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Is this Economy Working for You?

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Sean R. Astwood

 

 

Turks and Caicos, September 5, 2024 – In recent years, the widening gap between economic prosperity and the struggles of the average person has become impossible to ignore. While corporations report record profits and government boast about surplus after surplus, many families find themselves grappling with the harsh realities of everyday life. Rising costs of living, stagnant wages that do not keep up with inflation, and an ever-increasing burden of debt have created an environment where prosperity in the Turks and Caicos Islands (TCI) feels like a distant memory.

The financial strain on everyday people is getting worse. Each month, thousands of households face the daunting task of balancing their finances. Rent and mortgage payments consume a significant portion of their income, leaving little room for essentials like groceries, healthcare, and education. A recent small random survey of average working TCIs revealed that nearly 60% would struggle to cover an unexpected $300 expense. This statistic highlights a deeper issue: the fragility of financial security for the average person.

Inflation continues to erode buying power, making it harder to afford basic necessities. Gas prices fluctuate unpredictably, and grocery bills have surged, forcing families to make tough choices about what to buy and what to go without. The burden of loans from banks and other financial companies with insanely high interest rates, along with continuous medical expenses, weighs heavily on TCI families, many of whom feel trapped in a cycle of financial instability that is causing widespread stress. I also spoke with a cross section of persons near retirement age, private and public sector workers, who have expressed that they are not able to retire. Higher interest rates have significantly increased their monthly mortgage payments, while their salaries remain stagnant. The fear of losing home ownership post-retirement is real.

As these pressures mount, feelings of hopelessness are spreading across. Many people feel overwhelmed by their financial situations. This despair is not just economic; it affects communities. Reports of mental health struggles are on the rise, although they are often underreported social interactions and community ties, leading to a general sense of disillusionment with our political system, and causing some to buy into the false narrative that all politicians and political parties are the same.

People are questioning whether their voices matter in a system that seems to prioritize the interests of big business over the welfare of its people. Cries for help are met with silence from the government, promises made during the last elections campaign have been quickly forgotten, leaving many feeling that their efforts are futile. The notion that hard work leads to success has become increasingly elusive, and the promise of upward mobility feels like a cruel joke.

However, in this bleak landscape, there is a flicker of hope on the horizon. As we approach the next elections, the opportunity for change is near. A new government, one that prioritizes the needs of the man on the streets over big business, could bring a renewed sense of optimism.

As a candidate, I am focused on implementing policies that address wage stagnation, affordable housing, crime and border security, healthcare and immigration reform, the full implementation of e-government and true prosperity for all TCIs. These well-thought-out policies and programs resonate deeply with a populace weary of empty promises. It is time to think big and act boldly for our people and our country. The possibility of a government that truly represents the interests of its people will soon be realized.

By voting for candidates who prioritize economic reform and social equity, you can reclaim your dreams and begin to rebuild your lives. Your power as a voter cannot be underestimated; it has the potential to reshape our economy into one that works for everyone, not just the privileged few. That is why my plan to designate certain sectors of the economy for TCIs only is so important. Under my plan, specific sectors of the economy will be exclusively owned and operated by Turks and Caicos Islanders. This means that all shares, business licenses, company assets, bank accounts, and profits will be 100% TCI-owned.

Under this plan, expatriates would be limited to acting solely as financiers, offering loans to TCI-owned companies without holding any ownership stakes. This approach will address the challenge of access to capital for TCIs, which has been one of the biggest hurdles to locals starting, operating, and expanding their businesses. It will promote greater local business ownership and growth. My plan will also be the final solution to “fronting,” which has historically undermined the efforts of successive governments.

As we stand at this crossroads, let us harness our frustrations and channel them into a movement for change. Together, we can create a future where financial security is not a luxury but a right for all. It is time to turn the tide and reclaim the narrative of hope for the average man and woman in our society.

The journey may be long, but with determination and unity, a brighter economic future is within reach.

It’s time for TCIs!

Bahamas News

Nassau Opens CDB Annual Meeting at Baha Mar This Week

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NASSAU, BAHAMAS — Regional policymakers, development financiers, economists and international partners are converging on Nassau this week as the Caribbean Development Bank (CDB) stages its 56th Annual Meeting at the Baha Mar Resort from June 1-5, 2026.

Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the gathering is expected to place The Bahamas at the center of discussions on some of the region’s most pressing challenges, from climate resilience and energy security to debt sustainability and economic growth.

At the launch of the annual meeting on March 19, CDB President Daniel Best underscored the importance of bringing together leaders from across the Caribbean and beyond at a time of global uncertainty.

“The Annual Meeting provides a strategic moment for the Caribbean, an opportunity for our leaders, governments, development institutions, private sector, youth, and international partners to come together to identify practical solutions that can help the Region navigate uncertainty while unlocking the opportunities that lie ahead,” Best said.

The conference host, newly named Bahamas Minister of Finance and Chairman of the CDB Board of Governors, Michael Halkitis, also emphasized the significance of the event during the March 19 launch ceremony.

“Today’s gathering marks more than the start of preparations for an important meeting. It represents the beginning of a renewed conversation about the future of the Caribbean, about our shared aspirations, our common challenges, and the partnerships that will shape the path forward for our region,” Halkitis said.

He added: “Hosting the 56th Annual Meeting of the Caribbean Development Bank here in Nassau provides an important opportunity to strengthen partnerships and advance meaningful dialogue on the future of the Caribbean.”

Over the five-day meeting, delegates will tackle major issues including energy transition and resilienceinnovative debt solutions for Caribbean economies, and the impact of global economic shocks on regional development.

The programme features a number of high-level events including the Youth FIRE Forum, the William G. Demas Memorial Lecture, the President’s Chat titled Financing the Future: MDB Strategies for Uncertain Times, and a series of policy seminars examining climate finance, infrastructure, economic resilience and development lending.

Among the featured participants are CDB President Daniel Best, Finance Minister Michael Halkitis, senior officials from multilateral development banks, regional finance ministers, central bank governors, economists, development specialists and private-sector leaders. The President’s Chat is expected to bring together leaders of major multilateral development banks to discuss financing strategies for developing states facing mounting economic pressures.

The annual meeting also includes sessions branded “EDGE X by CDB: Analytics Unlocked,” which will explore the economic costs of traffic congestion in the Caribbean and how global crises continue to affect regional economies.

The CDB Annual Meeting traditionally attracts representatives from the Bank’s 28 member countries, including government ministers, senior public officials, development agencies, international financial institutions, youth delegates, academics and private-sector stakeholders. Hundreds of delegates are expected to participate in discussions that will help shape development priorities and financing strategies across the Caribbean in the years ahead.

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Third Woman in Succession to Lead TCI Judiciary; New Chief Justice Brings 37 Years of Experience

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Turks and Caicos, June 1, 2026 – The Turks and Caicos Islands has entered a new chapter in its judicial history with the appointment of Hon. Madam Justice Yonette Cummings-Edwards as Chief Justice, marking the third consecutive female leader of the nation’s judiciary and continuing more than a decade of women serving in the territory’s highest judicial office.

Justice Cummings-Edwards formally assumed office on May 1, 2026, succeeding former Chief Justice Hon. Justice Mabel Agyemang, whose six-year tenure was credited with significant reforms aimed at strengthening the courts and improving access to justice.

A native of Guyana, Justice Cummings-Edwards brings more than 37 years of legal and judicial experience to the role. Before arriving in the Turks and Caicos Islands, she served in some of the highest judicial offices in Guyana, including Acting Chief Justice and Acting Chancellor of the Judiciary. She also earned recognition for advancing court modernization, digitization, improved case management systems and expanded access to justice.

The appointment, announced by Governor Dileeni Daniel-Selvaratnam following the advice of the Judicial Services Commission, brings to the Turks and Caicos Islands a jurist widely respected throughout the Caribbean legal community.

In announcing the appointment, the Governor said it followed a rigorous and highly competitive selection process and noted that Justice Cummings-Edwards’ appointment “reaffirms the enduring importance of an independent judiciary in upholding the rule of law, protecting constitutional governance and maintaining public confidence in the administration of justice.”

Accepting the appointment, Justice Cummings-Edwards said: “I am honoured to be appointed Chief Justice of the Turks and Caicos Islands and grateful for the confidence placed in me. I look forward to working collaboratively with my judicial colleagues, the legal profession and justice-sector partners to build on the strong foundation established and to further strengthen the delivery of justice in a manner that is fair, efficient and accessible to all.”

She added: “I remain committed to upholding the rule of law and serving the people of these Islands with integrity and dedication.”

Attorney General Rhondalee Braithwaite-Knowles welcomed the new Chief Justice at her swearing-in ceremony, describing her as a judicial leader with “extensive judicial experience, a strong commitment to the rule of law, and to strengthening the Turks and Caicos Islands’ Judiciary.”

Justice Cummings-Edwards’ appointment continues a notable trend in the Turks and Caicos Islands, where women have occupied the office of Chief Justice for more than a decade, reinforcing the territory’s reputation for strong female leadership at the highest levels of the judiciary.

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

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Prayer, Preparation and Partnership as TCI Enters Hurricane Season

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Turks and Caicos, June 1, 2026 – As the 2026 Atlantic Hurricane Season begins today, Turks and Caicos Islanders are being encouraged to prepare both practically and spiritually, with national disaster officials launching a series of island-wide prayer services while government agencies finalize readiness plans for the months ahead.

The Department of Disaster Management and Emergencies (DDME) kicked off its annual hurricane season prayer initiative on Sunday, May 31, with a service at Providence Baptist Church in North Caicos. The initiative reflects the country’s longstanding tradition of seeking divine protection at the start of the Atlantic hurricane season.

The prayer circuit will continue on June 7 at Abundant Life Ministries International in Providenciales, June 14 at Mt. Olivet Baptist Church in South Caicos, June 21 at the Church of God of Prophecy in Conch Bar, Middle Caicos, and conclude on June 28 at St. Mary’s Pro-Cathedral in Grand Turk.

While churches unite in prayer, government agencies are strengthening operational readiness.

On May 28, Governor Dileeni Daniel-Selvaratnam chaired the first State of Preparedness Meeting for the 2026 Atlantic Hurricane Season, bringing together key government officials, emergency responders, utility providers and critical infrastructure partners ahead of the June 1 start of the season.

According to the Governor’s Office, representatives from the DDME, Royal Turks and Caicos Islands Police Force, Turks and Caicos Islands Regiment, healthcare and emergency services, along with utility and infrastructure leaders, reviewed national readiness plans, shelter preparedness, continuity of essential services, inter-agency coordination and response strategies.

The Governor emphasized the importance of proactive preparation, coordination and public awareness to ensure the Turks and Caicos Islands remains resilient throughout the hurricane season.

The discussions come as forecasters at the U.S. National Oceanic and Atmospheric Administration, NOAA, predict a below-normal Atlantic hurricane season for 2026. NOAA says there is a 55 percent chance of a below-normal season, a 35 percent chance of a near-normal season and a 10 percent chance of an above-normal season. Forecasters are predicting between eight and 14 named storms, including three to six hurricanes and one to three major hurricanes.

Despite the relatively favorable outlook, NOAA officials continue to caution against complacency.

“Although El Niño’s impact in the Atlantic Basin can often suppress hurricane development, there is still uncertainty in how each season will unfold,” said National Weather Service Director Ken Graham. “That is why it’s essential to review your hurricane preparedness plan now. It only takes one storm to make for a very bad season.”

For Turks and Caicos, that message resonates strongly. The islands remain among the Caribbean territories most vulnerable to hurricanes, and memories of major storms such as Hurricanes Ike, Irma and Maria continue to underscore the importance of preparedness.

As hurricane season opens, officials are urging residents to secure emergency supplies, review family preparedness plans, stay informed through official channels and participate in community readiness efforts. And for many across the islands, that preparation begins with prayer.

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

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