The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Private sector executives yesterday voiced concern that the Prime Minister's "decisive action" warning to the Grand Bahama Port Authority (GBPA) and its principals will deter potential investment in Freeport.

James Carey, the Grand Bahama Chamber of Commerce's president, told Tribune Business that Philip Davis KC's Budget address has left existing businesses and possible investors "just hanging out there" because of the uncertainty it has created over Freeport's future governance and control.

“If they are going to do something they should let us know, because things are just hanging out there now," Mr Carey said. “The GBPA said they have secured $1.5bn in investments. The Prime Minister then said to the GBPA to show him the investments because he said it was the Government who got those investments.”

Mr Davis used the platform provided by the 2023-2024 Budget address to assert that Freeport's founding treaty, the Hawksbill Creek Agreement, "does not work" and that the GBPA's governance model "must change" if the city is to "realise the promise, growth and prosperity" it aspires to.

However, he provided no specifics as to the Government's actual plans and intentions, creating a vacuum that has since been filled with speculation and uncertainty - neither of which are beneficial to economic growth and business/investor confidence. Mr Davis said he would clarify the Government's next steps soon, possibly as early as the upcoming Budget debate that begins tomorrow, but until then Freeport residents are none the wiser as to the next move.

Mr Carey, meanwhile, yesterday called on all sides to work together and agree on a plan for Freeport and the GBPA. “Something is not right, and it may be time for them to sit around at the table," he added. "The Government is the Government, and they are at the top of the pile and they should invite the GPBA to sit down and have a discussion. Invite is a kind and generous term, and they can do a lot more if they wish, but we need them to have a discussion.

“I believe, after all of this back and forth, the only thing this would cause is for investors to look at this and say: 'Whoa! What’s going on here? Let’s wait and see what happens before we make any decisions on any investments because things may change'.

"The GBPA said that they are responsible for the $1.5bn worth of investments, and I can only go by what they have said, and they have continued to say that they have brought these investments, but they are not here yet," the Chamber chief added. “Some have started but they are in the pipeline. I can only go by what the GBPA has said, and they have not just begun saying these things but they have been saying these things for quite some time.”

Fred Mitchell, the Progressive Liberal Party's (PLP) chairman, and minister for foreign affairs and the public service, has repeatedly countered in his daily voice notes to party supporters that it is the Government - and not the GBPA - which is responsible for bringing the $1.5bn worth of investments to Grand Bahama. These include the Carnival cruise port, redevelopment of Freeport Harbour and proposed $350m Grand Bahama Shipyard investment.

Mr Carey added: “This is the first time the Government is denying the GBPA’s claims, and instead saying they are responsible for bringing in the $1.5bn in investments.” Included in this figure is the $250m Weller Group Six Senses project. “I know they particularly mentioned a solar farm, and they have mentioned Xquisite Yachts, which is certainly in progress, so the GBPA has mentioned certain things over the recent past," Mr Carey added.

“It’s interesting that the GBPA has consistently talked about these investments, and this is the first time the Government has taken issue with it saying that they did these things.”