NASSAU, BAHAMAS- A prominent financial expert says a ‘fulsome’ explanation is warranted after it was revealed that the government ran a $2.1 million deficit in April 2025—not the $135 million projected surplus initially noted by the Prime Minister in his budget speech—raising concerns about the accuracy and credibility of fiscal reporting.
Gowon Bowe, CEO of Fidelity Bank (Bahamas), called for a “fulsome explanation” after the government initially projected a $135 million surplus for April in its Budget Communication—only for the Ministry of Finance’s Monthly Fiscal Report to later show a $2.1 million deficit.
The Office of the Prime Minister attributed the discrepancy to late Treasury postings—specifically interest expenses on Treasury Bills—explaining this as a normal part of the reconciliation process. Bowe however questioned this explanation, noting that more transparency is needed. Bowe said, “If I were the Prime Minister – as Minister of Finance- this would be a situation where my team would hear my voice.”
“This does warrant a very fulsome explanation,” he added, “including actions taken within the technical teams to determine why this level of error occurred, and what has been done to ensure it doesn’t reoccur.”
The April report showed government revenue of $347.4 million—a 3.9 percent decline year-over-year—while spending reached $349.5 million. Increased expenditure on goods, services, and subsidies contributed to the deficit, which was financed by $6.7 million in new debt.
Bowe emphasized that while The Bahamas is not facing a fiscal crisis, ongoing inconsistencies in official data can significantly eroding trust. “We’re not in a fiscal crisis. We’re in a confidence and reliability of information crisis,” he said. “One is death by a thousand cuts, and the other is a severed artery. We’re not an artery that’s bleeding out, but these continual errors continue to destroy confidence.”
He criticized the government’s earlier tone defending its budget projections. “When there were criticisms and skepticism in terms of the ability to meet the projections, the government took a very arrogant and belligerent stance that this was simply naysayers,” Bowe said. “They were almost boastful about what would be achieved. If you are going to take that level of arrogance, then you also have to take the crow and eat it when it’s proved not to be the case. That’s just maturity. Don’t be so boastful that you can’t be humble and remorseful.”
Opposition Leader Michael Pintard echoed concerns that Treasury Bill interest payments should have been factored in from the start. “There is no way the debt servicing on Treasury Bills would not have been fully factored into any calculation of the deficit or surplus for any month,” he said, calling for a public apology from the Prime Minister.
“It shouldn’t be exaggerated by the political parties,” he said. “The country is not in a fiscal crisis. We are in a situation where we are not as buoyant as government had projected. The real issue is the quality and credibility of the numbers being shared.”
While the government maintains the full-year fiscal deficit will fall within the projected 0.3 to 0.7 percent of GDP range, Bowe said ensuring public confidence depends not only on outcomes but on transparency and accountability.
“If you wish to be the governing party,” he said, “you have to be on your Ps and Qs—because any misstep will be pounced on. That’s politics. But the data? That’s your responsibility.”
