NASSAU, BAHAMAS — The Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) said yesterday that several recent policy changes announced by the Davis administration will have a damaging effect on the local business community.
The country’s primary private sector representative also pushed back against the government’s plans to reduce the profit margins of food and pharmaceutical retailers/wholesalers.
In a statement yesterday, the BCCEC siad that the recently announced Bahamas Power and Light fuel charge hike, the increase in the minimum wage to take effect January 1, 2023, and the new price control measures will increase the already high cost of doing business in the country.
“These decisions are set to have deleterious impacts on the business community, which is still dealing with the inflationary effects of the COVID-19 pandemic,” the BCCEC said.
“It is the BCCEC’s considered view that businesses ought to be able to benefit from the principles of free enterprise and, as such, ought to be able to set profit margins commensurate with their cost to procure goods and services, in order to operate and meet monthly expenses.”
The Chamber of Commerce said that it stands with the Retail Grocers Association, Bahamas Hotel and Tourism Association, Bahamas Pharmaceutical Association, and others “in their efforts to work with the government in finding a suitable and workable path forward”.
“These industry and trade associations have been vocal on issues impacting their members, many of whom are also members of the BCCEC. The BCCEC has long believed in and continues to advocate for, meaningful and robust consultation between the Government and the business community. Such consultation is an essential pre-requisite to the smooth and equitable adoption of new policies, allowing businesses enough time for implementation, and facilitating easier consumer adaptation,” the BCCEC said.
It further noted, “Most of the BCCEC members, though not directly impacted by the recent announcement on price control measures, will be directly impacted by increases in the costs of labour and energy. Significant policy shifts which impact businesses ought to be made after substantive consultation with the business community, with a particular emphasis on the industries and sectors most impacted. As always, the BCCEC stands willing and able to offer our support in the collective effort toward finding sustainable and comprehensive solutions that move our business community and country forward.”
The government has been at odds with the Retail Grocers Association and The Bahamas Pharmaceutical Association in recent weeks after Prime Minister Philip Davis announced plans to temporarily expand the price control regime on food and medicine in an effort to provide relief to consumers. The decision however has received serious pushback due to a lack of prior consultation and the likely financial impact, which retailers/wholesalers say could jeopardize their businesses.
