The Tribune

The years 2016 and 2017 are major political ones for the US and the Bahamas, with many persons already in campaign mode. Our democracy requires individuals, and their and constituencies, to decide who will govern, but the business community watches on nervously given what is at stake.

The US has already begun to brace for potential economic upheaval, dependening on who is elected to the White House. Global stock markets have, for the past four to six months, experienced tremendous volatility (mainly in a downward direction,) as unlikely presidential front-runners utter promises that threaten to dismantle ‘business as usual’. The shock waves from the uncertain political climate impact business everywhere. Entrepreneurs, business owners and investors need to feel a strong sense of confidence in politicians, and the government, if economic stability and viability is to thrive.

There is no question, then, as to the crucial role politics and governments play in supporting and promoting the advancement of business and a strong economy. Let us view, for a moment, what everyone in business sees as they listen to the political fray that ensues between the competing parties: Here are some of the questions they contemplate:

• Which candidate or party is best able to fairly regulate (without being intrusive) relevant aspects of business life? For example, business licensing. Responsible politicians must ensure the correct balance in terms of how many persons enter a particular industry. Think about the dire consequences of too many taxi drivers with legitimate plates, or an unlimited amount of web shops on each street. These matters must be scientifically addressed.
  

• Which candidate or party is best able to protect consumers from unfair treatment or business practices? When a company fails to honour its guarantee or causes harm to the customer, the purchaser has recourse through the judicial system.

We have seen how, during the current administration, the Government had to intervene over the CLICO (Bahamas) debacle. These interventions are important in providing hope and relief to sometimes unsuspecting and innocent consumers.

• Which candidate or party is best equipped to provide protection for employees from unfair treatment, dismissal or discrimination in any form?

This is perhaps one of the areas that is most sensitive, and is often abused in the local context. While this is so, and we all admit that far too many run to the political forces for everything from finding a job, promotions or job security, the Government’s true responsibility is to ensure that no one infringes on the rights of workers despite their political affiliation, gender, religious or family background.

• Which candidate or party is best suited to ensure environmental protection in the best interest of the general public and business?

While companies are usually the chief culprits in abusing the environment, the political forces still play a critical role in ensuring the sustainability of our natural treasures for generations unborn. Viewing the plans for environmental conservation, and examining the record of those who have engaged in dutifully protecting wildlife and lands, is a must. Given that the Bahamas is a nation that depends heavily on the protection and preservation of what we are naturally blessed with, these matters should be quite important to the business community.

• Which candidate or party is speaking the language of investor protection? Whether we talk of local or foreign investor, there are some crucial systems and actions that the politicians must perform if investor confidence is to be secured.

While many in the business community have a great suspicion when we speak of increased foreign investment, the reality is that our economy has long depended on it to some degree.

Strong political leadership must dominate through the bidding and negotiating process to ensure the Bahamian business community, and public at large, do not lose out at the expense of progress.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.