NASSAU, BAHAMAS — East Grand Bahama MP and former Minister of State for Finance Kwasi Thompson yesterday insisted the Minnis administration’s policies have spurred the country’s economic recovery.
During his contribution to the mid-year budget debate, Thompson said: “On the budget performance thankfully we are recovering. Truth be told we began this recovery earlier in the year. The fourth quarter of last fiscal year we saw revenue increased beyond the budget and tourism numbers were also coming back.
“We celebrate the news that we are continuing to recover. Let me make this clear. The very thing that we celebrate today is as a result of the same economic policies of the Free National Movement.”
Thompson underscored the former administration’s deliberate attempt to buffer the effects of Hurricane Dorian and the COVID-19 pandemic by allocating finances to support the country’s healthcare system, provide unemployment assistance, business continuity loans, tax credits to fund payroll assistance and $260 million in concessions for Abaco and Grand Bahama.
Thompson accused the Davis administration of borrowing the former administration’s economic policies. He warned that the country is approaching an “inflation crisis” and urged the government to do more to assist Bahamians.
“The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9 percent over the past 12 months, a 40-year high,” Thompson said.
“Here is the reality there was nothing in the Budget Communication that provided hope for the ordinary Bahamian.”
Thompson said: “The food program has ended, the unemployment program has ended food prices, gas prices are up, the SERZ Order will come to an end by March 31st.
“The DRA has not provided funds since the election, the small business development center has not provided funds since the election. I call upon the government to do more than just consult, meet with and hope for. I call upon this government to act.”
