The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Family Island Chamber of Commerce presidents are viewing The Bahamas' 2021 economic prospects with cautious optimism amid hopes the worst of the COVID-19 pandemic may be over.

Ken Hutton, Abaco’s Chamber of Commerce president, said he was looking forward to a “really good year” and is “hopeful” that COVID-19's peak may have been passed.

"A lot of the second homeowners can come back and start rebuilding, and that is really the engine of the economy here. So I'm getting a lot of calls already for people who are looking for prices and they need to come back and start rebuilding. I think it's going to be good," Mr Hutton added.

He remains concerned, though, about the absence of documented details on the Hurricane Dorian tax breaks extensions that were announced by Kwasi Thompson, minister of state for finance, in the Senate.

"The biggest thing that we need to find out is we still don't have any clarity on the extension of the exemptions; we have nothing in writing," Mr Hutton said. "As of Thursday, we still don't know whether places like the food store and other businesses are going to be charging VAT (value added tax) or not.”

“Well, you know what, we can operate like the exemptions are in place. But what happens if they're not? All of a sudden the business owners who are supposed to be charging VAT have this huge VAT liability?

“Not only that, but based upon how the legislation is, if they have to be charging VAT then the price stickers have to reflect that, which means places have to close and completely retag everything.”

Cheryl de Goicoechea, Long Island’s Chamber president, said that as long as the island remains COVID-19 free economic activity will continue to pick up. She added: “We have a lot of visitors here now and a lot of people coming back and forth. So, hopefully, things will continue to stay good and businesses can operate because most businesses are open now.”

Joe Rahming, president of the South Andros Chamber of Commerce, said: “I think that starting with the opening up of the country, it should bring and restore what we had in the economy.”

He has his hopes pinned on the island's bonefish lodges reopening and bringing in visitors that represent the “lifeblood” of the economy of South Andros.