MOTIA to undertake financial literacy campaign this year
NASSAU, BAHAMAS — Deputy Prime Minister Chester Cooper yesterday lamented the poor savings culture in The Bahamas, noting that saving and investing are essential to building this nation’s capital markets and spurring national growth.
Still less than 30 percent of Bahamians contribute to pension plans and less than eight percent invest in marketable securities.
– Deputy Prime Minister Chester Cooper
Cooper, who is also minister of tourism, investments and aviation, while speaking at the opening of the ArawakX Digital Ecosystem Meeting, stated: “It has been my life’s work to encourage savings and investing.
“Regrettably, we do not distinguish ourselves in terms of savings, a trend that is not unlike or friends to the north.
“The Central Bank’s 2018 financial literacy [report] was quite telling and in fact signaled great opportunity.
“Still less than 30 percent of Bahamians contribute to pension plans and less than eight percent invest in marketable securities.”
Cooper added: “I continue to be concerned about this and my ministry will undertake this year, along with stakeholders in the financial services and banking community, to lead a financial literacy national campaign to ultimately encourage saving and investing.
“It is essential to the building of our capital markets and spurring national growth.
“At the same time, it is the intention of the Davis-Cooper administration to also earnestly tackle the predicament of the unbanked, especially in the Family Islands.
“No doubt many entities in the fintech space will continue to leverage this as an opportunity.”
Cooper noted that foreign direct investments remain the fastest way to grow the Bahamian economy.
“Those in the financial services sector looking to survive must find new ways and new opportunities and new niches,” Cooper said.
“We are interested in investment opportunities for Bahamians and businesses on Grand Bahama in ICT and the industrial sector, with its incredible physical and technology infrastructure.
“We are looking for investors with an interest in renewables to partner with us throughout our Family of Islands.”
According to Cooper, this nation also needs to become more self-sufficient when it comes to food production.
“All of this must be done sustainably and with concern for preserving our natural resources. Our list is extensive but many items on this to-do list can be accomplished with the right partners,” Cooper said.
He said the country must revolutionize its educational delivery systems and modernize its digital infrastructure.
