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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!

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Crown Land Unit Leads Multi-Agency Enforcement Exercise in Five Cays

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Providenciales, Turks and Caicos Islands – Wednesday, 21st October 2026: The Crown Land Unit, with coordination and support from the Informal Settlements Unit (ISU), conducted a multi-agency enforcement exercise in the Five Cays area of Providenciales on October 8, 2026, as part of the Government’s ongoing efforts to address the illegal occupation and unauthorized use of Crown land.

The exercise brought together representatives from the Crown Land Unit, ISU, TCI Border Force and Royal Turks and Caicos Islands Police Force. Inspections were conducted across several parcels of Crown land in Five Cays, where instances of illegal occupation and unauthorized use had been identified.

During the exercise, a total of seven (7) Section 22 Notices of Unauthorized Occupation were issued in accordance with the provisions of the Crown Land Ordinance. The notices related to the unauthorized placement of shipping containers and derelict vehicles, as well as the construction of an incomplete concrete structure on Crown land. Where occupants or other responsible persons were not present, notices were affixed to the relevant structures or items.

The exercise forms part of the Crown Land Unit’s continuing efforts to prevent squatting and encroachment on Crown land and to ensure that instances of unauthorized occupation are identified and appropriately addressed.

The Government of the Turks and Caicos Islands reminds the public that occupying, developing or otherwise using Crown land without lawful authority is an offence under the Crown Land Ordinance. These inspections and enforcement activities form part of a sustained program aimed at safeguarding public lands, discouraging unlawful development and ensuring that Crown land is managed in the best interests of the people of the Turks and Caicos Islands.

The Crown Land Unit will continue to work closely with the ISU and other partner agencies to identify and address instances of illegal occupation across the Islands. Persons occupying Crown land without authorization are encouraged to comply with all notices issued and to seek guidance from the relevant authorities where necessary.

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Invest TCI Strengthens Regional Investment Connections at Caribbean Investment Forum 2026 in Barbados

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Providenciales, Turks and Caicos Islands – Monday, 19th October 2026: Invest Turks and Caicos Agency (Invest TCI) strengthened its regional presence at the Caribbean Investment Forum (CIF) 2026, held October 5 – 7, 2026, in Bridgetown, Barbados, participating as both a sponsor of the Forum and representative of the Turks and Caicos Islands’ investment landscape.

The Caribbean Investment Forum brought together regional and international investors, government representatives, business leaders, entrepreneurs, investment promotion agencies, and development partners to explore investment opportunities, strengthen partnerships, and advance sustainable economic development throughout the Caribbean.

The Agency’s sponsorship of CIF 2026 formed part of its continued commitment to strengthening the visibility of the Turks and Caicos Islands within the regional investment community and building relationships with investors, development partners, investment promotion agencies, and businesses across the Caribbean.

The opening of the Forum was attended by the Honourable Mia Amor Mottley, Prime Minister of Barbados, who emphasised the importance of scaling regional investment, strengthening economic cooperation, and transforming innovative ideas into commercially viable opportunities. Invest TCI was represented by Ms. Alexa Cooper, Domestic Investment Officer, and Mr. Hezron Henry, Marketing Support Officer. Throughout the Forum, the delegation engaged with stakeholders and promoted the Turks and Caicos Islands as a competitive investment destination while exploring opportunities for greater regional collaboration and knowledge exchange.

Speaking on her experience at the Forum, Ms. Alexa Cooper, Chief Domestic Investment Officer, said:

“CIF 2026 provided another valuable opportunity to engage with donor organisations, investors and Investment Promotion Agencies (IPAs) from across the Caribbean. A highlight for me was the introduction of an exclusive masterclass for fund managers, investors and support organisations, which offered practical insights into unlocking capital, strengthening investment ecosystems and supporting investment-ready businesses. I was equally impressed with the quality of projects pitched, which showcased the region’s innovation and investment potential. It was encouraging to see projects presented with a clearer understanding of investor expectations, reinforcing the importance of not simply developing projects, but ensuring they are well-structured, investment-ready and positioned to attract the right investment partners.”

Accompanying the Invest TCI delegation was Mr. Sean Penn, Chief Executive Officer of Sky Poultry Farm Ltd., the first commercial egg and poultry production facility in the Turks and Caicos Islands. Mr. Penn’s participation provided an opportunity to showcase the development of domestic enterprise within the Turks and Caicos Islands while highlighting the potential of agriculture and food production as part of the country’s broader economic diversification efforts.

Through his participation at CIF 2026, Mr. Penn had the opportunity to engage with regional stakeholders, gain exposure to developments within the Caribbean agricultural sector, and explore potential partnerships and opportunities related to agricultural investment, innovation, and enterprise development.

For Invest TCI, the combination of sponsorship, investment promotion and local business representation provided a multifaceted platform to advance the Agency’s mandate. It allowed Invest TCI not only to promote the Turks and Caicos Islands to prospective investors but also to facilitate greater exposure for a local enterprise operating within an emerging sector of the economy. The Forum also provided opportunities for the Invest TCI delegation to exchange knowledge with regional counterparts, strengthen institutional relationships, and gain insight into investment trends and opportunities affecting Caribbean economies.

As the Caribbean Investment Forum continues to expand its regional reach, Santo Domingo, Dominican Republic, was announced as the destination for the next edition of the Forum, providing another opportunity to bring together investors, policymakers, investment promotion agencies and businesses from across the Caribbean and beyond.

Invest TCI looks forward to the continued growth of the Caribbean Investment Forum and the opportunities it creates to deepen regional partnerships, promote investment, and connect Caribbean businesses with new markets and sources of capital. The Agency remains committed to attracting sustainable investment, supporting domestic enterprise, encouraging economic diversification, and developing partnerships that contribute to the long-term economic development of the Turks and Caicos Islands.

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Bahamas News

Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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