory standards, unscrupulous persons wishing to use it for illicit or illegal activity, and technological changes that threaten human capital allocation.  As a result, the government is enhancing systems and processes to comply with global regulatory standards, creating and amending legislation and enforcement actions to thwart against illicit or illegal activity, and sharpening human capital resources to adapt to technological advances.

“Our progress thus far has consisted of new legislation and legislative amendments that affect various industries including financial services, immigration, trade and commercial enterprise, as well as, the implementation of appropriate structural and macroeconomic policies which are being designed to improve economic efficiency and to create conditions conducive for integration into the world economy,” he said.

His portfolio as Minister of Financial Services, Trade & Industry and Immigration, contains three sectors that are interlinked.  He said that Financial services can be as ‘innovative and creative’ as it wants to be, but if it is difficult for business persons and professionals to come here to facilitate this engine, then progress and development of financial services will be hindered.

“If trade and industry is not being constantly developed and new avenues for this to grow are not explored and implemented, trade in financial services and adjunct businesses that are created as a result, will have no room to thrive,” he said.   “The reason I am highlighting these areas, is because they have long been impediments to our continued success in financial services.  Today, I can say, we have gained some ground on removing these impediments.”

Some of the initiatives include the Ease of Doing Business policy, which includes improvement in the business licence process and advances in technology.  Further, the government is also embarking on amending to legislation, from the Central Bank of The Bahamas, making the process around ‘Know Your Customer,’ and Money Laundering and Terrorist Financing less regimented to make it easier to open accounts and transact business.

“My Ministry is also engaged in discussions with the Governor of the Central Bank to relax exchange control, an issue which is of concern to many in the business community to access international finance across borders,” he said.  “We believe that this relaxation will attract foreign direct investment and allow Bahamians and foreigners to move goods and products more freely and efficiently.”

The Securities Commission of The Bahamas is also making amendments to the Investment Funds Act.  This Act, he noted, is out for consultation and will assist in enhancing this service.  It is expected to be passed before the end of the year.

Another initiative is the Commercial Enterprise Act, of which the aim is to make it easier for persons investing in specialized areas such as arbitration, technology, call centres, international & maritime trade and captive insurance to obtain work permits more quickly and efficiently.   The government is also facilitating various immigration reforms, namely adjustments in the application proces for short-term work permits for persons entering the Bahamas for the purpose of business for a period of less than 21 days.

“We have also revised our policy on permanent residency on the purchase of a residence.  With effect from 1st July, 2018, the threshold will be increased to $750,000 instead of the $500,000 threshold that has been in place for numerous years,” he said.

Other initiatives include Human Capital Development; signing onto the Common Reporting Standards (CRS) protocols and Expansion of Financial Services

“The Bahamas is known for its long history and knowledge in the wealth management space.  In the next phase of our transformation, we must expand this space,” said Minister Symonette.” We are exploring the Asset Management, Global FX pricing and liquidity, and Fintech, just to name a few as expansions to our current offerings in financial services.”

By: Betty Vedrine (BIS)

Photo Captions:

Header & First insert: Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette delivering opening remarks and answering questions during the 15th Annual International Business and Finance Summit.  The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”

Second insert: Minister of Financial Services, Trade & Industry and Immigration, Hon. Brent Symonette chatting with Former Minister of Financial Services Minister, Ryan Pinder during the 15thAnnual International Business and Finance Summit.  The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”

(BIS Photos/Derek Smith)

 

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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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FNM’S $200 CHILD SUPPORT PLAN SPARKS DEBATE AS PLP QUESTIONS FUNDING AND SCOPE

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NASSAU, Bahamas — The Free National Movement has rolled out details of its proposed $200 monthly Working Parent Child Support Initiative, but the announcement has already ignited political debate and prompted clarification from the party.

Leader Michael Pintard said the initiative would provide $200 per month to qualifying caregivers during the first two years of a child’s life, as part of a broader push to ease the cost of living for Bahamian families.

The party estimates the programme would cost between $12 million and $14 million annually, with funding to come from reducing what it describes as excessive government spending — particularly consultancy contracts.

However, the proposal quickly drew scrutiny.

The governing Progressive Liberal Party has challenged the feasibility of the plan, questioning how the payments would be sustained without increasing the deficit or introducing new taxes. The response forced the FNM to further outline its funding strategy, emphasizing that a 21 percent reduction in consultancy spending could fully finance the initiative.

The exchange has highlighted a familiar election-season tension — bold proposals versus practical execution.

Beyond the child support plan, Pintard outlined a wide-ranging policy agenda, including:

  • Removing VAT on select essential goods
  • Constructing 5,000 affordable homes within five years
  • Cutting the country’s food import bill by half
  • Strengthening enforcement against illegal immigration
  • Reforming the nation’s healthcare system

Pintard also took aim at the current administration, accusing it of mismanaging public funds and awarding more than $400 million in contracts without competitive bidding — claims which have further fueled political back-and-forth.

“The best way to pay for high-quality public services in the long run is to have a strong, efficient economy,” Pintard said, arguing that government spending must be redirected toward ordinary Bahamians.

While supporters have welcomed the proposals as timely relief for struggling families, critics remain cautious, pointing to unanswered questions around implementation, eligibility, and long-term sustainability.

With election momentum building, the debate surrounding the FNM’s plan underscores a broader reality — Bahamians are being presented with big promises, but increasingly demanding clear answers on how those promises will be delivered.

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

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COI UNVEILS FIRST 100 DAYS PLAN, PROMISING SWEEPING CHANGE AND BREAK FROM MAINSTREAM POLITICS

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NASSAU, Bahamas — The Coalition of Independents has rolled out its First 100 Days Plan, positioning it as a roadmap for rapid national transformation and a clear break from what it describes as the failures of the country’s two dominant political parties.

Leader Lincoln Bain introduced the plan during a recent public presentation, outlining a series of early actions his party says would be implemented immediately upon taking office.

At the heart of the proposal is a push to redistribute access to Crown land, a signature policy of the Coalition, which argues that Bahamians should have greater direct benefit from national resources. The plan also prioritizes the full implementation of Freedom of Information legislation, with Bain framing transparency as a cornerstone of restoring trust in government.

Additional focus areas include proposed reforms to the healthcare system, including improved compensation for nurses and medical professionals, and broader governance changes aimed at increasing accountability and reducing political control over national decision-making.

The Coalition has branded the plan as a historic first, describing itself as the only political group to present a structured 100-day agenda ahead of a general election.

But beyond the policy points, the messaging was unmistakable.

Bain and his team continue to urge Bahamians to move away from the traditional two-party system, arguing that both the Progressive Liberal Party and the Free National Movement have failed to deliver meaningful change despite decades of governance.

“The system is not working for the people,” has been a consistent refrain from the Coalition, which is campaigning on the idea of resetting how the country is governed.

While supporters view the 100-day plan as a bold and necessary shift, questions remain about the level of detail provided, particularly around costing, timelines, and how proposed changes would be executed within the existing structure of government.

Still, the rollout signals that the Coalition of Independents is seeking to position itself not just as an alternative voice, but as a ready governing option — one promising immediate action and systemic reform.

With election momentum building, the emergence of a defined 100-day agenda adds a new dimension to the political landscape, as Bahamians weigh competing visions for the country’s future.

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

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