NASSAU, BAHAMAS — The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) says that in the face of challenges such as rising inflation, supply chain disruptions, and higher energy costs, it is keen to see the continuation of programs that incentivize the business community.
BCCEC chairperson Khrystle Rutherford-Ferguson said it is customary for the BCCEC to review the Budget Communication and draft Estimates of Revenues and Expenditures, and listen to the plans outlined by ministers during the Budget Debate.
“Such plans will give the private sector insight into the policies that will be used to implement the items contained in the budget,” Rutherford-Ferguson said in a statement.
“While we appreciate that this is an initial presentation, we are keen to see programs that directly incentivize the business community to continue with its operations in the face of the following challenges: rising inflation; stagnant revenues; the rising cost of doing business in general, but specifically the rising cost of imported goods; higher energy costs; supply chain disruptions; supply chain shortages; and business license fees.”
Rutherford-Ferguson said: “We look forward to hearing from the Ministers whose portfolios directly impact the business community and expect more details around the Government plans, having regard for the fact that, collectively, the private sector is the largest employer in our country and contributes greatly to the health of the Bahamian economy.
“The Budget exercise is arguably one of the most, if not, the most important annual fiscal exercises in the country; charting the economic direction of the country and to advise the public of how the government intends to manage public finances and create or amend policies that undergird this plan.”
Rutherford-Ferguson added the BCCEC remained committed to looking out for the best interests of its membership through “continued, constructive and productive dialogue with the government regarding the budget and any other discussion impacting its members and the wider business community”.
Prime Minister Philip Davis presented the 2022/2023 budget communication in Parliament last week.
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