NASSAU, BAHAMAS- The Grand Bahama Chamber of Commerce is urging caution over the Government’s plan to compulsorily acquire the long-run-down International Bazaar site, warning that while redevelopment is vital to the island’s future, forced acquisition could chill private investment and repeat past missteps involving state-led projects.
In a statement responding to the Davis administration’s decision to invoke the Acquisition of Land Act, the Chamber said revitalizing the property is in the long-term best interest of Grand Bahama—particularly if it forms part of a broader strategy to position the island as a gateway for African and global trade—but stressed that government should facilitate private investment rather than lead the development itself.
The position comes as Ginger Moxey, minister for Grand Bahama, this week confirmed that the Government has “little choice” but to proceed with compulsory acquisition. She said legal complications stemming from reforms to the Companies Act mean the Government would otherwise have to wait up to 20 years for the property to fully vest in the public treasury because the company owning the Bazaar had been struck off the registry.
Moxey said the administration had already negotiated a $2.8 million purchase with most of the site’s 13 owners and promised they would still receive the agreed compensation. The move is intended to clear the way for an Afro-Caribbean Marketplace and logistics hub designed to boost tourism and trade, complement cruise developments, and strengthen links with Africa.
In a statement, the GB Chamber stated: “The Grand Bahama Chamber of Commerce acknowledges the Government’s announcements regarding the redevelopment of the former International Bazaar. The Chamber believes that redevelopment of this property is in the long-term best interest of Grand Bahama.If this initiative forms part of a broader strategy to position Grand Bahama as a gateway for African and other global trade in the region, it is a positive and forward-thinking concept.”
It continued: “However, the Chamber does not support the use of compulsory acquisition except in cases where projects deliver essential public services. The prospect of compulsory acquisition can discourage private investment, and Freeport has historical experience with this concern. If the Government has identified a private investor with both the interest and the capacity to successfully execute this development, it would be more appropriate for the Government to facilitate the acquisition and investment rather than undertake the development itself. Historically, outcomes involving State-Owned Enterprises have been mixed and caution is warranted.”
The Government argues the redevelopment is critical to reversing decades of decline at the once-vibrant commercial and cultural complex, which deteriorated after the closure of the Royal Oasis resort and subsequent fires. Plans for the site include a marketplace promoting African and Caribbean goods, cultural attractions, and expanded logistics capacity aimed at positioning Freeport as a regional trade hub.
