NASSAU, BAHAMAS— Opposition Shadow Finance, Minister J. Kwasi Thompson is sounding the alarm following the release of the latest Fiscal Responsibility Council (FRC) report, which he says validates the Opposition’s repeated warnings about the government’s disregard for transparency and financial accountability.
“The Fiscal Responsibility Council’s latest report makes it plain: this PLP administration is not just careless with the public’s money, it is non-compliant with the very rules meant to protect it,” said Thompson in a statement issued today. “Time and again, this Government has refused to be transparent, ignored its legal obligations, and misled the Bahamian people.”
According to Thompson, the Council’s findings support what the Opposition has been highlighting for months—particularly surrounding inaccurate fiscal reporting by the Government.
“The Council confirmed what we in the Opposition have been saying for months. Earlier this year, the Prime Minister proudly projected the Government achieved a $135 million surplus for the month of April. Yet the Ministry of Finance’s own reports later revealed a $2 million deficit. When pressed in Parliament, the Prime Minister denied he ever made the claim, despite it being recorded on video and reported in the press. Instead of answers, Bahamians got deflection and confusion.”
The FRC in its report on the budget flagged the $137.5 million difference in the April 2025 fiscal balance between the Budget Speech and a later Ministry of Finance report and emphasized that this gap points to a need for improved fiscal data administration and reporting.
Thompson noted that the FRC also reported that the Government failed to comply with two legally mandated areas: oversight of public enterprises and transparency in public-private partnerships (PPPs). The Opposition is calling this non-compliance both troubling and telling.
“Not compliant on oversight of Public Enterprises and Government Business Enterprises,” Thompson noted, referencing the report’s language.
“In the Council’s own words: Neither annual plans for the listed 18 public entities nor statements of corporate intent for the 19 Government Business Enterprises were provided.”
Thompson emphasized that the lack of planning and performance benchmarks for key state-owned enterprises, such as Bahamas Power and Light (BPL) and the Water & Sewerage Corporation, represents a grave failure of governance.
“This is a serious failure. The Government refused to provide annual plans and corporate intent statements for state-owned enterprises like BPL and Water & Sewerage. These agencies handle core national services and receive large sums of public money. They should be closely monitored, yet this administration has offered no plans, no performance benchmarks, and no explanation for how that money is being used.”
Thompson also pointed to a $10 million transfer to the Carmichael Village Project Development Company Ltd.—a government business enterprise—that was never publicly announced.
“Worse still, the Government secretly funnelled $10 million to the Carmichael Village Project Development Company Ltd., which is classifies as a Government Business Enterprise. No announcement. No details. No accountability. It was only discovered because it appeared deep in the pages of a Ministry debt bulletin.”
He also referenced the lack of progress and transparency surrounding the Grand Lucayan project, which continues to tie up millions in public funds without a clear plan or financial disclosure.
“This is not an isolated case. The Government has also failed to provide a credible plan for the Grand Lucayan project, leaving taxpayers in the dark while millions remain at risk.”
Another major area of concern according to Thompson is the handling of public-private partnerships. The FRC flagged the Government’s failure to publish or disclose its PPP approval framework—despite the potentially massive financial risks such projects pose to taxpayers.
“The Council also noted that the Government has not disclosed the framework it uses to approve public-private partnerships, despite the fact that PPPs can leave taxpayers on the hook for hundreds of millions of dollars. These projects are being approved without public vetting, without parliamentary oversight, and without clear rules about how risks are assessed and managed.”
Thompson argued that these issues are a part of a broader and deliberate strategy by the Government to operate in secrecy.
“This is not responsible governance. It is a deliberate pattern of hiding information, avoiding scrutiny, and treating the Bahamian people as an afterthought.”
He warned that without transparency, no sustainable economic recovery or fiscal reform is possible.
“At a time when families are being asked to do more with less, they deserve to know how their money is being spent. Instead, they are left with half-truths, incomplete data, and vague commitments. We cannot build a strong economy on secrecy. We cannot fix our public finances without trust.”
Calling the FRC report “a wake-up call,” Thompson reiterated the Opposition’s commitment to pushing for reforms.
