The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

THE Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president yesterday affirmed it is “gung ho” to exit its ownership interest in Freeport’s International Bazaar and “close the chapter” on 20-plus years of financial losses.

Darrin Woods, speaking after Ginger Moxey, minister for Grand Bahama, said earlier this week that the Government expects to complete the dilapidated property’s acquisition within the next days, signalled to Tribune Business that the union cannot wait to receive its share of the purchase price to cover at least some of the losses incurred over the past two decades.

He disclosed that he reached out to Christopher Gouthro, the Freeport-based attorney handling the International Bazaar deal for the Government, by e-mail in the wake of Mrs Moxey’s remarks and was simply told: “Hopefully soon.” Mr Woods, who told this newspaper that he had received no further updates since the Government’s plans to compulsorily acquire the International Bazaar site for its Afro-Caribbean Marketplace were unveiled in February, added that the union’s compensation will be based on its 22 percent equity ownership interest once all transaction fees and closing costs are accounted for. The property was previously appraised for $2.88m.

“Listen, we are gung ho,” Mr Woods said of the sale’s potential closing. “This, of course, has been a dark cloud lingering on that part of Grand Bahama for many years, particularly since hurricanes Frances and Jeanne in 2004. With people unable to pay their rents, the place feel into a dilapidated state.

“In good conscience, we [the union] could not take monies to repair it, particularly given the state of the industry since COVID. We’ll be glad to have it gone, close that chapter in our books and wait for the next one for us.

“People keep pointing to the glory days of the Bazaar but the reality is those days are gone. You have to create the ‘new’ down there. Generations today don’t know anything of the Bazaar. It’s only what they see now.”

Another source, familiar with developments at the International Bazaar, said of Mrs Moxey’s remarks: “We’re every hopeful but will believe it. when we see it.” Besides the hotel union, the Bazaar’s 13 owners include the likes of John Bull and the Chee-A-Tow family

Mrs Moxey earlier this week said the Government has reached an agreement with the owners. "There was one holdout, and the process of payment should begin over the next 10 days or so," she said.

The International Bazaar, which has steadily deteriorated ever since the Royal Oasis resort that supplied a significant proportion of its customer base closed in 2004, suffered further blows as a result of two fires that further devastated what remained of many buildings.

Mrs Moxey said of the Government’s Afro-Caribbean Marketplace plans in 2023: “Not only will the marketplace promote and distribute African and Caribbean products, but it will also offer a taste of Africa and the Caribbean, making it an appealing tourist attraction.

“In the marketplace, we envision seamless connectivity for trade between Africa and the Caribbean through the African Continental Free Trade Area (AfCFTA), with the Caribbean as the sixth region, and the added advantage of a 230-square-mile free-trade zone offering tax concessions on Grand Bahama.”

Using Grand Bahama’s proximity to the US, the marketplace would provide strategic opportunities for value-added manufacturing, transshipment, distribution and logistics. “This vision, however, goes beyond mere trade,” Mrs Moxey said.

“It represents the culmination of a world-class experience, showcasing the rich cultures of Africa and the Caribbean. The African-Caribbean Marketplace will become the home of ‘All things African and Caribbean’. It will feature a ‘Bahamas Bazaar’ representing each inhabited island of The Bahamas.

“With its conceptual design, including an amphitheatre, featuring a performance arts theatre, African and Caribbean-flavoured concessions and unique architecture reflecting the authenticity of our cultures, we aim to create a space that resonates with the spirit of Africa and the Caribbean.”

Mrs Moxey on Monday said the Afro-Caribbean Marketplace will feature pavilions representing 55 African countries, 20 Caribbean nations and the islands of The Bahamas.

She said the project is intended to function not only as a tourism attraction, but also as a logistics hub for goods imported from Africa and the Caribbean for redistribution to international markets.

Mrs Moxey said a Board has already been established for the initiative under a company called ACMLC Grand Bahama Limited. The project has secured a $1.86m project preparation facility from the Africa Export-Import Bank to fund architectural and design work, environmental assessments, feasibility studies and other preparatory work.

The minister also said the Government has acquired the former Royal Oasis property, which includes the Princess Tower and casino, for $1m. She said the Government has secured 4.365 acres of land along West Sunrise Highway for $1 to facilitate the reopening of the road.