The Tribune

ACCORDING to PLP Chairman Bradley Roberts the Bahamas’ private insurance companies want to form their own “monopolistic cartel with unfettered powers to raise premiums to ensure profits.” Mr Roberts claims that the private companies want no government involvement in universal health insurance, the implementation of which is only a month away.

Either Mr Roberts does not know what a cartel is, or does not understand the proposal put to the government for its consideration by the Bahamas Insurance Agency, or is deliberately muddying the waters to enable the government to take over the private insurance business.

If the latter, then Bahamians have much to be concerned about. Government already has too much control over taxpayers’ funds.

Bahamians only have to recall the $68.747 million net loss to Bank of Bahamas shareholders last year when government had to do some spectacular Houdini acts to keep it from total collapse. There was much money juggling from one account to another in an attempt to save the bank from being dragged down by the $100 million in unpaid commercial loans on its balance sheet.

In November last year Tribune Business reported that “the bank, which is 65 per cent majority-owned by the Government via the Public Treasury and National Insurance Board (NIB), was in non-compliance with four of the five key capital ratios set by the Central Bank of the Bahamas.

“Some banking sources yesterday queried whether Bank of the Bahamas should have been allowed to continue operating while in non-compliance with Bahamian and international regulatory norms. It carried on outside these parameters for four months, until the ‘bail-out’ terms were agreed last week (at the end of October last year).

“Thus to protect itself, the 3,500 minority shareholders and some 40,000 Bahamian depositors, the Government had little choice but to step in and ‘rescue’ Bank of the Bahamas.”

And will Bahamians ever forget the newly completed dormitory destroyed by fire at the Bahamas Agriculture and Marine Science Institute (BAMSI) in Andros at the beginning of this year, only to be further shocked by the revelation that the new building had no insurance coverage. First estimates were that the damage was in the region of $120,000. This sum has risen greatly since then.

In October last year Montagu MP Richard Lightbourn raised concerns in the House about reports that more than $10 million in pharmaceutical drugs and supplies from the Public Hospital’s Authority was not accounted for.

Mr Lightbourn brought the matter up in the House, because reporters’ questions about the allegations were being stonewalled by the authorities. Mr Lightbourn felt that the government’s attitude indicated that the matter did not require urgent attention.

“The minister of health, he was asked to indicate what he felt on this matter, according to the newspapers, he didn’t speak to the reporter, he walked away. They continued to pursue him (and he answered) ‘Why don’t you leave me alone…stop bugging me.’“ Mr Lightbourn told the House.

“So far the chairman of the authority has no answer. . .nothing to say,” the FNM MP continued. “Nothing to say about $10m. So you can understand why we are concerned with the way in which this government deals with money. We want to know what it’s going to be used for. We want some accountability. We want transparency. There is no transparency in this country at this time.

“We have $10m missing and members opposite don’t have the slightest concern about it.”

Free National Movement Deputy Chairman Dr Duane Sands, said at the time that the revelation of missing funds highlights the fact that the PHA’s way of operating is dysfunctional.

Dr Sands said the issue sparked greater concerns about the way in which most government agencies operate.

Then earlier this month Police were investigating a report that $25,000 was missing from the Passport Office in Freeport.

A few days later Transport and Aviation Minister Glenys Hanna Martin announced that the Royal Bahamas Police Force was investigating “missing resources”, such as decals, discs and inspection stickers from the Road Traffic Department’s Marsh Harbour department in Abaco. The deficit in revenue amounted to $665,705.

VAT was pushed through as the saviour to bring down the public debt. As the public debt continues to rise, no one knows what VAT is being used for or where it is going. Government’s attitude seems to be that it is nobody’s business.

And so the carelessness in the oversight of public funds continues. What is listed here is only the tip of a very long and tightly frozen iceberg.

And so if Mr Roberts’ intention is to suggest that government take control of even more of the taxpayers’ money, he is insulting the intelligence of every right thinking Bahamian. It is now time for Bahamians to speak up to prevent the further waste of their taxes.

We suggest that with all stakeholders so far apart as to what would be the best health plan for Bahamians, a prudent prime minister, with so many failures now in his portfolio, would do well to put the brakes on and give this all important matter further consideration.

And as for the 2017 election, which the focus now seems to be on, we urge Bahamians to vote for the party that makes the destruction of corruption the main plank in its platform. A party that will give the Auditor General a full complement of staff who can do round-the-clock audits on every government department and corporation that handles public funds. And, as required by law, have all of the reports on the table of the House by the financial year end, from where they will be available for examination by the Public Accounts Committee.