The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Prime Minister will take on the minister of finance portfolio himself, it is understood, after he yesterday completed appointing his 20-strong Cabinet without naming anyone to the post.

An announcement of who will be the substantive minister for finance was the one glaring omission from all the Cabinet appointments over the past week. There was also no mention of a minister of state for finance in Philip Davis’ Cabinet.

Michael Halkitis, minister for economic affairs, held the minister of state for finance post in the two Perry Christie-led administrations. Mr Davis, in unveiling his appointment, said Mr Halkitis is expected to play a role in managing the public finances although no details were provided.

Givem that the country’s finances are in freefall, with continued fiscal deficits projected for the next few years due to the COVID-19 pandemic fallout, having a substantive minister for finance with experience will be critical to getting The Bahamas’ public finances back on track.

It is thought that Simon Wilson, the financial secretary, will also play a key role after he was recalled to work last week Friday to replace the now-outgoing acting financial secretary, Marlon Johnson.

Tribune Business was informed prior to the 2017 general election that the Free National Movement (FNM) planned to replace Mr Wilson with Mr Johnson if it was elected to office, but both this newspaper and its contact dismissed the suggestion.

The Minnis administration sought to transfer Mr Wilson to the Central Bank and, when he objected, simply sent him home on full pay. This newspaper and many observers felt the move was at the very least premature, as Mr Wilson was still working to bed in initiatives such as the Revenue Enhancement Unit, which he launched in 2016 after Hurricane Matthew, and real property tax reforms via Tyler Technologies.

A Moody’s report said the Revenue Enhancement Unit garnered $90m in additional revenue during its first six months, an average of $15m per month. Taxpayers also had to contend with thousands of dollars being spent on paying full salaries to two financial secretaries over a four-year period, although this is no reflection on either Mr Wilson or Mr Johnson.