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Economy ‘rebounding’ after years of weak/negligible growth

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#Bahamas, April 4, 2018 – Nassau – The Bahamian economy continues to rebound after many years of weak if not negligible growth, Prime Minister, Dr. the Hon. Hubert A. Minnis told Parliament Tuesday (March 20).  The economy grew by 1.8 per cent in 2017.  This year, a 2.5 per cent growth is expected.

Wrapping up debate on the Mid-Year Budget in the House of Assembly, Prime Minister Minnis said the Bahamian economy shrank from $10.7 billion to $10.2 billion during the years 2012-2016, a decline of $500 million or 4.7 per cent.  Prime Minister Minnis said the key driver of that decline was a sharp reduction in fixed capital formation, or investment, which over the same period fell by more than $600 million.

“That comprised a decline in spending on buildings and infrastructure of over $400 million and a fall in spending on machinery and equipment of some $200 million,” Prime Minister Minnis said.

In contrast, total consumption expenditure grew by almost $140 million and exports rose on the order of $175 million.  Imports rose by $250 million.

Prime Minister Minnis said these developments “are especially worrisome for it is generally acknowledged that buoyant investment is critical to stronger, sustained, long-term growth.”  The Prime Minister said Administration officials have been working hard since being elected to office ten months ago to tackle the country’s economic and fiscal challenges.

“In the ten months since coming to office, we have begun to implement our vision for the future, with concrete action plans underpinning this vision.  The key messages that were presented in the Mid-Year Budget Statement reflect both the work that we have undertaken to date, and our approach to tackling the economic and fiscal challenges going forward.

“It is evident for all to see, that our domestic economy, while rebounding gradually from many years of weak if not negligible growth, is still performing well below its potential,” Prime Minister Minnis added.

Prime Minister Minnis said if one was to take a look at the Bahamian economy over the past five years – both in absolute terms and relative to other economies – the economy has been poor.  The Bahamian economy “shrank in real terms” in 2013 by 0.6 per cent. It contracted again in 2014, by 1.2 per cent.

“The year 2015, was even worse with a further decline in economic activity of 3.1 per cent,” Prime Minister Minnis continued, “finally, in 2016, our economy stopped shrinking, but posted only negligible growth of 0.2 per cent.”

Prime Minister Minnis said over the years, there was “little surprise” with the relatively close correlation between the rate of growth of the U.S. economy and The Bahamas’ rate of economic growth as the USA “is by far our most significant trading partner.”

“However, following the great recession of 2008-2009, that correlation has broken down and the performance of The Bahamas’ economy has been much weaker than that of the U.S. As well, as was documented in the last IMF Article IV Staff report, our economic performance has also lagged significantly behind that of both the other Caribbean tourism intensive countries and non-Caribbean Small States.”

Prime Minister Minnis said “based on experience and looking ahead” Administration officials must focus the country’s policy interventions on influencing the key factors that underpin the rate of potential growth, including the quantity and quality of capital, “if we wish to successfully and meaningfully, enhance the potential growth rate of our economy.”

“On the capital front, it is vital that we achieve higher rates of saving and investment domestically as well as promote The Bahamas as an attractive locale fort strategic foreign direct investment.

“To those ends, we are striving to enhance the business and investment environment, primarily by moving to ease the burden and cost of doing business in The Bahamas,” Prime Minister Minnis added.

By: Matt Maura (BIS)

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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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