Prominent finance expert says Bahamas should avoid “having knee-jerk reaction to opportunities”; notes need for holistic national development plan
NASSAU, BAHAMAS — As optimism rises over the tourism industry’s revival, a top banker said this nation must be appropriately prepared to take advantage of the opportunity and not simply wait for the benefits to befall us.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive officer, told Eyewitness News: “We have to be ready to meet opportunity. We want to be able to capitalize when events outside of control are in our favor.
“I think that as we see the vaccinations roll out, particularly in our primary market in North America, for our largest industry being tourism, there is opportunity for us to take advantage of that but we need to be appropriately prepared.
“I think what we saw with the Tourism Readiness Committee in the run-up to the July opening was a very holistic plan that involved the hotel workers, taxi drivers, straw vendors and others, but since that time, we have not heard the same.
“We have to make sure that our ideas are now crystallized into very structured plans that have milestones, target dates and the ability to adjust.”
Bowe noted that the opportunity for cruise ship homeporting in The Bahamas further underscores the need for a national development plan.
“One of the pillars of that plan was the built and natural environment,” said Bowe.
“What we do see is some hesitation by the very places the cruise lines see as attractive. We see that not all residents are in favor of it. It means that we can be in a situation where we are having knee-jerk reaction to opportunities.”
Bow added: “The issue is whether we are prepared with a proper planning unit that can sit down and negotiate appropriate terms for homeporting where we are looking at the environmental impact elements, the financial impact elements and then the trickle-down effect of what could take place.
“It’s all about having a holistic plan, understanding what assets we have and charting our own course. We have to be looking forward 15, 20, 25 years.”
