Group submits economic stimulus package proposal to the government
NASSAU, BAHAMAS — Village Road business owners are calling on the government to provide economic relief as they claim protracted road works in the area have resulted in a 30-40 percent drop in business.
They have submitted a proposal to the government for an economic stimulus package to help offset their losses and stimulate economic activity.
In a December 9 letter submitted to Works Minister Alfred Sears, Four Walls Squash and Social Club president Micheal Fields noted that back in February Village Road businesses were notified of the Village Road Improvement Project (VRIP) and the Government’s plan to prioritize the long overdue infrastructure upgrades.
“We understand the importance of this project and prepared our businesses for a reasonable level of disruption; after all, we will be beneficiaries of the improvements once completed,” Fields said.
“However, given the extensive delays and disruptions associated with the project, now in its tenth month, we write on behalf of several concerned business owners to request favorable consideration of an economic stimulus package designed to ensure businesses in the area are able to rebound in the New Year once the work is complete.
He continued: “The sprawling construction and protracted delays have placed a crippling strain on local businesses, which employ hundreds of Bahamians. The government has recognized the importance of business relief in the past, and the risks of unwieldy roadworks literally putting Bahamians out of business completely.
“The current losses come at a time when the ordinary cost of doing business continues to rise, on top of the fact that we have all just barely emerged from the full impact of the pandemic. Small businesses have recently faced increases in electricity costs, property taxes, wages, and inflation. When the work is complete, businesses will also incur high costs to clean up our properties; repair damages; and re-engage customers.”
According to Fields, between the open trenches, unpaved roads, detours, strained traffic management, and dust, customers are “avoiding Village Road like a plague.”
Fields noted that the original target for completion, which was September 2022, and even the revised date of November, would have allowed local businesses to benefit from the holiday bump that most rely upon.
“Each missed deadline has serious implications for businesses, and there is little belief that the latest end-of-month forecast for completion will be met, given the lack of clear communication and the conditions on the ground,” he continued.
“With no clear end in sight, our reserves are depleted; our business planning efforts have become futile, and we continue to experience tremendous losses.”
Businesses in the area have submitted a proposal to the government to provide them with an economic stimulus to offset their losses and stimulate economic activity in the area.
The proposal calls for the provision of VAT credits; a waiver on 2023 business license fees; refurbishment grants, full sponsorship of a collective marketing campaign targeted at bringing customers back to Village Road, Real property tax waivers for residential and commercial property owners, and concessions on BPL bills.
It also calls for the appointment of a Village Road Improvement Project Public Affairs Officer to communicate informed and timely information to residents and businesses about the project.
“With the recent announcement of additional road work planned in 2023, we hope our experience can help the government to be proactive in the future,” Fields said.
“It could become a good governance best practice to budget economic stimulus funds in a proactive manner for significant road improvement projects to mitigate the inevitable negative impact of construction.”
Business signatories to the economic stimulus proposal include: Tropical Nursery, The Village Deli, The Computer Store Ltd, The Place for Art, TCBY, Village Dental Centre, Providence Law, Doongalik Studios Art Gallery, Life Chiropratic Centre, Tye’s Place, Village Office Suites, The Craft Cottage, Halsbury Chambers, Sure Alarm and the Jipsea Bar.
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