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TCI Records First Quarter of Negative Growth Throne Speech reveals



By Deandrea Hamilton



#TurksandCaicos, September 15, 2023 – The Turks and Caicos Islands economic hot streak is cooling; within the Throne Speech of September 14 it was explained that the Washington Misick Administration is monitoring the global economy for any trends which may offset the TCI’s fiscal buoyancy after recording negative growth in the first fiscal quarter of 2023-2024.

“My government will continue to watch the world economy and adjust as we see fit to ensure that our people are protected and have a chance for the best outcomes. The global economic contraction is cause for concern. For the first quarter, the TCI revenues were $109.8 million. That is $3.7 million or 3% below estimates.”

The decrease in government income follows two consecutive periods of banner performances in tourism and real estate.

In delivering the message penned by Hon C. Washington, Misick, the Premier of the Turks and Caicos Islands in the Throne Speech, the governor, on his behalf said: “Mr Speaker! The 2022/23 Financial Year was challenging for my government and the people of these islands, but through the mercies of God, we finished the year with much to celebrate and much to be thankful for.

Mr. Speaker! While the TCI’s economic prospects are tied to the rest of the world, this little country is doing far better than many larger economies.

The economy has recovered fully from the downturn caused by the COVID-19 pandemic and over the last two and a half years has seen consistent growth,” said H.E. Daleeni Daniel-Selveratnam, Governor of the Turks and Caicos Islands.

The IMF has warned that the global economy is poised to slow.  Already, Canada is reporting that it has had a first quarter of negative growth.  Now, the Turks and Caicos is revealing the same.

“As we enter this legislative year, we must be mindful that as a tourist-dependent economy, we will remain vulnerable to global economic conditions.

That is why my government is striving to build an economy that has a strong foundation, is sustainable, diversified and above all gives every islander and resident an equal opportunity to create the best life for their families.”

The government explained in that parliamentary speech that while there have been pioneering strides in devising savings’ plans, managing debt, decreasing unemployment and raising salaries, according to the Speech, the Turks and Caicos is not absolved from external shocks.

“The Russia-Ukraine war continues to have a negative impact on us.  Over the last year, we have seen the cost of fuel and food increase significantly.

My government is mindful of the hardships that many families are facing. As we have done over the last two and a half years, we will continue to find ways to ease the burdens.”

Governor Daniel-Selveratnam, on behalf of the PNP Administration shared that spending will not be paused on previously touted Government initiatives.  In fact, it was announced that crowd Funds and Programs are advancing.

“The National Wealth Fund stands at $50.8 million. This is a testament to our journey toward posterity. It is a testament to an economy built to withstand external shocks and has the ability to bounce back quickly after a catastrophic event or natural disaster. The fund is valued at about 4% of the Gross Domestic Product (GDP). It is distributed in four specific ways:

  • The Stabilisation Fund has the lion’s share with $30.7million
  • The Infrastructure and Competitiveness Fund has $8.8 million
  • The Heritage Fund has $4.3 million and
  • Citizen’s Empowerment Fund $7 million. The first project of the Citizen’s Empowerment Fund is the creation of the National Credit Union to benefit all status holders and British Overseas Territories Citizens (BOTCs) who live in the TCI. I am happy to report that this is well underway.”

The Speech reflected on raised salaries for the Public Sector, establishment of an e-system to support a government worker pension fund and $1 Million invested in a reverse osmosis system for the once beleaguered facility in Grand Turk.

However, in addition to earnings being down for the first quarter, government spending dropped significantly.

“Total Expenditure was $20.9 million below estimates.  These results are for the 1st quarter only and could change.”

The Turks and Caicos is courting investments and in the Throne Speech, the nation learned of infrastructural projects which have the potential to boost earnings for the country, however, at no point in the presentation was the topic of economic diversification broached; no mention of new earnings streams and no mention of the current number two and three industries: Financial Services and Agriculture adn Fisheries.

The absence of potential remedies to the heavy reliance of Turks and Caicos on Tourism, raises questions about how the government plans to broaden the recurrent revenue stream or weather a possible global recession.

The Throne Speech was delivered to a packed galley on Thursday September 15, 2023 at the House of Assembly in Grand Turk.  It was the first Throne Speech for Her Excellency Daleeni Daniel-Selveratnam as the newest governor of the Turks and Caicos Islands.


Invest Turks and Caicos’ Business Support Unit Partners with RBC (Royal Bank) Bahamas Ltd. and CIBC FirstCaribbean to host Financial Literacy for MSMEs Training



Providenciales, Turks and Caicos Islands, December 5th, 2023 – Invest Turks and Caicos’ Business Support Unit, in conjunction with partners RBC (Royal Bank) Bahamas Ltd. and CIBC FirstCaribbean, successfully conducted a comprehensive Financial Literacy for MSMEs Training at the Blue Haven Resort on November 28th, 2023. This initiative aimed to empower business owners with essential insights into financial statements, the significance of meticulous recordkeeping, and the specific requirements outlined by leading banks for prospective commercial clients. Attended by fifteen participants comprising both established business owners and aspiring entrepreneurs, the session proved to be a pivotal learning experience.

Ms. Shanice Williams, the proprietor of LLS Consulting, expressed her appreciation, stating, “I extend my gratitude for putting together an exceptional training session. The presenters delivered a wealth of well-digested information that has proven highly valuable for me and my recently established business. I’m delighted to have been part of this and eagerly anticipate future sessions.”

Mrs. Nancy Missick-Rolle, CEO of Executive Tours, shared her positive experience, “I found the training very beneficial for improving my financial literacy. The presenters were well-versed and articulate in their delivery, making the material relatable and extremely practical. The BSU did an excellent job managing the event and advising the group of the programs and services available for assistance.”

Ms. Shanice Swann, Interim Branch, and Country Manager at RBC (Royal Bank) Bahamas Ltd. expressed her pleasure in facilitating the training seminar. She stated, “It was a pleasure to facilitate a training seminar on the topic of financial statements in conjunction with the Business Support Unit at Invest TCI. This session was an enriching experience that entailed engaging with vibrant small and medium-sized businesses within the islands and cherishing their invaluable feedback on the topic. A popular quote that sticks with me is, ‘Success is not always about greatness, but it is contingent on consistency.’ The participation of business owners in seminars like these solidifies their unwavering dedication to sculpting a consistent path toward success.”

Curley Been, Manager, Business Banking, CIBC FirstCaribbean, stated, “Participating in the Financial Literacy for MSMEs on November 28th, 2023, was truly enjoyable. In our dynamic economy, there are more opportunities than ever for individuals to become business owners and contribute to TCI’s growth. Understanding how to navigate this entrepreneurial journey, secure financing, and achieve growth is crucial for business success. As a representative of CIBC FirstCaribbean, I felt honored to present on the topic of ‘Making Your Business Bankable’ for both existing self-employed individuals and upcoming new business owners. We trust that the insights shared were beneficial to all attendees and eagerly anticipate future collaborations with InvestTCI on upcoming events.”

Mrs. Anissa Adderley, Director of the Business Support Unit, underscored the significance of partnerships between financial institutions and MSMEs. She stated, “The importance of partnerships between financial institutions and MSMEs cannot be underestimated. We are delighted to have partnered with RBC and CIBC FirstCaribbean to provide our MSMEs with this informative, interactive, and impactful training that will benefit their businesses and help them make more informed business decisions. MSMEs must prioritize financial education to allow them to reap the maximum benefits for both their businesses and the wider economy. MSMEs are the lifeline of our economy, and ensuring that they are resilient and sustainable is our core objective.”

The BSU invites business owners to take advantage of its face-to-face and e-learning training programs. The training is offered free of charge, and the information provided is vital to ensuring the success of their businesses. For further details, please contact the BSU at (649) 338-4787 or via

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Combined Team of Ministry of Health and TCI Hospital personnel attend United Kingdom Health Security Agency (UKHSA) Antimicrobial Stewardship (AMS) Workshop in Anguilla.   



#TurksandCaicos, December 10, 2023 – A combined team of Ministry of Health and Human Services (MoHHS) and TCI Hospital personnel recently represented the Turks and Caicos Islands at a three-day UKHSA AMS Workshop, which was held in Anguilla between November 29th and December 1st, 2023. The team included Mrs. Winsome Hayles-Parker – Lead Medical Technologist in Microbiology, TCI Hospital, Mr. Andre Morgan – National Pharmacist, MoHHS and Ms. Arlene Siebs – Director of the National Public Health Laboratory, MoHHS. The workshop was well attended by physicians, pharmacists and laboratory personnel who hailed from the United Kingdom, St. Helena, Anguilla, Bermuda, British Virgin Islands, Cayman and Montserrat.

The workshop involved both laboratory and non-laboratory sessions. The laboratory sessions were practical sessions that were geared toward the diagnostic technologies used by the various UKOTs in the detection of antimicrobial-resistant (AMR) pathogens and the use of BioFire in diagnostics. Most territories are now equipped with the BioFire Assay Technology, which forms part of the laboratory setup for molecular resistance markers.

The non-laboratory sessions included parallel professional development sessions on topics including AMS, the use of the MicroGuide antibiotic prescribing App, antibiotic surveillance, situational analysis of AMS in the UKOTs and AMS accreditation. Importantly, the attendees were able to discuss case presentations on clinical management and infection prevention and control.

In providing comments, Ms. Siebs stated, “Medical Laboratory Scientists must continue to improve their skills and competency as we work together in combatting AMR through laboratory services. I was thrilled at having the opportunity to compare disc susceptibility testing with automated analysers for the detection of antimicrobial resistance in microorganisms.”  

Mrs. Hayles-Parker believes that “the information gathered will be of value in helping us in the TCI to uphold the standards on AMS and in the long term with the fight against AMR. As we move forward as change agents, we are better able to assist with safeguarding the health and wellbeing of the people of the TCI.”

Mr. Morgan concluded that “the three-day workshop was a major success and I am excited to utilise the information acquired in strengthening the TCI’s National Action Plan for Antimicrobial Resistance, which will, in turn, develop and strengthen antimicrobial stewardship in the Turks and Caicos Islands. I hope that these advances will continue to safeguard against this emerging AMR global threat by implementing strategies that will ensure sustainable pharmaceutical care for the present and future.

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Bahamas News

BMMC Groundbreaking is evidence that all Bahamians can thrive, says PM



FREEPORT, Grand Bahama – Prime Minister and Minister of Finance, the Hon. Philip Davis on Thursday, December 7 noted the company is a “beacon of national pride” and evidence that all Bahamians can thrive, when giving the keynote address at a ceremony for Bahamas Mineral and Manufacturing Corporation Ltd., at the company’s site on Queen’s Highway.

The Groundbreaking and Cornerstone Laying Ceremony were held at BMMC Ltd. grounds on Queen’s Highway where the headquarters for the new establishment will be.

He said two companies manufacturing pipes, one in Grand Bahama and one in Nassau, have gone out of business, and added that this one will not. Once the company can meet the demand, it will be too costly for businesses to import the product due to tariffs.

The government is committed to assisting young entrepreneurs like Mitchell Thurston by providing the necessary tools to ensure they are not alone on their journey to success.

“This approach is not just an investment in individuals, but an investment in the very fabric of our nation’s economy and future.”

With the company being 100 percent Bahamian owned, and “perfectly aligned with our governments Blueprint for Change,” he said, “by reducing reliance on PVC products and establishing a local production facility, BMMC is not only supporting Bahamian infrastructure, but also aligning with the nation’s environmental sustainability goals.”

The ceremony heralds a future where industry and economy are strengthened.

“Grand Bahama” said the Prime Minister, “must and will be the blueprint for growth and development.”

He added, “It is a stepping stone towards a brighter, more sustainable and prosperous future for The Bahamas and all Bahamians.”

Minister for Grand Bahama, the Hon. Ginger Moxey described the day as “grand” in being present for the groundbreaking and cornerstone laying for the state-of-the-art facility which will “revolutionize the construction and manufacturing industries” throughout the country, especially Grand Bahama.

“This new venture envisions opening doors to innovative learning for our students, innovative careers and jobs for Bahamians and spin-off opportunities for new and existing businesses.”

She added that innovation is “critical to the growth and sustainability of our island’s economy. This is why Grand Bahama has been deemed the Home of Innovation in our Blueprint for Change.”

BMMC’s president, Mitchell Thurston, said the project was two years and eight months in the making. Grand Bahama is the perfect location for their headquarters because of the affordability and availability of land; reliable infrastructure; and the proximity to the Container Port, the gateway to the global market.

To date, 13 jobs have been created and filled and through subcontracts throughout the various phases, it is anticipated that 80 jobs will be available during the construction phase. It is hoped they will be able to have a workforce of 33 skilled and unskilled labourers.

Additionally, BMMC will introduce a cadet programme in the Grand Bahama schools, and the top students will be offered jobs to join their team.
Also present were members of the Board of Directors, shareholders of the company led by President Mitchell Thurston, along with representatives from the Grand Bahama Port Authority, Grand Bahama Chamber of Commerce, family and friends all of whom gathered for the occasion.

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