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Fred Mitchell Clarifies Communication Made In Parliament

Minister of Foreign Affairs Fred Mitchell has released a statement clarifying his communication in the House of Assembly on Wednesday about the government's recent trip to China.

The statement says the Minister “wishes to clarify the reference in his January 14, 2015 Communication to Parliament on the Prime Minister’s delegation recent visit to China relating to possible management interest in Baha Mar by a Chinese hotel management company.

“For clarity it is pointed out that the interest as expressed generally in possible investment and management opportunities of Bahamian resorts by the Chinese hotel and travel conglomerate Jing Jiang International Holdings Limited. Such opportunities could include consideration of Jing Jiang management in any future expansion plans by Baha Mar.”

The Baha Mar resort also released a statement with regards to Mr Mitchell's communication which read: “In reference to the Minister of Foreign Affairs, the Honourable Frederick Mitchell's January 14, 2015 Communication to Parliament about the Prime Minister’s delegation to China, it was pointed out that the Prime Minister and Baha Mar Chairman Sarkis Izmirlian met with various tourism related companies including Hainan Group and Jin Jiang. Baha Mar clarified that the opportunities could include consideration of management or investment in any future expansion plans for the resort.”

Comments

TheMadHatter 5 years, 8 months ago

In other words, if yoos a Bahamian and you think you gonna get any management job at Baha Mar - think again. Try learn how to trim bush, and make up beds, and mop the floor - cause das what we gats for ya.

Swing !!!!!!!!!!!!!!!

TheMadHatter

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pat242 5 years, 8 months ago

The MadHatter. Thats a interesting point. The foreigners get most of the money and top employment while Bahamians work the mediocre jobs and pocket change . Bahamians needs to be more active financially in their country. This Forigner over Bahamian element has to stop. Bahamians needs to wake up and work together to create opportunitys for themselves and the future generation. If not we will forever be second class citizens in our own country.

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banker 5 years, 8 months ago

Hello pat242

Bahamians do not have access to investment capital to be more active financially as you put it. The Bahamian dollar is non-convertible, meaning that it doesn't not trade on the open market and it not a hard currency that can be spend around the world.

The dollar is propped up with reserves of American dollars, and as a result, Bahamians need to go through the Central Bank to get access to hard currency or to export or import currency. The Central Bank limits the amount of Bahamian currency that you can convert for external investment to prevent currency out flows.

So if you are importing a huge amount of goods, say to build a hotel, the only way that you can pay for it, is to pay for it in a hard currency like American dollars, and for that, you need to either generate American dollars with your business, or you need Foreign Direct Investment with people who do have hard currency to lend to you or to become your partner. Those people end up owning the economy of the Bahamas.

There is one way to cure that -- and that is to get rid of the Bahamian dollar. It is called dollarising the economy, where the American dollar becomes the official currency.

Politicians want to keep the Bahamian dollar as a matter of pride, but it actually keeps the citizens of the Bahamas at a disadvantage. At one time, the Bahamian dollar was convertible on the open market, but that changed when the Currency Board was eliminated with a rising national debt. If you have a convertible dollar, you need close to 1 American dollar for every Bahamian dollar, and the government spent money it didn't have like water, and keeping a closed currency requires only a bit of reserves, so that is the way that the government went.

Dollarising the economy would cause chaos initially, but ultimately it would empower all Bahamians.

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TheMadHatter 5 years, 8 months ago

Absolutely correct and on target. Unfortunately, although it is taught as something bad that happened after Columbus' time in history - slavery is pretty much loved by most Bahamians. We seem to love being slaves as long as we can have "pride" as you say - like in having "our own" currency - but of course one that nobody else wants - LOL. But the fruits of stupidity are being harvested every day for all to witness.

Yes, we should get rid of our dollar and use the US dollar starting yesterday.

TheMadHatter

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DreamerX 5 years, 8 months ago

Probably one of the first educated posts I've seen on here. Usually all I see are ignorant rants about what people want for themselves not for the big picture of the people. +1

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realfreethinker 5 years, 8 months ago

Getting rid of the Bahamian dollar for us dollars is long over due. There is no good rational for keeping the B $

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duppyVAT 5 years, 8 months ago

WHY IS THE PLP GOVERNMENT GETTING US SO DEEPLY INDEBTED TO THE CHINESE????? WE ARE HEADING DOWN THE WRONG ROAD WITH THIS DEPENDENCY ON CHINESE MONEY AND LABOUR. THEY WILL END UP OWNING OUR COUNTRY IN 30 YEARS. ............ AND GIVING THEM OUR LAND TOO???????????????

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