NASSAU, BAHAMAS — The Opposition has slammed the Davis administration for failing to implement policies to reduce the effects of inflation on Bahamian families, as it urged the government to expand assistance for small businesses and electricity consumption.
The Opposition’s Shadow Finance Minister, while referencing recent remarks by Central Bank Governor John Rolle on the impact of inflation and energy costs, said in a statement that government must do more to alleviate the burden on Bahamians.
“Bahamians are already keenly aware that massive increases in their BPL bills are due to the unforgivable failure of the PLP government to execute the fuel hedge transaction in late 2021 and then to attempt to lie about the circumstances to Parliament,” stated Kwasi Thompson.
“This is why the BPL fuel surcharge is up by as much as 163 percent and daily we see the reports on the devastating inflationary effects this is having on Bahamian households and Bahamian businesses. Bahamians have seen their light bills double and triple and also face a second whammy when businesses have to increase their prices to allow them to meet higher energy costs,” he said.
“We again decry the failure of this Davis administration to follow our recommendations and the examples of other jurisdictions and actually implement coherent and sustained policies to reduce the effects of inflation on Bahamian families.
“The government can and should expand the existing electricity assistance program under social services. This program can be expanded to include more assistance and more people included on the program.
“The government MUST eliminate the VAT on the breadbasket and other essentials.”
Thompson said that the government must immediately devote significantly more resources to support Bahamian small businesses as many of them are struggling with massive increases in operating costs due to higher BPL bills and global inflation.
“The Small Business Development Center programs should be expanded to include Electricity and Inflation Assistance grants and loans to assist business owners. The PLP had last year pledged to provide $50 million in support to small businesses but their reports suggest that not even 10 percent of that sum was provided to small businesses. This is in sharp contrast to the tens of millions of dollars that the FNM made available to Bahamian entrepreneurs and small businesses during the last administration,” said Thompson.
He added: “The Government can also intensify a public campaign for energy-saving measures in the home and business and can provide free audits for homes and buildings to identify efficiency measures.
“The PLP must own up to its mistakes with BPL and the Prime Minister and his team must also come to the Bahamian people with a coherent and sustained set of policies that will bring actual and tangible relief to Bahamian households and businesses struggling with double-digit inflation on essentials.”
