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Government Wants to Move from “Undue Emphasis on Foreign Investment”

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Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said The Bahamas must move from undue emphasis on foreign investment to propel economic activity.

“While we do acknowledge an important role for such investments, if they are legitimately strategic in nature, we are firmly committed to unleashing the potential and creativity of home-grown entrepreneurs as catalysts of innovation, investment and stronger economic growth, particularly in non-traditional industries, the DPM said during his Contribution to the 2017/18 Budget Debate in the House of Assembly on Wednesday, June 7, 2017.

He explained that to support and promote increased Bahamian entrepreneurship and ownership in the economy, and especially small and medium-sized businesses, the Government has laid out, in its Manifesto, a detailed array of measures that it will pursue during this mandate. These include:

· the introduction of the Small and Medium Enterprise Development Agency (SMEDA) in order to consolidate the services and incentives of all relevant agencies;

· support for Entrepreneurship and Enterprise Centres;

· provision of a $5 million capital infusion to the Venture Capital Fund;

· establishment of a one-stop shop, incorporating relevant Government agencies and services as a means of easing the burden and cost of doing business in this country;

· encouragement of the commercial banks to establish Small Business Units staffed with professionals attuned to the particular needs of SMEs, including mentorship and guidance;

· further strengthening of the Fresh Start and Jumpstart programmes established by the previous FNM Administration; and

· make available incentives and inducements that are in line with those offered to foreign investors in the same sectors of the economy.

Grand Bahama’s economy

He said the Government will also strive to revitalise the Grand Bahama economy through initiatives that are geared to accelerating, broadening and sustaining its economic development.

The Budget Communication announced, “we would repeal and replace the disastrous Grand Bahama (Port Area) Investment Incentives Act 2016 that I have labelled as a ‘job killer’.

“Our objective is to ensure that all licensees receive equal treatment under the law, with the greatest opportunity for success, unencumbered by red tape and unreasonable cost to operate.”

In addition, the DPM said other measures the Government intends to establish include:

· relocate The Bahamas Maritime Authority to Grand Bahama as a means of establishing it as the maritime capital of the country and leverage the container port and shipyard infrastructure to attract new investment into the sector;

· further develop BTVI and the University of The Bahamas to more effectively support the island’s industrial and hospitality requirement;

· promote Grand Bahama as an eco-tourism sanctuary;

· by capitalizing on the airport infrastructure, develop the aviation sector as well as attract overnight courier services;

· utilize Crown lands in east and west Grand Bahama to create a hydro-farm and a mariculture facility to produce crops and seafood for export; and

· eliminate all preferential treatment that hinders the growth of business on the island.

Inner city communities in New Providence

DPM Turnquest said the inner city communities in New Providence have long been economically and socially depressed areas and have been neglected by Government for far too long.

He said, “Our Government will, during this mandate, therefore move to reinvigorate and transform these so-called ‘Ova-da-Hill’ communities through incentives for entrepreneurs, investors and especially small and medium-sized businesses that will spur business growth and job creation from within these communities.

“We will support the construction of business premises and new or refurbished owner-occupied homes. We will establish community centres with activities that strengthen family and social cohesion for the youth and elderly. And we will ensure the provision of potable water, sewer and sanitation services in line with those available to our citizens elsewhere,” DPM Turnquest said.

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Bahamas News

Fuel Pain at The Pump: Global Tensions Drive Prices Up as Bahamians Feel the Squeeze

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NASSAU, Bahamas — What should be a simple five-minute drive is fast becoming an expensive, hour-long ordeal, as rising fuel prices collide with worsening traffic congestion across New Providence.

As of early April 2026, gasoline prices across The Bahamas have climbed sharply, with motorists now paying an estimated $5.50 to over $6.50 per gallon, depending on the station and grade. The increases, seen at major retailers including Esso, Rubis and Shell, reflect a volatile global oil market driven by escalating geopolitical tensions.

The latest spike — in some cases jumping more than 50 cents per gallon within days — is being driven by uncertainty surrounding escalating tensions involving Iran. U.S. President Donald Trump has issued a direct ultimatum, warning that the United States could launch aggressive strikes on Iranian infrastructure, including power plants and key facilities, if demands are not met. While he has also expressed hope for a swift resolution, the threat of rapid escalation is already rattling global oil markets — and The Bahamas, heavily dependent on imported fuel, is feeling the impact almost immediately.

At the pumps, the frustration is real.

Drivers are now paying significantly more just to sit in traffic. Commutes that once took minutes are stretching into hour-long crawls, burning fuel with little movement and compounding the financial strain. For many residents, the issue isn’t just the price per gallon — it’s how quickly that gallon disappears.

Industry players are also bracing for impact. Higher diesel prices are expected to ripple across key sectors, including trucking, construction, and shipping — all of which ultimately feed into the cost of goods and services. In short, this is not just a fuel story; it’s an inflation story in the making.

Despite the surge, the Bahamas Petroleum Retailers Association has moved to calm fears, confirming that there is no fuel shortage. Supply remains stable, but consumers are being urged to adjust behavior — from maintaining proper tyre pressure to considering carpooling — small measures that could stretch every dollar a bit further.

Retailers, however, are not offering much comfort on price relief. While fluctuations are expected, insiders say the days of sudden price drops are unlikely in the immediate term. The “shock” increases may level off, but a meaningful decline hinges on global stability — something that currently feels out of reach.

For Bahamians, the reality is tightening: higher fuel costs, longer commutes, and a growing sense that relief isn’t coming anytime soon.

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

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Bahamas News

FNM’S $200 CHILD SUPPORT PLAN SPARKS DEBATE AS PLP QUESTIONS FUNDING AND SCOPE

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NASSAU, Bahamas — The Free National Movement has rolled out details of its proposed $200 monthly Working Parent Child Support Initiative, but the announcement has already ignited political debate and prompted clarification from the party.

Leader Michael Pintard said the initiative would provide $200 per month to qualifying caregivers during the first two years of a child’s life, as part of a broader push to ease the cost of living for Bahamian families.

The party estimates the programme would cost between $12 million and $14 million annually, with funding to come from reducing what it describes as excessive government spending — particularly consultancy contracts.

However, the proposal quickly drew scrutiny.

The governing Progressive Liberal Party has challenged the feasibility of the plan, questioning how the payments would be sustained without increasing the deficit or introducing new taxes. The response forced the FNM to further outline its funding strategy, emphasizing that a 21 percent reduction in consultancy spending could fully finance the initiative.

The exchange has highlighted a familiar election-season tension — bold proposals versus practical execution.

Beyond the child support plan, Pintard outlined a wide-ranging policy agenda, including:

  • Removing VAT on select essential goods
  • Constructing 5,000 affordable homes within five years
  • Cutting the country’s food import bill by half
  • Strengthening enforcement against illegal immigration
  • Reforming the nation’s healthcare system

Pintard also took aim at the current administration, accusing it of mismanaging public funds and awarding more than $400 million in contracts without competitive bidding — claims which have further fueled political back-and-forth.

“The best way to pay for high-quality public services in the long run is to have a strong, efficient economy,” Pintard said, arguing that government spending must be redirected toward ordinary Bahamians.

While supporters have welcomed the proposals as timely relief for struggling families, critics remain cautious, pointing to unanswered questions around implementation, eligibility, and long-term sustainability.

With election momentum building, the debate surrounding the FNM’s plan underscores a broader reality — Bahamians are being presented with big promises, but increasingly demanding clear answers on how those promises will be delivered.

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

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Bahamas News

COI UNVEILS FIRST 100 DAYS PLAN, PROMISING SWEEPING CHANGE AND BREAK FROM MAINSTREAM POLITICS

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NASSAU, Bahamas — The Coalition of Independents has rolled out its First 100 Days Plan, positioning it as a roadmap for rapid national transformation and a clear break from what it describes as the failures of the country’s two dominant political parties.

Leader Lincoln Bain introduced the plan during a recent public presentation, outlining a series of early actions his party says would be implemented immediately upon taking office.

At the heart of the proposal is a push to redistribute access to Crown land, a signature policy of the Coalition, which argues that Bahamians should have greater direct benefit from national resources. The plan also prioritizes the full implementation of Freedom of Information legislation, with Bain framing transparency as a cornerstone of restoring trust in government.

Additional focus areas include proposed reforms to the healthcare system, including improved compensation for nurses and medical professionals, and broader governance changes aimed at increasing accountability and reducing political control over national decision-making.

The Coalition has branded the plan as a historic first, describing itself as the only political group to present a structured 100-day agenda ahead of a general election.

But beyond the policy points, the messaging was unmistakable.

Bain and his team continue to urge Bahamians to move away from the traditional two-party system, arguing that both the Progressive Liberal Party and the Free National Movement have failed to deliver meaningful change despite decades of governance.

“The system is not working for the people,” has been a consistent refrain from the Coalition, which is campaigning on the idea of resetting how the country is governed.

While supporters view the 100-day plan as a bold and necessary shift, questions remain about the level of detail provided, particularly around costing, timelines, and how proposed changes would be executed within the existing structure of government.

Still, the rollout signals that the Coalition of Independents is seeking to position itself not just as an alternative voice, but as a ready governing option — one promising immediate action and systemic reform.

With election momentum building, the emergence of a defined 100-day agenda adds a new dimension to the political landscape, as Bahamians weigh competing visions for the country’s future.

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

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