The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

NATIONAL Health Insurance (NHI) could become a “tremendous black hole” that sucks the remaining life out of the Bahamian economy if it is not properly designed and managed, a well-known private sector executive has warned.

Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told Tribune Business that the private sector was keen to get more information from the Government on the NHI scheme’s governance and structure.

“It’s a tremendous cost, and if it is not managed and governed properly it could become a tremendous black hole that could suck out quite a lot of economic activity, because it will need to be funded,” Mr Bowe warned.

“The cost is a major corner, because no matter how government spins it, the only way they can fund anything is through taxation of the society.”

The revised NHI Bill was released last week, with the most notable change being the elimination of the mandatory legal requirement for all Bahamians and legal residents to sign up for the scheme.

NHI’s primary healthcare phase was scheduled to be introduced in April. However, last week, Minister of Health Dr Perry Gomez said it would “likely” be delayed.

    “There is a realisation that we don’t have a surplus or cash sitting in the bank,” Mr Bowe said.

“We have to be careful because while we may not be in negative growth, we certainly not in the growth levels that persons are comfortable with, and we can say people  are back to work and are feeling the rebound.

“It’s still very much a wait and see pattern, and businesses continue  to close because of the cost of electricity, the crime issues as well as the general cost of operating in a depressed environment.”