June 29, 2014
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The Bahamas needs a “real come to Jesus moment” under the next administration to prevent its economic and fiscal woes from becoming insurmountable, a governance reformer warned yesterday.
A governance reformer says it is “mind boggling” that the government would abandon previous pledges to rein-in an oversized civil service by adding at least another 1,802 persons to its payroll.
The government’s annual debt servicing (interest) costs were yesterday branded “deadly” after they breached the $500m mark to now exceed combined health and education spending.
The Bahamas must rapidly “convert tax burners to earners” following official confirmation that its direct national debt is now almost the same size as the economy, a governance reformer has warned.
Increased infrastructure spending “must not be driven by politics” if The Bahamas is to maximise investment returns from scarce resources, a governance reformer warned yesterday.
The government was yesterday warned not to permit its latest tax reform initiative evolve into a pure “money grab” that simply finances unrestrained public sector expansion.
GOVERNANCE reformers yesterday warned Bahamians not to fall “into the tax reform trap” by failing to first tackle inefficiency, wasteful spending and corruption in a bloated government.
Bahamians face “a rude awakening” once COVID-19’s true economic and fiscal costs are revealed, a governance reformer warned yesterday, as he called for “accelerated efficiency” in government.
A governance reformer yesterday warned the Ministry of Education not to lose sight of the fact this year's BGCSE exam results "create an unsustainable scenario" that will undermine GDP growth.
A governance reformer is warning that the latest "diabolical" BGCSE exam results will further undermine efforts to grow the Bahamian economy at the faster pace needed to recover from COVID-19.
The Government was yesterday warned that "talk is cheap" when it comes to The Bahamas' mounting fiscal and economic woes, as governance reformers demanded: "Let's see some action."
Fiscal watchdogs yesterday warned The Bahamas' debt-to-GDP ratio must "be upwards of 90 percent" after Central Bank data revealed the Government's direct debt rose by $1.5bn in just 12 months.
A governance reformer last night said the deputy prime minister will have to “make the call” with the Prime Minister as to whether the $27m “bogus loans” accusations will become too big a distraction.
The Economic Recovery Committee's (ERC) co-chair yesterday said none of its proposals will cure The Bahamas' ills by themselves, amid warnings that the country must "reform now or fail".
A non-profit coalition yesterday unveiled an "end-to-end" workplace testing and management solution in a bid to help The Bahamas to escape the "sledgehammer approach" of COVID-19 lockdowns.
The Government was yesterday urged to "stop beating the whole country with the stupid stick" amid growing fears that continual COVID-19 lockdowns will create "an economic implosion by Christmas". Robert Myers, the Organisation for Responsible Govern
The Bahamian construction industry would have "come to a halt within a week to 10 days" had the Prime Minister yesterday not relaxed COVID-19 restrictions on hardware stores being able to open. Robert Myers, head of the Caribbean Group of Companies,
The 33 percent decline in foreign direct investment (FDI) inflows in 2019 is “an horrendous signal” for The Bahamas’ prospects of replacing tourism’s earnings, a governance reformer has warned.
Bahamian businessmen yesterday warned that the two-week national lockdown could be “more devastating than COVID-19 itself”, and urged: “Don’t use a sledgehammer to kill a fly.” Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Busine
Calls for the prime minister to avoid a “one-size fits all” national lockdown to curb COVID-19’s second wave were dashed last night after he imposed more severe restrictions than in the first shutdown.Robert Myers, the Organisation for Responsible Go
A prominent businessman yesterday warned his companies have “no more headroom” to keep staff on payroll if the government imposes another full lockdown, adding: “We’ve spent out goodwill money.” Robert Myers, chief executive of Caribbean Group Baham
A Bahamian businessman has hailed the end to the government’s COVID-19 travel card “nightmare” that he says cost his corporate group “two weeks’ worth of work”.Robert Myers, head of the Caribbean Group of Companies, told Tribune Business that the req
Bahamians were yesterday urged by a governance reformer to “take off the rose-coloured glasses and get real” over a post-COVID-19 predicament that has pushed the country “over the fiscal edge”.Robert Myers, the Organisation for Responsible Governance
The Bahamas is in danger of “doing considerably more damage to the economy than it needs to” unless COVID-19 testing is massively ramped-up, a well-known businessman warned yesterday.Robert Myers told Tribune Business that the government was locking
The prime minister’s attack on business owners “has no merit” in most cases, a prominent entrepreneur argued yesterday, adding: “We’re not living in ivory towers.” Robert Myers, who has multiple business interests, told Tribune Business that it was
The government must “come up with a game plan” for bringing The Bahamas out of COVID-19 lockdown and kickstarting economic recovery, a governance reformer urged yesterday.Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, to
The Government was yesterday urged to "marry health with economics" to maximise the "phenomenal gesture" of its $60m bid to safeguard up to 10,000 jobs through tax credits and deferrals.
The Government was yesterday urged to strike "a happy medium" in its battle against COVID-19 amid fears that an extended lockdown could "completely destroy the Bahamian economy".
Private sector executives and union leaders yesterday praised the government for striking the right balance between its fiscal woes and propping up workers and the economy against COVID-19.Robert Myers, the Organisation for Responsible Governance’s (
The government “doesn’t have the headroom” to rescue the Bahamian economy from the coronavirus crisis through a package of tax cuts and waivers, a governance reformer argued yesterday. Robert Myers, pictured , the Organisation for Responsible Govern
The Bahamas was yesterday warned by Standard & Poor’s (S&P) that it faces “at least a one-in-three chance” of a further downgrade to its sovereign credit rating within the next 12 months.
Private sector executives yesterday said the coronavirus was casting “a pall over everything” amid hopes that the substantial fall in global oil prices will cushion the impact for the Bahamian economy.Robert Myers, the Organisation for Responsible Go
The government’s planned $130m investment in the civil service will “waste taxpayers’ money” unless the correct “checks and balances” are put in place, a governance reformer has warned.Robert Myers, the Organisation for Responsible Governance’s (ORG)
The Bahamian economy is “running on 30 percent efficiency” because of its public education woes, a governance reformer has warned, arguing that these have placed “the entire nation in peril”. Robert Myers, the Organisation for Responsible Governance
The government’s labour chief has been told by a prominent businessman to “stop beating up on the private sector” over The Bahamas’ long-standing workforce quality and “brain drain” woes.
A governance reformer yesterday argued it is impossible to live on a $210 weekly minimum wage because “the Bahamian cost of living is too high”. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that
Fiscal observers yesterday warned that projections showing The Bahamas’ debt ratios will be kept in check are “very optimistic” given that this requires surpluses three times’ higher than achieved before. Robert Myers, the Organisation for Responsib
Bahamas Power & Light (BPL) is “making its crisis our crisis” by placing the burden of its $650m refinancing on the backs of consumers, a governance reformer has blasted.
The Road Traffic Department’s driver licence woes demonstrate how the absence of public sector accountability threatens the “fabric of society”, a governance reformer argued yesterday.Robert Myers, the Organisation for Responsible Governance’s princi
A governance reformer yesterday argued “nothing has changed” to improve The Bahamas’ stagnant ease of doing business ranking, as he revealed: “I don’t know how much more I can take.”Robert Myers, a principal with the Organisation for Responsible Gove
Government officials managing the Hurricane Dorian recovery efforts “have the fiscal success of the country in their hands”, a prominent governance reformer has warned.Robert Myers, the Organisation for Responsible Governance’s (ORG) principle, told
A governance reformer yesterday blasted The Bahamas’ tendency to only address key problems “in a crisis” as he blamed its energy woes on “irresponsible governance” and bad fiscal habits. Robert Myers, pictured , a principal with the Organisation for
A governance reformer has urged the Opposition to publicly affirm its commitment to responsible government finances, while urging both political parties: “Stop throwing fiscal rocks.” Robert Myers, the Organisation for Responsible Governance’s (ORG)
A governance reformer yesterday expressed fears that “a skeleton in the closet” could yet derail the government’s achievement of the first quarterly national debt reduction for years. Robert Myers, the Organisation for Responsible Governance’s (ORG)
The government has been urged to “speed up” its short-term transformation targets, a governance reformer suggesting current goals indicate “a slow climb out” for the economy. Robert Myers, pictured , the Organisation for Responsible Governance’s (OR
Construction industry executives yesterday hailed the government’s ambition to slash by 75 percent the “exorbitant” time taken to obtain building permits as “a win-win for everybody”.Robert Myers, principal of the Caribbean Group and multiple constru
A prominent businessman yesterday said his “$1m-plus” new construction venture is aiming to “double sales within a couple of years” once its pre-engineered model takes off.
The Bahamas must “work like hell” to achieve higher GDP growth rates after data released yesterday revealed the economy has finally exited a six-year stall.
A prominent businessman yesterday said the Oxford Economics study had reinforced his view “that the government must get its house in order before we blindly march into the WTO”.
A governance reformer has predicted it will take between five to ten years to eliminate “the social welfare system” that much of the public sector has become.
Governance reformers yesterday called for “more pressure for change” after the IMF warned that addressing structural impediments to growth was “critical” ahead of joining the WTO.
The Bahamas must reverse the downward GDP growth trajectory forecast yesterday by the IMF, a governance reformer warned yesterday, arguing: “We’re still not where we need to be.”
Governance reformers yesterday demanded that the public sector be “called out” over its multi-million dollar waste and inefficiency, and warned: “Audits don’t make it go away.”
Governance reformers yesterday hailed the government’s prediction that it will shrug off a $185m revenue shortfall - and beat its full-year deficit target - as “phenomenal” if it comes true.
The Bahamas can become “the Singapore of the Americas” if it rids itself of corruption, poor governance and lack of vision, a prominent reform campaigner argued yesterday.
The deputy prime minister was yesterday praised by a governance reformer for placing “saving the country” over political gain through the government’s economic restructuring plans.
The Bahamas must see “a real climb in GDP growth” to at least 2.5 percent every year to break the cycle of double digit unemployment rates, a governance reformer warned yesterday.
The Bahamas is “maybe 25 percent of the way there” on economic and fiscal reforms, a governance campaigner said yesterday, with too few Bahamians feeling the benefits of this progress.
The Government was yesterday warned it will “wipe out” many non-profit organisations (NPO), and drive away valuable donations, through its new regulatory regime.
The Government was yesterday urged to eliminate “excess weight” in the public sector that is dragging The Bahamas down “like a 50,000 pound anchor for a canoe”.
The Bahamas is not getting the “modern governance” promised in return for the VAT hike, a leading reformer blasted yesterday, with people “sick and tired” of financing a bloated public sector.
A Bahamian businessman yesterday questioned “how am I supposed to compete” against foreign rivals whose all-in electricity costs are almost two-thirds lower than BPL’s fuel charge.Robert Myers, who also heads the Organisation for Responsible Governan
Governance reformers yesterday expressed fears that the Government’s finances may still contain “skeletons in the closet” because of its continued reliance on cash-based accounting.Robert Myers, the Organisation for Responsible Governance’s (ORG) pri
Bahamians must “start raising hell” over recent revelations of government waste, fraud and questionable contracts, a governance reformer urging: “We’ve got to move past this horrible era.”Robert Myers, the Organisation for Responsible Governance’s (O
The Fiscal Responsibility Bill is “an absolute game changer” for good governance if properly enforced and complied with by the public sector, a leading reform campaigner said yesterday.Robert Myers, the Organisation for Responsible Governance’s (ORG)
The Government was yesterday urged by a leading governance reformer to reduce “inefficient taxes across the board” so that it could make room for potential Value-Added Tax (VAT) rate increases.
The Bahamas cannot afford “another five-year cycle” of unaccountable government spending, a governance reformer warned yesterday, arguing that a Fiscal Responsibility Act should have “preceded” Value-Added Tax (VAT).
There has been much recent discussion of Bahamian dollar devaluation. At this stage, is seems that it is not a matter of if The Bahamas will suffer devaluation, but when.
The Bahamas is “well beyond” the point where it merely needs to “stabilise” its $6.6 billion national debt, a former Chamber chairman said yesterday, as he warned that the economy was showing “no desire for growth”.
The Bahamas needs “five Baha Mars going on” simultaneously to achieve the 5.5 per cent GDP growth necessary to slash existing unemployment by 50 per cent and absorb thousands of annual school leavers into the workforce.
The Government has been urged to end its "ridiculous foot dragging" over the Bahamas Electricity Corporation's (BEC) part-privatisation and wider energy reform, as the private sector readies its own study on the issue.