NASSAU, BAHAMAS — Prime Minister Philip Davis will meet with retailers next week and convey the need to strike a ‘balance’ between their profitability and ensuring food security for Bahamians, Press Secretary Clint Watson said yesterday.
Bahamas Retail Grocers Association president Philip Beneby in an interview with Eyewitness News this week warned that the government’s decision to add 38 extra food items to the price control regime would “cut deep” into the profit margins of local retailers, adding that some may not last the six month trial period of the regime’s expansion.
Davis during a televised national address Tuesday night acknowledged the high cost of living in the country as he pledged to do more to tackle the issue. Davis announced that the government has added 38 new items to be subject to price controls in the country.
“We are limiting the wholesale and retail markup of everyday items like diapers, and food like chicken, eggs, bread, bananas, apples, oranges, broccoli, onions, and potatoes. These items are being added for at least a 6-month period, at which point we will review and evaluate the impact on businesses and consumers,” said Davis.
When asked about concerns expressed by retailers over the expansion of the price control regime, press secretary Clint Watson said: “There is a meeting with the prime minister and retailers next week Tuesday. What the prime minister will convey to them is that providing relief for the Bahamian people is number one on the list of the prime minister.
“Access to food is important for our people. There must be a way we can manage how are able to ensure that people can afford to go to the grocery store and purchase goods for their families. What the prime minister has done is put relief in place for wholesalers and for retailers.
The press secretary pointed to the reduction in customs and import duties on food that was intended to bring some relief to wholesalers and be passed on to consumers.
Watson added, “The prime minister will talk to them. One of the things he will convey to them is that we want to provide an environment where retailers can thrive but also one where consumers and Bahamians can survive. Being able to find that balance is what the prime minister is doing.”
