NASSAU, BAHAMAS — The government was yesterday warned that many Bahamian businesses are “holding on for dear life”, with a former Cabinet Minister and businessman noting that the ripple effect of increased costs on the business sector could neutralize the government’s efforts to provide relief to Bahamian consumers.
Branville McCartney, a former Cabinet minister in the last Ingraham administration, said while the government’s efforts to provide relief to Bahamian consumers amid rising global inflation is well-intentioned, it must carefully consider the long-term effect the increased costs will have on the business community, in particular small businesses.
McCartney warned that with businesses still reeling from the impact of the COVID-19 pandemic, inflation, and rising electricity costs government must stimulate and diversify the Bahamian economy to provide “light at the end of the tunnel” for the business community.
“I think the Prime Minister has good intentions and I hope a lot of the things he said during his address can come to fruition,” he said.
“When he talked about price control I think attention should not just be given to the now but the overall impact on businesses and the economy. I do think that he wants to lessen the blow for the average Bahamian. I’m all for the minimum wage increase. I think that’s necessary however you need to look at all of the circumstances and issues impacting businesses right now. Businesses are holding off or dear life. It’s good that you want to help consumers but where is the relief for businesses?”
McCartney added: “There are financial burdens being placed on businesses who are just coming out of the pandemic. All of it is going to have a deepening effect on the business community and if you hurt the business community you are impacting jobs and hurting the economy. There has to be something on the back end to show some type of stimulation in the economy. Businesses and particularly small businesses are the lifeblood and foundation of the economy. If the business community collapses everything will be for naught.”
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