The Tribune

By LEANDRA ROLLE

Tribune Chief Reporter

lrolle@tribunemedia.net

ECONOMIC Affairs Minister Jerome Fitzgerald yesterday pledged to make affordability and consumer protection a central focus of his ministry as cost-of-living pressures continue to weigh on Bahamian households.

Speaking in the Senate yesterday, Mr Fitzgerald said the crisis underscored the need for a more affordable and competitive Bahamas.

He pointed to the realities facing young professionals, senior citizens on fixed incomes and single parents managing household expenses.

He said the government understands the importance of economic growth and stressed that it must translate into tangible benefits for ordinary Bahamians.

“The success of our country and our economy cannot be measured solely by statistics. It must be measured by whether people feel greater security, greater opportunity and greater confidence in their future,” he said during his contribution to the budget debate.

Mr Fitzgerald said the Davis administration has consistently pursued relief measures, pointing to VAT reductions, the removal of VAT on prepared foods and increased exemptions for first-time homeowners.

However, he said affordability cannot be solved by policy alone, but requires structural reform, stronger competition, improved market efficiency and better consumer information.

“That is why the Ministry of Economic Affairs has placed affordability and consumer protection at the center of our policies,” he said.

He also noted the government’s intention to introduce long promised competition legislation, calling the reform overdue.

He framed the initiative as a key driver of better market outcomes, encouraging efficiency and innovation.“Madam President, competition is not anti-business. To the contrary, it supports business developments creates a level playing field where success is determined by performance rather than unfair market practices,” he added.

He also spoke about economic diversification, saying it can no longer remain a concept but must become a reality.

He committed his ministry to building a broader, stronger, more resilient economy that’s less dependent on a limited number of sector“Global trade is evolving rapidly,” he said. 

“Supply chains are changing. Technology is reshaping commerce. Consumer preferences are shifting. New markets are emerging. Countries that adapt will thrive. Countries that fail to adapt risk being left behind. The Bahamas will be amongst those that adopt Madame President.”

He said the ministry continues to advance policies designed to strengthen market access, expand exports and diversify commercial relationships. 

His comments came as part of a wider speech that addressed consumer protection, trade, investment, entrepreneurship, financial services, the blue economy and the country’s long-term competitiveness.