A view of the destruction from Hurricane Dorian in Marsh Harbour on Wednesday. (Al Diaz/Miami Herald via AP)
By NATARIO McKENZIE
Tribune Business reporter
This nation must ensure it gets the greatest ‘multiplier effect’ in reconstruction and rebuilding efforts post-Hurricane Dorian to help minimise the impact of the storm’s devastation, a leading accountant said yesterday.
Gowon Bowe told Tribune Business that while the impact of Hurricane Dorian will have an impact on fiscal projections and this country’s GDP, now is not the time to think purely in dollars and cents with hundreds of people left fighting for their survival.
“The reality is we know that there is going to be a cost associated with any type of reconstruction and rebuilding effort. We know that that is, if unplanned, going to throw off your fiscal targets and projections. When we are deploying resources in the recovery and rebuilding effort we have to seriously look at how are we getting the greatest multiplier effect.”
He continued: “We have to start thinking very creatively and strategically on how to minimise the fiscal burden. It is very important that we clearly track the resources received, show how they are expended and see how the recovery efforts can be used to stimulate economic activity and minimise hardship.
“We have to ensure that when we expend our resources it aligns with our long-term national growth and development. That means that where we were going to deploy resources in capital expenditure, efficiencies and effectiveness, we don’t lose sight of that when we deploy resources in our rebuilding efforts.
“We need to have very specific goals with plans and milestones, reporting and accountability in this entire process.”
Mr Bowe noted The Bahamas must do a better job allocating resources to be set aside for catastrophic events like Dorian, with insurance being one element.
“With every challenge there is an opportunity. The challenge to build is real but it also provides an opportunity to correct a lot of things,” said Mr Bowe.