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BAHAMAS: Kwasi Thompson, Minister of State for Finance New Crowdfunding Regulations

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#TheBahamas, July 10, 2021 – Good afternoon. I am pleased to be here today to celebrate the ground-breaking transformation taking place with our financial landscape here in The Bahamas. From the start of our tenure, this administration has made it a priority to uplift Bahamian micro-, small, and medium-sized enterprises, also known as MSMEs. At every step of the way, we have focused on creating new opportunities for growth and support of this critical sector of our economy and society. 

Since we launched the Access Accelerator Small Business Development Center in 2018, this Administration has since injected over $60 Million into small businesses across the country in the form of grants and loan-guarantees.  By any reasonable metric, this administration has done more to support Bahamian Entrepreneurs and Small Businesses than any administration prior.   It is a track record that we are immensely proud of.

Today, we make another revolutionary step in the development of entrepreneurial and small business opportunities in The Bahamas.  

The Economic Recovery Committee, established by the Prime Minister, provided a number of recommendations to support more and more Bahamians getting into business so that we can have more dynamic and inclusive economic growth.   One of those recommendations was that the government:  “Implement legislation to facilitate and support crowd sourcing and junior stock markets to expand access to capital by Bahamian businesses.”

I am pleased to report that the government has heeded that recommendation.  As such the Cabinet of The Bahamas recently approved new regulations from the Securities Commission that establishes a legal framework to allow MSMEs to participate in what is commonly referred to as “crowdfunding”.  These regulations have been gazetted, released to the public and are now in effect. 

Crowdfunding is a modern form of business financing that allows small businesses to raise money from many small investors, typically using online platforms. These reforms represent a gamechanger for business ownership and entrepreneurship in our country. 

With these new and innovative crowdfunding regulations, we are furthering the potential of MSMEs to raise more investment money on the private capital market. We are breaking down the walls that were once only able to be traversed by big corporate players. A new wave of possibilities for Bahamian ownership and entrepreneurship is here. 

Crowdfunding is a relatively inexpensive way to raise capital for a start-up when compared to traditional means such as bank loans or initial public offerings. Over the last decade or so, crowdfunding has gained popularity in the start-up world. Particularly after the 2008 financial crisis, the cost of borrowing funds from banks became exorbitantly expensive. Pair that with the complexities and costs of debuting a public offering, entrepreneurs were left with little options to source the capital they needed to make their ideas reality. 

This is where crowdfunding has been incredibly useful. Entrepreneurs can avoid the expensive and often onerous processes involved with traditional fundraising and secure debt-free capital by selling a stake in their businesses, but yet while maintaining control of their companies. Through the advent of financial technology, or “Fintech”, crowdfunding has become even simpler. Online platforms can be developed to host businesses and investors alike and orchestrate crowdfunding with the click of button. 

The new rules are now in effect and they represent a game changer. Eligible entrepreneurs can raise up to $5 million to put towards the development of their start-ups or existing small businesses.  And better, the platforms allow them to raise this money from citizens and residents across the country who are interested in investing in promising businesses.  

This administration is streamlining the bureaucracy.  We are undertaking real structural reform. We are allowing Bahamian entrepreneurs and small businesses to have the same kind of opportunity to raise capital like the big businesses currently do. 

For example, interested individuals will not be required to file the typical prospectus with the Commission as would be needed for a public offering. Instead, they would file a streamlined ‘Crowdfund Offering Document’ or “COD” prior to conducting a crowdfund distribution. This is a significantly less expensive process when compared to the minimum $20,000 prospectus. . This is just one way that we are breaking down the barriers for Bahamian entrepreneurs and small businesses to raise capital in The Bahamas. 

The new crowdfund rules provide an appropriate balance between access to capital for entrepreneurs and, of course, provisions to ensure protection for potential investors. The rules also seek to minimize systemic and jurisdiction risks. 

These innovative regulations have already created space for the establishment of the nation’s first licensed equity crowdfunding platform, which goes by the name Arawak X.  I understand as well that The Bahamas International Stock Exchange (or BISX) has also been approved to establish its own similar platform to raise funding for Bahamian Small Businesses.  We expect to see even more innovators come forth as a result of the new framework highlighted today.

I thank the Securities Commission, the Economic Recovery Committee, and everyone who worked tirelessly to outline and implement the new crowdfunding rules. I am so excited to see the creative ventures that will grow as a result of this work. Thank you.

Bahamas News

Diamond Stubbs, 17 • Betrica Brown, 19 • Stania Webb, 19 • Fourth victim yet to be identified

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Deandrea Hamilton | Editor

Six road deaths in two days leave a nation searching for answers

NASSAU, The Bahamas – A nation that only days ago celebrated graduations, scholarships and bright futures is now united in grief as six lives were lost on Bahamian roads in just two days, including four young women whose deaths have shaken the country to its core.

The names Diamond Stubbs, 17; Betrica Brown, 19; and Stania Webb, 19 have become the heartbreaking symbol of one of the country’s deadliest road tragedies in recent memory. A fourth young woman, believed to be 18 years old, had not been publicly identified by authorities up to publication time, as families continued to mourn and await official confirmation.

The four were among eight occupants travelling in a gray Mazda when it crashed into a tree on Shirley Street shortly after 1 a.m. Sunday. Police said the 19-year-old driver reportedly struck a pothole, looked back toward his passengers and lost control before the vehicle slammed into the tree. Three young women died at the scene, while a fourth later succumbed to her injuries in hospital. Four others, including the driver, remain hospitalized as investigations continue.

The tragedy’s impact reached the House of Assembly on Monday, where Members observed a moment of silence – led by Prime Minister Philip Davis – in honour of the young women whose lives were cut tragically short.

What has resonated most across the country is not simply how they died, but who they were.

Diamond Stubbs had just graduated from Old Bight High School in Cat Island as valedictorian and head girl. She was preparing to attend Langston University in Oklahoma on scholarship and was remembered by her father as an exceptional student who earned virtually every academic award presented at graduation while inspiring other young people to pursue their dreams.

Betrica Brown, who called both Cat Island and Abaco her homes, had recently travelled to Nassau to secure her student visa. Youth and Sports Minister Mario Bowleg said she was preparing to begin college on a volleyball scholarship.

Stania Webb had already distinguished herself at Langston University, where she earned both President’s List and Honour Roll recognition after graduating from Old Bight High School at just 16 years old. Family members remembered her as a quiet, ambitious young woman deeply committed to her Christian faith and education.

Speaking in Parliament, Prime Minister Philip Davis described the loss as heartbreaking, extending condolences to the families, classmates and loved ones whose lives have been forever changed. He urged Bahamians to keep those still hospitalized and the grieving families in their prayers. Similar expressions of sympathy came from across the political divide, churches, schools and communities throughout the country.

Some residents were also chided for sharing gruesome and graphic photos and video in the hours following the shocking car crash.  Relatives said it made a difficult, heartbreaking time more unbearable.

Condolences poured in from government and Christian ministers; The Bahamas Union of Teachers; The Bahamas Christian council and other leaders from across the islands.

The national tragedy extended beyond New Providence. Also on Sunday, 26-year-old Nica Julien lost her life in a separate traffic collision in Grand Bahama. Then, on Monday, a road traffic accident claimed the life of a 30-year-old man on the highway of Abaco.

Together, the six deaths have transformed what should have been a season of celebration with graduations and independence festivities in play, into one of national mourning, leaving families, communities and an entire country searching for answers—and praying that no more names are added to the list.

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Bahamas News

Twist of Timing Shifts Focus in Jonathan Gardiner Case

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The Bahamas, June 26, 2026 – Imagine boarding a plane for another Bahamian island, only for it to crash in U.S. waters during what now appears to have been a remarkable twist of timing.

Jonathan Gardiner’s Election Day flight has dominated headlines for weeks, but Thursday’s decision by a New York federal judge suggests the story may be far bigger than the crash itself.

Gardiner was denied bail after U.S. District Judge Gregory Woods described him as a danger to the community, a significant flight risk and concluded that the government’s evidence is “very strong.”

For many Bahamians, however, the public narrative has remained fixed on the approximately $30,000 recovered after the crash, including an envelope reportedly containing $5,000 intended for an unnamed politician.

Gardiner’s attorneys have argued the cash was legitimate, saying roughly $20,000 had been withdrawn from his business account the day before the flight. They also maintain the prosecution’s case is circumstantial and have argued that his speedy trial rights are being violated.

But prosecutors say the charges stem from a three-year federal investigation into an alleged conspiracy to import cocaine into the United States—not an investigation that began because a plane crashed in Bahamian waters.

That distinction may prove critical.

The crash brought the case into public view, but it may not be what ultimately determines its outcome.

The judge’s ruling raises a question that now deserves greater attention: What evidence from that three-year investigation persuaded a federal judge that the government’s case is “very strong”?

The answer may not lie in the cash recovered after the crash, but in investigative material that has yet to be fully presented in open court.

As the case moves toward trial, Magnetic Media will continue looking beyond the headlines and following the evidence that underpins one of the most closely watched criminal prosecutions involving a Bahamian in recent years.

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Bahamas News

He’s Not Dusting Off Yesterday’s Plan… He’s Trying to Rebuild Government  

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By Deandrea Hamilton | Magnetic Media

 

The Bahamas, June 26, 2026 – Just in case you thought Sebastian Bastian, The Bahamas’ first Minister of Innovation and National Development, was about to dust off Vision 2040 and carry on where others left off… think again.

In his maiden Budget Communication on Monday, June 15, Bastian unveiled what amounts to a blueprint to rebuild how the government works.

Not with another glossy vision document.

But with an execution machine.

The clearest indication came when the Minister acknowledged that while Vision 2040 was an important national achievement, it also exposed a weakness.

“So we are changing what we are building. The National Development Plan will no longer be a document we complete and set aside. It will be a living instrument — continuously reviewed, always current, resourced by full-time professionals, and grounded in real data — that shapes how this government, and every government after it, chooses its priorities. A plan is a document. What we are building is an institution.”

It is a remarkable shift in philosophy.

Instead of governments producing national plans every decade, Bastian wants professionals monitoring implementation in real time, measuring progress and ensuring administrations stay focused on delivering what they promised.

To Bastian, national development goes far beyond the roads, airports and buildings Bahamians can see. It also means creating the invisible infrastructure of government — smarter systems, better planning, reliable data, accountability and institutions that survive changes in political administrations.

His speech repeatedly returned to one central idea: government itself has become an obstacle to opportunity.

He described a Family Island entrepreneur waiting weeks or even months for approvals because government systems do not communicate with one another. He spoke of public servants trapped by outdated manual processes instead of serving people. And he highlighted an 18-year-old entering a workforce being reshaped by artificial intelligence before graduation.

As he explained:

“…our job is a practical one: to make government work better, to make The Bahamas easier to do business in, and to make sure our country and our people are ready for what comes next.”

For ordinary Bahamians, he said the objective is simple.

“…a government that is simpler, faster, and far easier to deal with… dealing with your government will get easier, year after year, by design.”

His ministry’s four pillars are ambitious: modernizing government, preparing the nation for artificial intelligence, developing Bahamian talent and driving long-term national development.

Among the initiatives announced were a National Artificial Intelligence Authority, the country’s first AI legislation, a National Digital ID, SmartGov productivity tools for public officers, connected government systems, a National AI Literacy Initiative, an independent National Planning and Development Institute and a Delivery Division dedicated to turning plans into action.

The speech stopped short in one important area.

While Minister Bastian thoroughly explained how government intends to transform itself, he did not establish the measurable targets by which Bahamians can judge whether that transformation is succeeding.

However, he did reveal the next milestone.

Beginning in August, the National Development Plan Secretariat will begin assessing the planning capacity of every ministry and department while establishing a national tracking system before the renewed development plan moves into execution.

With 23 ministries and offices in the Davis administration, Bahamians now have a timeline.

It would not be unreasonable for the public to expect Minister Bastian to return once that assessment is complete with the findings, benchmarks and measurable goals that define success.

After all, the Minister’s own philosophy leaves little room for anything less.

“Delivery does not happen by good intentions — it happens when you build the institutions to carry it: capacity for research and policy thinking; teams dedicated to implementation; structures that demand accountability; systems that measure progress; and continuity that outlives any election cycle.”

If this speech is any indication, Minister Sebastian Bastian is not asking Bahamians to judge him by promises.He is asking to be judged by performance.

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