NASSAU, BAHAMAS – The Opposition’s finance spokesman criticized the Davis administration for what he described as failed economic policies, arguing that the government must “get out of its own way” when promoting economic growth in sectors beyond tourism.
East Grand Bahama MP and Opposition Shadow Finance Minister Kwasi Thompson, speaking during the debate on the Domestic Top-Up Tax Bill, stated: “The government’s economic policies are simply not working for Bahamians. Instead of focusing on sustainable growth, job creation, and initiatives that enhance the lives of Bahamians to meet the standard or aspirations of the middle class, the government seems content to simply increase taxes and fees and spend more. This approach is not only hurting the economy in the short term but is also jeopardizing our nation’s future.”
Thompson referred to the recent Central Bank quarterly economic review, which noted that while the Bahamian economy is projected to continue growing, this growth is expected to be more “subdued” in 2024 and 2025.
Thompson added: “The Bahamas needs to achieve sustained economic growth of approximately three percent to make significant progress in reducing unemployment. The PLP is failing to sufficiently grow the economy. Beyond tourism, the government must get out of its own way when it comes to promoting economic growth in other sectors. The current administration needs to enact meaningful reforms regarding the ease of doing business in The Bahamas.”
Thompson called for a critical examination and overhaul of various approval processes to improve the ease of doing business in the country.
