Bahamas News
PM Davis speaks of ‘boundless possibilities’ and collaboration, at the Afreximbank 31st Annual Meetings
NASSAU, The Bahamas – While addressing the African Export-Import Bank (Afreximbank) 31st Annual Meetings (AAM2024), on June 13, 2024, Prime Minister and Minister of Finance the Hon. Philip Davis noted that he was reminded of the “boundless possibilities that define the Caribbean and, indeed, The Bahamas.”
“Our region is not just a collection of islands but a vibrant tapestry of culture, innovation, and opportunity,” Prime Minister Davis said, at the event held at the Baha Mar Convention Centre. “The Bahamas, with its strategic location and dynamic economy, serves as a symbol of possibility and a gateway to broader economic horizons.”
He added: “Growing up on Cat Island, one of our country’s beautiful family of islands, I was always filled with big dreams for my country. I may not have envisioned the specific paths our economy would take, but I always believed in the limitless potential of our nation. Our history is one of invention, disruption, resilience, and innovation. We have pioneered in various fields, from tourism to
financial services, transforming challenges into opportunities and showcasing our ability to innovate and lead.”
Prime Minister Davis pointed out that, just as The Bahamas had embraced its unique position to become a global leader in tourism and financial services, so too can they, as a collective of African and Caribbean nations, harness “our potential to shape our own economic destiny.”
“Today, our presence here underscores the readiness of The Bahamas, and indeed the Caribbean, to be a home for global leaders in various sectors,” he noted. “The Bahamas has always been more than just a tropical paradise. It is a place of possibility, where dreams are not just dreamt but realized. This ethos is reflected in our history and in the transformative innovations we continue to champion.”
“In a similar vein, Africa is a land of immense potential, brimming with opportunities for growth and development,” Prime Minister Davis noted. “Our collective mission is to harness this potential, creating pathways to prosperity that benefit not just our regions but the global community.”
Prime Minister Davis went further to outline “a blueprint for collaboration that we all can embrace.”
“This blueprint encompasses key initiatives designed to unite our banking systems, enhance financial inclusivity, and catalyze economic growth across Africa and the Caribbean,” he said. “This strategic plan is anchored in our shared desire for prosperity and our commitment to overcoming the challenges of distance and disparate regulatory environments.”
Prime Minister Davis added: “Establishing a Joint Financial Task Force can be the cornerstone of our blueprint. This collaborative body will harness the expertise of banking and finance leaders, policymakers, and stakeholders from both regions. Tasked with identifying and dismantling barriers to banking integration, this task force symbolizes our collective will to forge a unified path forward.”
Prime Minister Davis suggested that they could also harmonize their regulatory frameworks to address “critical hurdles” in their journey.
“By aligning our anti-money laundering (AML) standards, counter-financing of terrorism (CFT) policies, and digital currency regulations, we create a seamless environment conducive to cross-regional banking operations,” he stated. “With its robust regulatory landscape, exemplified by the DARE Act, The Bahamas is a pioneer in this endeavor, guiding our efforts towards regulatory excellence and stability.”
He added: “Additionally, promoting financial inclusion and digital banking leverages the power of technology to erase boundaries and open doors. Inspired by The Bahamas’ pioneering launch of the Sand Dollar, the world’s first central bank digital currency, this facet of the blueprint envisions a future where digital banking platforms extend financial services to every corner of our regions, ensuring that none of our citizens is left behind.”
Prime Minister Davis said that facilitating trade and investment through streamlined banking procedures and dedicated financial instruments could bolster economic exchanges between Africa and the Caribbean. By focusing on sectors of mutual interest like tourism, agriculture, renewable energy, and technology, he added, they could unlock new avenues for growth and collaboration.
“Key to this blueprint is developing human capital, underscoring the belief that our greatest asset is our people,” Prime Minister Davis said. “Joint educational initiatives and training programs will equip banking professionals with cutting-edge skills in fintech, cybersecurity, and regulatory compliance, ensuring our financial sector is robust, secure, and innovative.”
“Creating a bilateral payment system or exploring the development of a shared digital currency represents a bold step towards financial sovereignty and integration,” he added. “Such an initiative will facilitate smoother trade and investment, reduce our reliance on external currencies, and strengthen our economic bonds.
“Together, Africa and the Caribbean can embark on this transformative journey, driven by unity, innovation, and mutual respect. Let this blueprint be our guide as we strive to unlock the full potential of our regions, forging a path towards prosperity that will be remembered for generations yet to come.”
Prime Minister Davis noted that the Afreximbank annual meeting represented “a pivotal moment for all of us, especially for Small Island Developing States (SIDS).”
He said: “We face a global financial system that often locks us out, creating inequities perpetuated by the Global North. These powerful nations frequently establish one set of rules for themselves and another for developing states, undermining our progress and prosperity. It is imperative that we call out this behavior and demand an inclusive, fair model for the global financial system.”
Prime Minister Davis continued: “Our journey together – Africa and the Caribbean – supported by the visions we share and the actions we are committed to, heralds the dawn of a new era. An era where financial inclusivity fostered by innovations like the Sand Dollar and robust regulatory frameworks become the standard across our waters. An era where our joint task forces and harmonized policies pave the way for a future where trade, investment, and mutual growth flow as freely as the waters that connect us.”
He said that, as they all looked to the horizon, they should see not a barrier but a vast, uncharted ocean of potential.
“Let us decide, here and now, that the waters which separate our lands will not impede our progress but will act as the very medium through which we unite our dreams and ambitions,” Prime Minister Davis said.
He added: “Friends, I ask the question again – will we allow the separation of water to get in our way? Or will we embark together on this bold journey, proving that our spirits are stronger than the oceans, our resolve deeper than the deepest sea, and our potential boundless as the sky above? The choice is ours. Let us choose to bridge the waters, to unite our dreams, and to craft a future where Africa and the Caribbean thrive together, in prosperity and partnership. This is our moment. Let us seize it with both hands, for the sake of our present and for the countless generations to come.”
“Lastly, I hope that this annual meeting in the Bahamas is successful – and I have no doubt that it will be – and that you have time to kick off your shoes, get your feet wet in our sands, get some sand in your toes, enjoy the warmth of our people, and discover why it is better in The Bahamas,” Prime Minister Davis said.
“The moment is now. Let us seize the moment.”
PHOTO CAPTION
Prime Minister and Minister of Finance the Hon. Philip Davis addresses the African Export-Import Bank (Afreximbank) 31st Annual Meetings (AAM2024), on June 13, 2024, held at Baha Mar Convention Centre.
(BIS Photos/Eric Rose)
Bahamas News
Ready or Not, African and Caribbean Artists set the stage on Fire at AfreximFest in Nassau
Danae Dennie and Deandrea Hamilton
Editorial Staff
#TheBahamas, June 25, 2024 – ‘Ready or Not’ AfreximFest is sizzling finale, capping of concert spectacular with Haitian superstar, Wyclef Jean.
This year, AFREXIMFEST 2024 was held for the first time in the Caribbean region, The Bahamas hosting the three days of meeting in Nassau at the Baha Mar resort.
It is a rich tradition for the African Export-Import Bank (Afreximbank) to celebrate the rich cultural contributions throughout the various industries and the orange economy is a major highlight.
The concert was MC’d by Nigerian radio personality and television presenter IK Osakioduwa and featured artists from The Bahamas, the continent of Africa and Trinidad and Tobago.
Nigerian Artiste, Flavour brought spunky afro beats, Fanshawn delivered on the down home Bahamian rake n scrape sound with impeccable showmanship; Oudun drummers from Brazil were a pulsating show stopper and Trinidad and Tobago’s KES the Band thrilled the audience with performances of its wildly popular soca hits including ‘Savanah Grass’.
Making a dramatic entrance with his Fugees hit, ‘Ready or Not’ was Grammy Award winning Wyclef Jean. The Haitian rapper, singer,
producer and songwriter, set the audience in a frenzy with his rendition of Fugees version of the Roberta Flack remake of ‘Killing me Softly’; Bob Marley’s ‘No Woman, No Cry’ and hits he authored for Carlos Santana and Shakira, namely: ‘Maria Maria’ and ‘Hips don’t Lie’. However, it was arguably, ‘911’ his chart topping duet with Mary J. Blige that set the audience ablaze, joining in singing of the song as he wowed onlookers with his salacious guitar solo which showed off Wyclef’s enviable skills on the instrument.
The event and its amazing line up of singers, dancers, comedians and master DJs forged further, the message of solidarity and partnership which became recurring pitch phrases at the meetings. Music proved an ultimate unifier yet again, as AAM2024 wrapped up with stellar reviews from those who packed the concert hall.
Bahamas News
Inaugural Ethiopian Airlines flight arrives for historic Afreximbank Annual Meetings (AAM 2024) in The Bahamas
By LINDSAY THOMPSON
Bahamas Information Services
HE Mahamadou Issoufou, former president, Republic of Niger, and Leader of the African Continental Free Trade Area
NASSAU, The Bahamas — Just before 5pm on Tuesday, June 11, 2024 Ethiopian Airlines – a Boeing 787-8 Dreamliner — touched down at Jet Aviation bringing 241 delegates for the historic 31st Afreximbank Annual Meetings (AAM 2024), and the Third Edition of the AfriCaribbean Trade and Investment Forum (ACTIF) in the capital.
It was also history in the making for Ethiopian Airlines – its inaugural flight to The Bahamas: touching down under hazy skies and warm conditions indicative of June weather.
On hand for the arrival was the Hon. Alfred Sears, Minister of Immigration and National Insurance, as well as other officials.
The Department of Immigration and Jet Aviation set up a welcome desk near the tarmac, to allow for a smooth process, and offered water and soft drinks.
Among delegates were His Excellency Mahamadou Issoufou, Former President, Republic of Niger and Leader of the African Continental Free Trade Area (AfCFTA); His Excellency Hailemariam Desalegn, former prime minister of Ethiopia; Dr. Monique Nsanzabaganwa, Deputy Chairperson for the African Union Commission/United Nations Economic Commission for Africa; international media, performers and musicians, and other conference participants.
It is the first time AAM will be held in the Caribbean region. The meetings will run June 12 – 14, 2024 at Baha Mar Resort, Cable Beach. The theme for the event is: “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.”
It is envisioned that the impact of the three-day event will be heightened by the Opening Ceremony, the Presidential Plenary, and high-level panel sessions.
On April 11, 2024, The Government of the Commonwealth of The Bahamas and African Export-Import Bank (Afreximbank) signed an Agreement for The Bahamas to host the 31st Afreximbank Annual Meetings (AAM) and the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF) from 12 – 14 June 2024.
At that signing, Prime Minister Davis underscored the importance of his country hosting the historic meetings.
He said: “Hosting both the AAM and ACTIF demonstrates the determination and commitment of The Bahamas to leverage on the shared history, identities, and cultures of AfriCaribbean nations to forge significantly greater trade, investment, and direct transport linkages.”
Dr. Monique Nsanzabaganwa, Deputy Chairperson for the African Union Commission escorted by Ivan Thompson, Protocol Division Ministry of Foreign Affairs
And added: “Doing so will stimulate economic growth and development, which will feed through to immensely beneficial societal impact. It is also vital that we enhance our global influence by speaking with a unified voice on matters such as securing global action to meaningfully address climate change.”
The focus will be on the emerging neo-protectionism from advanced economies and the need for Africans to pursue self-determination in the context of a global Africa that includes the Caribbean and the Diaspora generally.
The AfriCaribbean Trade and Investment Forum (ACTIF) will be marked by colourful events to celebrate shared AfriCaribbean culture, as well as elevate the essence of the two regions’ shared socio-economic aspirations.
Among the Keynote Speakers are: the Hon Philip Davis, Prime Minister of the Commonwealth of The Bahamas; the Hon Mia Amor Mottley, Prime Minister of Barbados; His Excellency Dr. Irfaan Ali, Chairperson of the Conference of Heads of Government of the Caribbean Community (CARICOM) and President of Guyana; and His Excellency Issoufou, Former President, Republic of Niger and Leader of the African Continental Free Trade Area (AfCFTA).
Other speakers include Senator the Hon. Michael Halkitis, Minister of Economic Affairs, The Bahamas; His Excellency Ulrich “Rick” Alexander Fox, Ambassador-at-Large of The Bahamas and CEO of Partanna Global; Dr. Roger W. Ferguson, Jr., Former Vice-Chair of the Federal Reserve, USA; and Mr. Jeannel Wyclef Jean, Musician, Muse IC Incorporated.
(BIS Photos/Mark Ford)
By LINDSAY THOMPSON
Bahamas Information Services
NASSAU, The Bahamas — Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper said evidence shows The Bahamas is heading towards another record-breaking year in tourism, over last year’s estimated eight million visitors.
He was making a contribution to the Budget Debate in the House of Assembly on Wednesday, June 12, 2024, outlining plans in the 2024/2025-budget cycle for his areas of responsibility — tourism, investments and aviation.
“Our year-to-date figures for 2024 have surpassed all expectations, building on the momentum of previous years. We are not resting on our laurels. Team Tourism will continue to deploy winning strategies – as we did last year,” the deputy prime minister said.
He shared that from January to April 2024, there has been a significant increase in foreign air and sea arrivals, marking a 12.4 percent rise compared to the same period in the record setting 2023.
“Simply put, that translates to almost 4 million visitors in 4 months. If this average holds and we hope it does, a million a month will result in a 20 percent increase year over year or 12 million overall arrivals at year-end,” the minister said.
He stated that this growth not only highlights the country’s resilience but also underscores the enduring allure as a premier travel destination.
“Each month of 2024 has brought with it a wave of visitors eager to experience the beauty, culture, and hospitality of our islands.
“Our diverse islands have each contributed to our stellar performance. And the future of Bahamian tourism appears brighter than ever,” the minister said.
He noted that the ministry’s strategic initiatives, marketing campaigns, and continuous improvements in infrastructure and services are poised to attract more visitors.
“The figures we see today are not a product of chance but the result of strategic planning, targeted initiatives, and dedicated efforts,” he said. “Our tourism strategy has been multifaceted, involving strategic partnerships, enhancing airlift capacities, and executing missions across key cities in the USA and Canada.”
According to the minister, the diverse islands have each contributed to tourism’s stellar performance.
He reported that Nassau/Paradise Island remains the most popular destination, welcoming 1,870,438 visitors from January to April 2024, a 13.2 percent increase from the same period last year. Grand Bahama, Abaco, and Eleuthera have also shown remarkable growth, with increases of 6.8 percent, 3.8 percent, and 2.7 percent respectively.
Also, Grand Bahama and Abaco continue to lead the way in the increase in arrivals by air with 7 percent and 15.5 percent respectively. The Berry Islands, in particular, have seen an impressive 13.3 percent rise in arrivals.
“Cruise tourism continues to play a significant role in our success story,” he said.
From January to April 2024, the country recorded 3,210,541 cruise arrivals, marking a 14.8 percent increase from 2023.
“This surge speaks to the strong partnerships we have forged with major cruise lines and the appeal of our ports of call.
“Our stopover visitors have shown a strong preference for extended stays, reflecting their desire to fully immerse themselves in the Bahamian experience,” he said.
It is estimated the average spend per cruise passenger is just over $100, while stopover visitors spend around $2,800 each.
“We’re driving spending. By the way, we are working tremendously hard to grow that cruise spend number by deploying strategies to increase the number of guests disembarking, improving numbers of tours, and deploying strategies like the smart city initiative,” the minister said.
He stressed, “This significant expenditure has contributed to an estimated total direct tourist spend in the range of $6 billion, underscoring the critical role tourism plays in our economy. And we’re growing jobs.”
The deputy prime minister also spoke to the continued revitalization of Downtown Nassau, and the work of the Tourism Development Corporation, which is the establishment of incubators.
“These incubators will serve as hubs for nurturing entrepreneurial talent and innovation within the tourism sector,” he said.
He touted as one of the highlights of this budget process, the $125 million Saudi Fund for Development loan to accelerate the Airport Renaissance Program throughout the Family Islands.
“We are leaping forward with our Family Islands Renaissance Project with a Request for Proposals (RFP) to design, build, finance, operate, and maintain a portfolio of 14 airports across Grand Bahama and our Family Islands,” he confirmed.
He revealed that an expansion plan is underway to revamp the local Aviation Industry.
“Changing the face of the Aviation industry is a herculean task and there are many, many moving parts. The work continues, but we have made critical achievements,” he said.
According to the minister, Foreign Direct Investment “is without question the fastest way to grow our economy, and we are doing our part to attract and secure these investments.
“Since coming to office, we have approved more than $8.5 billion in new Foreign Direct Investment.
“This is a monumental show of confidence in The Bahamas, our economy and our administration. Our investment strategy has been robust and far-reaching.”
(BIS Photos/Kemuel Stubbs)
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