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Gowon Bowe

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Seven years surplus to hit budget target

The government must achieve an “unprecedented and very challenging” four percent primary budget surplus for seven straight years to cut the debt-to-GDP ratio to 50 percent by 2030.

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Ex-PM’s VAT attack ‘ignorant’ of advice

The former prime minister’s attack on VAT’s reapplication to breadbasket foods and medicines was yesterday branded “naive” and “ignorant of the advice” given to his administration.

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Fidelity eyes $21m-$22m profit following ‘overshoot’

A BISX-listed bank is targeting full-year net income of $21m-$22m after its exceeding its budgetary target during the first nine months of 2021, its chief executive revealed yesterday.

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Bahamas ‘like boxer with hand tied its behind back’

The Bahamas is “like a boxer with one hand tied behind its back” because it has failed to determine the true value of the Government’s multiple assets, a prominent banker argued yesterday.

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Speech from the Throne 'highlights need for national development plan'

A FINANCIAL expert has echoed calls for a national development plan following government's Speech from the Throne earlier this week.

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‘Get creative’ over govt debt aversion

The government was yesterday urged to “become more creative” in the Bahamian debt markets as traditional purchasers of its bonds increasingly reject long-term paper due to the mounting fiscal crisis.

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‘Stop crying as if we are the victim’

The Bahamas “must stop crying as if we are the victim” and instead “aggressively” reform its tax system to compete under a 15 percent minimum global corporate levy, a top banker argued yesterday.

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‘Walk and chew gum’: Subsidies, debt cost $938m

The Bahamas “must walk and chew gum” on its fiscal and economic revival, a leading banker has warned, with $938.5m - one third of government spending - taken up by debt and subsidy costs.

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Banking chief: ‘Far too many frauds and errors’

The government was yesterday urged to prioritise creating a land registry to reduce the “far too many frauds and errors” scarring real estate deals and bring The Bahamas “into the 21st century”.

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Banker: Bar’s ‘bad apples’ leading to attorney controls

The Bahamas Bar Association’s failure to properly discipline wayward members is why many banks will only deal with “approved attorneys” for mortgage transactions, a top executive said yesterday.

Top banker: Get economy ‘moving a bit more rapidly

A prominent banker yesterday urged The Bahamas “to get the economic engine moving a little more rapidly”, adding: “This is when executive management earns our keep.”

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'Stop relying on good US fortune', top banker urges

The Bahamas must "stop relying on its good fortune" and US proximity to reverse its downgrade spiral and recover its economy from COVID-19's clutches, a top banker has warned.

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Don't make council a 'political football'

A Fiscal Responsibility Council member yesterday urged both the government and opposition not to make the body “a political football” after it became the focus for a House of Assembly confrontation.

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Fidelity 'holding our own' on $7.5m half-year profit

Fidelity Bank (Bahamas) incoming chief executive will tomorrow unveil $7.5m in 2020 half-year profits as evidence the bank is “holding our own on the bottom line” despite COVID-19. Gowon Bowe, who will replace Tom Hackett and be appointed to the BIS

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Bahamas needs tax structure to match tourism

The Bahamas needs a tax structure that will attract the equivalent of 7m tourists to its financial services industry, a local banker argued yesterday. Gowon Bowe, Fidelity Bank (Bahamas) chief financial officer, told a webinar organised by the Chart

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‘Don’t panic’ on $2bn COVID loan deferrals

A Bahamian banker yesterday warned against premature panic after it emerged that borrowers sought repayment waivers for almost $2bn worth of loans at the COVID-19 lockdown's peak.

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Concern over budget's 'dependency' message

A former Chamber of Commerce chairman yesterday voiced concern that the government had sent “a message of dependency” through its 2020-2021 budget presentation. Gowon Bowe told Tribune Business it “can be dangerous” to give the impression that the g

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Bowe criticises govt for failing to explain its policies properly

THE government has failed to clearly articulate its rationale for relaxing restrictions on certain businesses leaving itself open to criticism that could have otherwise been avoided, according to a noted economist yesterday.Gowon Bowe, Fidelity Bank

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'No rebound for six months'

A top banking executive yesterday said The Bahamas “won’t see any rebound in the economy for six months” at least as the “first wave” of loan deferral requests hits the industry. Gowon Bowe, an ex-Chamber of Commerce chairman, told Tribune Business

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Fidelity bucks 'blanket' loan deferral trend

A BISX-listed commercial bank says it will not be making “grandiose statements” of “blanket” COVID-19 loan deferrals and instead plans to continue its post-Dorian “case-by-case basis” approach.Gowon Bowe, Fidelity Bank (Bahamas) chief financial offic

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Fidelity's loan portfolio 'better than pre-Dorian'

A BISX-listed bank’s loan book has performed “better post-Dorian” than before the storm, a top executive revealed last night, adding that it has set an initial $26m profit target for full-year 2020.Gowon Bowe, Fidelity Bank (Bahamas) chief financial

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Delinquent homeowner law's $500m 'bottleneck'

Commercial banks are working with the government to remove “bottlenecks” to cutting the industry’s $500m “bad loan” pile that stem from existing protections for delinquent homeowners. Gowon Bowe, the Clearing Banks Association’s (CBA) chairman, this

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Bahamas can't be 'last of the Mohicans' on tax

The Bahamas must avoid becoming “the Last of the Mohicans” by ensuring foreign companies actually “benefit from paying taxes” here, a top accountant is arguing.

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Fidelity targets $25m full-year profitability

A BISX-listed bank yesterday said it is on target to beat 2018’s earnings growth and deliver $25m in full-year profits despite the absence of first quarter loan book expansion.

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BICA chief: Don’t fear competition under WTO

The Bahamas must not fear competition in a post-WTO environment, a top accountant argued yesterday, as it now has an “issues checklist” to help prepare itself.

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Clearing Banks chief hits back on ‘oligopoly’

The Clearing Banks Association’s (CBA) chairman yesterday rejected the industry’s branding as an “oligopoly”, adding that there was “no evidence” of price-fixing and fee setting collusion.

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Banks unmoved over gaming ‘myth debunk’

The Gaming Board’s “myth debunking” has not convinced commercial banks to accept web shop monies, the Clearing Banks Association’s (CBA) chairman has revealed.

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Banks urged: Don’t ‘stifle’ investment currency outsource

Bahamian commercial banks were yesterday warned not to “stifle” the goals behind the investment currency market’s outsourcing through “compliance trepidation”.

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Credit Bureau operator set for January selection

The Central Bank’s governor yesterday confirmed that the preferred operator for The Bahamas’ first-ever Credit Bureau will be unveiled in January amid IMF calls for its “speedy” creation.

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Bank beats $25m loan growth goal with ease

Fidelity Bank (Bahamas) yesterday said it is on course to increase full-year profits by ten percent after beating its $25m loan book growth target in just nine months.

Tax delinquents warned to brace for ‘shock treatment’

Major tax defaulters were yesterday warned to brace for “shock treatment” from the Government’s recently-unveiled tax crackdown, the Bahamas Chamber of Commerce’s (BCCEC) chairman giving his “strong support” to the initiative.

Reform progress 'a lot slower' than Bahamas desires

The Chamber of Commerce's chairman yesterday admitted the Bahamas' economic and fiscal reform process was moving "a lot slower" than desired, as he called for unity to ward off a threatened downgrade.

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Caution urged on new tax to fund NHI

BAHAMAS Chamber of Commerce and Employer’s Confederation Chairman Gowon Bowe yesterday warned the government to “be cautious” about implementing a tax to fund National Health Insurance, claiming that the country’s “meagre” one per cent of economic growth could be compromised as a result.

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PM says: ‘Make best of bad situation’ on VAT

A “very conciliatory” Prime Minister Perry Christie has urged the private sector to “make the most of a bad situation” on Value-Added Tax (VAT) and its implementation, Tribune Business can reveal.

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Gov’t urged: Don’t lose momentum on ‘sole tax panacea’

The Government has been urged to set a date for the Central Revenue Agency’s (CRA) creation, the Tax Coalition’s chair fearing that momentum on a tax compliance “panacea” may be lost.

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VAT readiness: PM warned that 'Clock ticking'

Prime Minister Perry Christie has been warned that “the clock is ticking” on the private sector’s Value-Added Tax (VAT) readiness, a Tax Coalition co-chair yesterday calling for the revised legislation and regulations to be published “as soon as possible”.


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