The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman yesterday voiced concern over what she branded a "lack of substantial support" for the private sector in the Speech from the Throne.

Krystle Rutherford-Ferguson, responding to the address that sets out the broad parameters of the Government's legislative agenda for Parliament's new session, said its contents did not go far enough in enhancing the ease of doing business and addressing other concerns harboured by Bahamian companies.

Having previously called for the Government to focus on "business friendly" legislation, she noted that the speech did not address issues such as tax reform; a framework to govern public-private partnership (PPP) arrangements; financial compensation for businesses that suffer losses due to roadworks and other public infrastructure upgrades; and a business climate resilience support scheme.

Mrs Rutherford-Ferguson said: “The BCCEC appreciates the Government of The Bahamas’ effort in presenting its new legislative agenda during the opening of Parliament on October 4, 2023, through the reading of the Speech from The Throne. However, we express concern over the lack of substantial support for the business community.

“Collectively, the private sector employs the majority of the Bahamian workforce and, as a result, is an important constituent in the economic health of our country. We trust that the Speech from The Throne did not communicate an exhaustive list of the Government’s legislative agenda and priorities.”

Issues such as energy reform, and making electricity supply more affordable and reliable, were included as part of the Davis administration's overall themes of enhancing personal and economic security. And the Speech from the Throne also outlined several initiatives to improve the ease of doing business, although several of these are already underway.

Mrs Rutherford-Ferguson, though, said that although these plans include a Bill to reorganise the Registrar General’s Department and implement an online companies registration portal, as well as intellectual property upgrades, they do not go far enough.

"We acknowledge mention of impending reforms to the Registrar General’s Department to improve the ease of doing business, and the indication of reforms to intellectual property legislation to protect the creative industries," she said.

“Regrettably, the Government did not address other matters such as improving digitisation across government agencies; plans to reform our business tax system; a national framework for public-private partnerships and the establishment of a public-private partnership unit; business-related incentives to establish and/or grow industries; a legislative framework to provide financial support to businesses negatively impacted by government-imposed challenges like prolonged and extensive roadworks; a plan which will address and remediate public infrastructure strain such as flooding after heavy rains, as this impedes access to businesses; and a climate resiliency business support scheme.”

Mrs Rutherford-Ferguson said the private sector is "keen" to see the plans the new Ministry of Energy has to reduce the high cost of electricity that is "crippling" many businesses, and to continue liaising with the Government to create a "business friendly environment’" that supports and promotes private sector growth.

She said: “The cost of energy and unreliability thereof is crippling to many businesses. Therefore, we are keen to see what plans will emerge from the Ministry of Energy to alleviate this burden.

“A commitment in this regard will signal a pledge to strengthen the business community by creating a positive, business-friendly environment enabling private sector growth. Collaboration between the public and private sectors is vital for overcoming challenges and building a prosperous future for all.”