News
Is this Economy Working for You?
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!
News
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Providenciales, Turks and Caicos Islands – Thursday, 22nd January 2026: Invest Turks and Caicos has officially launched its
A man pulling in a fishing net with a successful catch
Fisheries Pilot Programme, an initiative designed to transform local fishing from a subsistence activity into a sustainable, growth-oriented business sector. The pilot supports 18 fisherfolk across the islands, providing each with funding of up to $50,000 to purchase vessels, engines, fishing gear, and other essential equipment. In addition to financial assistance, each participant receives business coaching and technical support to help them establish recordkeeping systems and strengthen their financial management.
The programme, developed in partnership with the Ministry of Tourism, Environment, Fisheries, and Marine Affairs, was created in
response to the increasing number of fishing-related applications under the MSME Programme. To address this surge and support the development of the sector, in FY 2024/2025 Cabinet approved $1 million in special funding dedicated specifically to commercial fishing activities.
The initiative officially kicked off in South Caicos on the 9th October 2025, where Invest TCI’s VP of SME Development, Alexa Cooper, and Business Advisor/Programme Manager, Lashena Simmons, joined by Director of Fisheries Mr. Ponteen and Dr. Alvarez, engaged participants in a roundtable discussion on progress, challenges, and next steps.
“This Fisheries Pilot is about helping our local fisherfolk move from survival to sustainability. Through our partnership with the Ministry,
we are providing not only equipment and funding, but the business support needed to help them grow strong, viable enterprises. The island meetings ensure that participants remain supported and on track as the programme continues.” – Alexa Cooper, VP of SME Development, Invest Turks and Caicos.
“I know firsthand how important this industry is to our future, not only environmentally, but in how it provides for local families and sustains entire communities. This Fisheries Pilot is about giving our fisherfolk the tools to operate more efficiently, earn more from their work, and build businesses that can last. Through this partnership with Invest Turks and Caicos, we are strengthening food security while ensuring the sector grows in a responsible and sustainable way.” – Hon. Zhavargo Jolly- Minister of Tourism, Environment, Fisheries and Marine Affairs.
Meetings will continue across the islands, with upcoming sessions planned for Grand Turk and Providenciales in February. Through this pilot, Invest TCI aims to build a model for future sectoral support, ensuring that local fisherfolk can operate more efficiently, profitably, and sustainably while contributing to national food security and economic resilience.
Yellowtail snapper.
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