The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Opposition’s leader yesterday urged the Government to release the “business case” for the proposed Afro-Caribbean Marketplace while accusing it of misleading Bahamians about the progress made in acquiring Freeport’s International Bazaar.

Michael Pintard, speaking after the Davis administration revealed it plans to use its legal powers to compulsorily acquire the Bazaar site, told Tribune Business he also found it “mind boggling” and “bizarre” that it is seeking Parliament’s approval for the Government to guarantee borrowing “a mere $1.86m” from an African development bank to finance the Marketplace’s development.

Confirming that the resolution to guarantee the Africa Export-Import Bank loan is due to be debated in the House of Assembly today, he argued that it was likely a “tidying up” move by the Government to ensure it complies with all necessary legal requirements for funds that have already been used.

And Mr Pintard told this newspaper that the compulsory acquisition of the Bazaar property “raises even more questions” as he asserted it shows the Government has not made as much progress in purchasing the property as it had led Bahamians to previously believe.

There were suggestions yesterday that the use of the Acquisition of Land Act signals the Government has run out of patience with the minority of Bazaar owners who have yet to accept a sale on its price and terms - the majority of the 13, or “98 percent”, having agreed to a deal. Waiting any longer on the ‘hold-outs’ to agree a deal threatens to create further delay to the much-touted Afro-Caribbean Marketplace ahead of an imminent general election.

The Opposition’s leader, meanwhile, also demanded that the Government release the “business plan” and feasibility studies to show that the Marketplace will be a profitable investment. He argued that, while Bahamians are likely not opposed to the project or its concept, they are unaware of “what the facts are” and have no idea what the Government’s full plans are.

Calling for “a full briefing” so citizens can determine whether the development “makes sense for the future of Freeport”, Mr Pintard argued that the Marketplace was an example of “smoke and mirrors” where the Government is seeking to convince Bahamians it is undertaking projects for their advantage despite no actual benefits being felt.

The Government has previously said the Afro-Caribbean Marketplace project, which it has promoted for more than three years, will combine all of Freeport’s advantages - US proximity, free trade zone benefits, deep water harbour, airport and transportation and logistics connectivity - to create a hub, or emporium, for products and commodities made in all the Bahamian islands, the wider Caribbean and Africa.

The Marketplace would function as bridge between Africa, the Caribbean and wider Western Hemisphere, generating trade opportunities and attracting buyers from across the continent to assess the product offerings being showcased. The resolution, due to be debated in the House of Assembly today, would approve the Government guaranteeing the $1.86m Africa Export-Import Bank loan to ACMLC Grand Bahama Ltd.

The latter is a private entity that will be 100 percent owned by the Government. While this may again revive concerns over so-called ‘off-the-books’ loans, which are kept off the Government’s balance sheet so as not to add to the $11.5bn-plus national debt, the resolution says the lender has already approved the borrowing “for the development of an integrated Afro-Caribbean Marketplace on.. Grand Bahama whose overarching theme is to boost trade, investment and connectivity between Africa and the Caribbean”.

The $1.86m facility’s terms require the Government to guarantee its repayment should ACMLC default on its obligations. This, in turn, must be approved by Parliament as mandated by the Public Debt Management Act 2021. Mr Pintard confirmed this was due to be debated by the House of Assembly today.

“I can tell you we find it bizarre that the Government would be seeking to guarantee a loan for a mere $1.86m, which is mind boggling,” he added. “Why is the Government engaging in such a small loan for a particular project? We believe it must be a tidying up exercise…. much like the SDRs” or International Monetary Fund (IMF) special drawing rights where it went back to Parliament to amend the law after already obtaining them from the Central Bank of The Bahamas.

“We cannot understand the rationale for the Government borrowing such a small amount of money given the amount of money they have projected at the end of the year as a fiscal surplus [$75.5m],” Mr Pintard added. “Why not go through the correct procedures and direct the funds to make an acquisition? That’s essentially our thinking on it.

“And if they are going with a compulsory acquisition [of the Bazaar] that raises even more questions. When they last spoke on this subject in the House, they led the public to believe they were well on their way to a successful acquisition of the property, and at an advanced stage of sorting it out with all the various owners of that particular asset.

“Any mention of compulsory acquisition leads me to believe they are being disingenuous about the progress they were making on the acquisition. The Government led the public to believe what they were doing was a final acquisition. For them to go to this extent, it undermines their entire argument of progress being made for quite some time.”

Mr Pintard recalled how Ian Rolle, the Grand Bahama Port Authority’s (GBPA) president, had revealed in early 2025 that the Government had then yet to supply a business and/or financial plan for the African-Caribbean Marketplace. This sparked an intervention by Ginger Moxey, minister for Grand Bahama, who argued that the GBPA was “holding up progress in its own city” by delaying the Bazaar deal over $1.5m in allegedly outstanding fees owed by its owners.

She asserted that the delay centred on $1.5m in past due maintenance fees purportedly owed to the GBPA, a portion of which dated back almost 20 years to 2006. Mrs Moxey also said a feasibility study was included in a project package agreed in 2024 between the Davis administration and Africa Export-Import Bank.

“In June of last year, the Government signed a project preparation facility for development of the Afro-Caribbean Marketplace,” she said in March 2025. “The project preparation facility deals with the feasibility study, architectural renderings and all of that.”

However, Mr Pintard returned to the attack on this issue yesterday. “No one knew the details of what was being done and no one saw the business case spelling out the profitability of what was proposed,” he told Tribune Business. “We’d like to see the business case.

“I don’t think Bahamians are opposed to what they are proposing, but they don’t know what the facts are. We don’t know what they are doing. Why not have a full briefing for the public to get on board and see if it makes sense for the future of Freeport.”

Accusing the Government of engaging in “smoke and mirrors”, Mr Pintard added: “They are giving the appearance of a lot of activities that could be beneficial to Bahamians without us seeing any particular benefits. That’s creating more questions among people about what the Government claims it is doing.”

The Government, meanwhile, has also moved to improve accessibility and transportation connectivity to the planned Afro-Caribbean Marketplace site through another compulsory land purchase - this time the 4.435-acre site that presently blocks-off West Sunrise Highway and prevents it from linking West Atlantic Drive and the Mall Drive. It had been closed off by Harcourt Developments, the Irish property developer that presently owns the Royal Oasis.