A PROMINENT developer yesterday warned “there is no one magic bullet” for resolving The Bahamas’ housing crisis as he urged market participants to “put everything on the table” in searching for a solution.
Franon Wilson, Arawak Homes’ president, told Tribune Business that addressing supply shortages and home ownership affordability woes is “not an overnight fix” and will require a concerted, multi-year effort by all industries and professions
involved in the housing market before any reforms bear fruit.
Speaking after an International Monetary Fund (IMF) fund analysis suggested Bahamians are increasingly in danger of being priced out of the home ownership
and rental market, with property prices and rental rates outpacing wage growth seven-fold during the decade to 2022, he argued that “a deep dive” into “each and every aspect” of the housing market is required to develop
a sustainable solution that gets buy-in from all.
Emphasising that the Fund’s report had shown it was “not just one thing” behind escalating home ownership and rental costs, Mr Wilson told this newspaper that each market participant’s role - from the Government’s policy to banks and other mortgage lenders, developers, attorneys and contractors - must be fully examined to see where greater efficiencies and other improvements can be extracted.
“When we look at housing in The Bahamas, yes, we have to look at each and every aspect of the entire process, including all the biggest challenges we have in The Bahamas, such as land title that the Government is addressing through creating a Land Registry,” the Arawak Homes chief said.
“We need to look at everything, identify the challenges and really take a deep dive into it. It’s not one thing. It’s not just one thing only - the growth of Airbnbs and the property market - it’s not. There are a lot of things involved in getting people into homes, and we have to look at each and every aspect.
‘Penny wise, pound foolish’ fear on capital spend cuts
By NEIL HARTNELL
THE Government was yesterday warned not to be “penny wise and pound foolish” by cutting expenditure on vital infrastructure projects simply to ensure it meets its annual fiscal deficit targets.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that this was “not an area where I’d like to see the Government pinch the Budget” after the International Monetary Fund (IMF) in its full Article IV report identified
“under-execution of capital projects” as a key factor in the Davis administration containing the 2023-2024 deficit to $186.7m.
He added that cutting much-needed investment on infrastructure such as roads, bridges, docks, schools, hospitals, clinics and even airports, plus in areas such as digitisation, would merely increase the cost of such projects to Bahamian taxpayers when they were eventually initiated plus delay creating the platform for further economic growth.
“That, to me, is not the area where I would like to see the Government
be penny wise and pound foolish,” Mr Bowe told this newspaper. “Any delay in infrastructure projects increases the price and delays your progress in national development.
“If you think about where you’re getting growth in the economy, where you are getting more resilient, that requires expenditure on capital projects. It’s not an area where I’d like to see the Government pinch the Budget. It’s where I’d like to see them make a concerted effort to modernise infrastructure.”
The Fund, in its full 2024 Article IV report on The Bahamas, said of
the Government’s efforts to curtail the ‘red ink’ associated with its public finances: “The fiscal deficit fell to 1.3 percent of GDP in fiscal year 2023-2024 from 3.8 percent of GDP in the previous fiscal year.
“Improved tax compliance, particularly in property taxes, a cyclical rebound in revenues, yields from new policy measuresnotably Business Licence fees and departure taxes - and efforts to contain expenditure all supported the adjustment.
“Expenditure fell by 1.8 percent of GDP (gross
New Providence’s grid losing 22% of energy
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government’s energy reforms are projected to increase economic growth by just 0.5 percent come 2035, the IMF is forecasting, with total New Providence electricity system losses pegged at near-22 percent. The International Monetary Fund (IMF), in an analysis of the likely benefits derived from the Davis administration’s reform drive, revealed that Bahamas Power & Light (BPL) presently loses 12.33 percent of the electricity it
produces via so-called ‘technical’ issues while a further 9.6 percent is not billed to the end-user.
“BPL currently faces significant technical losses (12.3 percent of the electricity produced) and commercial losses (9.6 percent of electricity generated is unbilled),” the Fund said in its just-published analysis. ‘Technical’ losses are caused by system faults that lose electricity when it is transferred between cables, overhead lines, transformers and sub-stations, while commercial losses stem from theft and incorrect meter readings.
Several sources, though, voiced surprise that the IMF is estimating that the proposed reforms - if fully
implemented - will generate economic growth equal to just 0.5 percent of gross domestic product (GDP) come 2035. This, based on existing GDP figures, is equal to around $75m, and this newspaper’s contacts suggested the impact should be far greater than that.
“Improving the reliability and cost of electricity generation and configurating towards renewable energy sources could boost long-term growth, narrow external imbalances and reduce carbon dioxide emissions,” the IMF agreed.
“The proposed electricity sector reform seeks to shift the mix of electricity generation to 30 percent
“There’s no one magic bullet. Literally, we have to go step by step. There’s no one magic thing to say that if we this, everything is going to happen. Everything has to be on the table, and really looking step by step and saying what role does this part play, and could anything be done with this
Banks are ‘not making killing’ despite region’s top
spreads
By NEIL HARTNELL Tribune Business Editor
BAHAMIAN commercial banks enjoy the highest interest rate spreads in the Caribbean but this does not necessarily mean they are “making a killing” on profits, a senior executive argued yesterday.
Gowon Bowe, the Clearing Banks Association’s (CBA) head, told Tribune Business that observers are ignoring multiple other factors that play a critical role in the industry’s financial health after the International Monetary Fund’s (IMF) Article IV report on The Bahamas revealed that the sector’s interest rate spread is around two percentage points higher than the nearest regional rival.
The spread, which measures by how much the interest banks charge on loans exceeds that which they pay to depositors, stood at around 10 percentage points in The Bahamas in 2023. This compared to around eight percentage points in Barbados, which was the closest to The Bahamas, with banks in all other Caribbean nations enjoying spreads of six percentage points or below.
One financial source, speaking on condition of anonymity, told this newspaper yesterday: “That spread for The Bahamas is well in excess of everyone else and well above the regional average. That tells a very interesting story.
PI project in 1,200 job boost and Cabbage Beach access
By FAY SIMMONS Tribune Business Reporter
A $300m Paradise Island development will protect Cabbage Beach access and vendor access while creating more than 1,200 combined construction and vendor jobs, it was revealed yesterday.
Chester Cooper, deputy prime minister and minister of tourism, investments and
aviation, said the Ocean Club Four Seasons Residences will inject more than $700m into the Bahamian economy over the next two decades by attracting “international luxury homeowners” and creating 1,000 construction, and 200 permanent, jobs.
“The residences once built will attract international luxury homeowners and contribute to our sustained economic growth. This development will
create almost 1,000 jobs during construction and 200 permanent jobs when completed, and over the next 20 years as you’ve heard, it is projected to bring more than $700m of economic benefits, boosting our GDP and building a stronger future for all Bahamians,” said Mr Cooper.
“Moreover, Cabbage Beach, one of our most beloved spots, will remain open to the public during construction.
Post-construction will also see an improved public access through a permanent, irrevocable easement agreed with the Government of The Bahamas, and further, Bahamian licensed vendors will be able to set up stalls for authentically Bahamian goods and services, helping small businesses to grow and empowering Bahamian entrepreneurs.”
FRANON WILSON
GOWON BOWE
Training initiative to fight ‘unscrupulous’ practices
By FAY SIMMONS Tribune Business Reporter
A newly-launched cadet training programme aims to empower Bahamian youth and boost this nation’s food security, it was disclosed yesterday.
The Ministry of Education and the Ministry of Agriculture and Marine Resources said they have teamed to introduce the Agricultural and Marine Cadets initiative, which will provide hands-on training and educational opportunities for high school students across The Bahamas.
Jomo Campbell, minister of agriculture and marine resources, said it will equip young Bahamians with the knowledge and skills required to drive the agriculture and fishing industries.
He added that “unscrupulous and unstainable” practices, as well as climate change, pose a threat to the future of these sectors and both farmers and fishermen will gain the knowledge needed to combat these issues.
“It signifies our unified dedication to empowering the next generation with the knowledge and skills they need to thrive in both industries. As we know, agriculture and marine resources are the life blood of our nation. Our rich soil and abundant waters not only sustain our economy, but also provide us with vital resources for our sustenance and cultural heritage,” said Mr Campbell.
“However, as we all know, we are indeed at a critical crossroads. Climate change, unscrupulous and unsustainable practices, pose significant challenges to our environment and the future of food security in our country. Therefore, it is imperative that we equip our young persons with the knowledge, skills and passion needed to address these pressing issues.”
The programme is expected to be rolled out in several islands throughout the Bahamas, including Long Island, Eleuthera, Exuma, North and South Andros, Cat Island, Grand Bahama, Abaco and New Providence.
Mr Campbell said the training instructions and certifications are to be facilitated by the Bahamas Agriculture and Marine Science Institute (BAMSI), and students will have the opportunity to participate in workshops, field trips and internships with local farmers, fishermen and conservation organisations.
“This programme aims to provide our senior high school students with hands-on experience and educational opportunities that highlight the importance of sustainable practice in these sectors,” said Mr Campbell.
“The cadet programme will be based on the career and technical education model, CTE, that exposes students to activities intended to develop practical skills and provide the knowledge and training needed to advance in agriculture and marine post-secondary degree programmes and field-based careers.”
Mr Campbell said students will also develop skills such as teamwork, problem
solving and critical thinking while addressing agriculture and marine challenges.
Glennys Hanna- Martin, minister of education and technical vocation, said agriculture and fisheries require a number of scientific and technical skills including science, horticulture and animal husbandry. She highlighted that the sector has gained interest from numerous students, and the cadet programme will allow them to gain the knowledge and insight needed to pursue these industries as a future career
“This particular area creates an enthusiastic core group to pursue an area that might have been previously, I don’t want to say stigmatised, but sort of isolated as to who should do it and who shouldn’t do it. We know that this area, this pursuit, crosses all areas - science, animal husbandry, horticulture. There’s so many aspects of this pursuit of agriculture and fisheries,” said Mrs Hanna-Martin
“We understand that our young people are diverse. They have different passions, and that the role of the education system is to ensure they have the fundamental skills of literacy and numeracy, but that they also have the outlets, the avenues, the stimulus, to pursue areas where they have their passion.
“This is an area that, quite surprisingly, many, many young people, as we speak, in schools throughout this nation, are engaging. Boys and girls, and doing extremely well, and so this now brings the focused, targeted approach through the cadet programme, which allows a more coherent, cohesive, strong approach to this pursuit.”
Gov’t to speed up electricity service for Potters Cay dock
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Government yesterday said it is seeking to speed up the provision of electricity to Potters Cay dock in a bid to to improve both infrastructure and safety following recent fires at that location and Arawak Cay.
Jomo Campbell, minister of agriculture and marine resources, said while Arawak Cay does not fall under his ministry’s purview the recent “devastation” is unfortunate.
He encouraged Bahamians to ensure they practice safe methods when handling any flammable material, and added that the Department of Environmental Health along with the Ministry of Works are working “feverishly” to ensure all stalls are restored to their previous condition.
Mr Campbell added that he has met with the JoBeth Coleby-Davis, minister of transport and energy, to begin the electrification of Potter’s Cay dock. The moves comes after a weekend fire largely destroyed the Bay Restaurant and Lounge, a popular nightlife spot on Arawak Cay. The fire, which started after 3am, was fully controlled by fire services around 9am, but not before nearly destroying the location.
Two separate fire incidents in November and December 2023 resulted in the loss of three vessels and three stalls at Potters Cay Dock, while a blaze in February 2024 destroyed five
vessels, including a freshly refuelled boat with groceries headed for a Family Island.
“As of this morning, the minister of energy and myself, we had a conversation, because we are feverishly looking to move forward with the electrification under Potter’s Cay dock. That is also something that is a long time coming, and those vendors can look forward to seeing us in the very near future, perhaps even this week,” said Mr Campbell.
He added that the vendors impacted by the last fire on Potter’s Cay have been “rapidly” moving to restore their stalls. They were given a shared $64,823 from the Ministry of Agriculture and Marine
Resources to rebuild, and the ministry has established a credit line with Premier Importers so vendors can access building materials for the rebuild.
“They have been moving very rapidly. Everyone is eager to be restored to their original positions and get back to what they do best - to serve the Bahamian people and the tourists that come out to experience our culture,” said Mr Campbell.
“There were one or two persons that were having some challenges and I met with the manager of Potter’s Cay dock just yesterday because we want to do our part to ensure that we can assist any, if not all, of the vendors in their restoration process.”
JOMO CAMPBELL
‘NO MAGIC BULLET’ CAN SOLVE BAHAMIAN HOUSING CRISIS
part? It’s not a magic bullet and not an overnight fix.”
The IMF report confirmed that real estate-related costs are outstripping Bahamian earnings and incomes.
While property and rental prices were said to have increased by 14 percent between 2012 and 2022, in contrast per capita wages in this country rose by just 2 percent.
“Though the population in The Bahamas has expanded swiftly since 2010, the stock and affordability of new housing has not kept pace due to limited wage growth and financing constraints,” the IMF said in its assessment of housing affordability in The Bahamas. “Limited growth in wages may have impacted housing affordability over the past decade.
“Between 2012 and 2022, the implied price of real estate, owner-occupied and actual rents activities increased by 14 percent compared to just 2 percent for employee compensation per capita. The effect
is likely to have been the greatest among the most vulnerable, with 58 percent of the poor living in privately-rented housing that is subject to changes in annual rental rates, compared to 34 percent across the country.”
Housing affordability, and the ability of many Bahamians to realise their dream of home ownership, has been a growing concern for many years given the relatively low annual economic growth pre-COVID together with stagnant incomes and wages. Higher construction costs, difficulties in accessing mortgage financing, a reduced supply of land particularly in New Providence, and escalating prices have worsened these fears.
Keith Bell, minister of housing and urban renewal, told last year’s Exuma Business Outlook conference that The Bahamas is suffering from a “12,000-plus” shortage of units and even went so far as to suggest “there’s no such thing as affordable housing” in present market conditions.
In response, Mr Wilson yesterday said he saw no reason to disagree with Mr Bell’s figures. “I know the minister of housing has gone on record as saying there is a 12,000-plus unit shortage,” he added. “If the minister of housing said that I will be guided accordingly.”
He urged Bahamians to distinguish between “needs as opposed to wants” when it came to home ownership, and building their own properties, as a means to contain construction costs.
“I’ll give you one example,” the Arawak Homes chief said. “The Water & Sewerage Corporation.... “If there is an area to be developed, and it doesn’t need sewers; there’s no reason for it, but the Water & Sewerage Corporation says you need a sewer there. A sewer system translates to $15,000 to $20,000 per house at the end of the day. That property could be $80,000 or $100,000 if the Water & Sewerage Corporation says you must have a sewer [system] there.
“That’s $15,000 to $20,000 more that you have to pay
at the end of the day.” Mr Wilson cited this as an example of how a developer’s costs are increased and which, ultimately, are passed on to the home purchaser thus increasing costs and impacting affordability.
He reiterated his previous call to re-examine single family zoning restrictions in established communities, and relax these to permit landowners with sizeable lots to undertake multi-family developments, plus “increasing density” via condo and town home developments to overcome the increasing shortage of land in New Providence.
“If a property is big enough to build a duplex, if someone is able to add a unit on to their home that adds to the housing supply without having to find additional property and land,” Mr Wilson said. “There are ways in which we can do it. And increasing density, we see it happening around town now.
“There was a home on Eastern Road which was demolished and the owner is now building two town homes on the same
property. They have room to add two or three more. They took what used to be a home, and could now possibly get four to five town homes on the same property. We have to be creative in terms of what we bring to the market and allow in the market. There is no one magic bullet.
“Some people may be uncomfortable about these changes,” Mr Wilson added. “When we talk about rezoning, there are some communities in Nassau zoned single family, and if someone applied for permission for multi-family units they would probably find out the hard way from a homeowners association or other residents that they are not welcome there.
“But, at the same time, you have a housing shortage and property big enough to build more than one unit.... We, as country, have to have some uncomfortable conversations for some to make the changes and made address the challenge. We need homes.”
Asserting that he “salutes the Government” for its reform initiative to switch
BANKS ARE ‘NOT MAKING KILLING’ DESPITE REGION’S TOP SPREADS
“It’s a very healthy spread, which suggests the banks are making a killing together with fee income and the like.
I’d like to see the explanation for why our spreads are so pronounced compared to the region.” The Bahamian commercial banking sector, and especially the Canadian-owned banks, have recently come under scrutiny over concerns related to costs, accessibility and challenges such as opening bank accounts.
CIBC Caribbean recently unveiled annual profits of $136.3m for the year to endOctober 2024, up $14m or 11 percent from the prior year’s net income of $122.3m. This has attracted the Prime Minister’s attention, with Philip Davis KC telling last week’s Bahamas Business Outlook conference: “Too often, I see companies and banks declaring record profits year after year.
“But where does that money go? How much of it flows back into our economy to benefit the Bahamian
people beyond providing jobs, for which we are grateful?” Mr Bowe, though, told Tribune Business it was too simplistic to imply that the commercial banks are profiteering at the expense of Bahamians based on one statistic.
Emphasising that the situation has to be assessed holistically, the Fidelity Bank (Bahamas) chief said factors such as this nation’s high-cost operating environment and the challenges banks encounter in finding qualified borrowers to lend to have to be included in any assessment. And he pointed out that the higher cost of funds for banks in other Caribbean territories inevitably means their spreads are lower in comparison.
“I think that, again, persons are picking on one aspect of it,” Mr Bowe said of the IMF report’s table on Caribbean bank interest spreads. “The first thing is whether they have done a comparison on how banks in other jurisdictions fund themselves. In The Bahamas, what we do have is very
substantial deposit funding, but in a lot of the territories there is a lot of wholesale funding by bonds.”
Bond financing is typically more expensive than relying on deposits, he added, which means Caribbean banks are paying more for the funds that they then lend out to borrowers when compared to their Bahamian counterparts. This, Mr Bowe explained, results in a narrowing of the interest spreads for regional banks when compared to this nation.
And he also pointed out that Bahamian commercial banks, with cash and cash reserves some $2bn above regulatory requirements at September 2024, “have probably the greatest excess liquidity” in the Caribbean. This excess liquidity represents funds the banks are unable to lend out due to difficulties in finding qualified borrowers, which means they are gaining no return on this cash pile.
“We have a tremendous amount of cash sitting unproductive in the banking
system,” the Fidelity Bank (Bahamas) chief said. “If I have deposits out there making money the spread can contract because I have money in circulation being productive in The Bahamas. There is now $2bn in liquidity earning zero.
“How is yield determined on a portfolio? It’s by active lending, but are they [critics] looking at the asset portfolio earning zero? You cannot look at pieces of a report and jump on it as a conclusive statement.”
Mr Bowe said the Government’s increased reliance on Central Bank advances to finance its 2024-2025 first quarter deficit also revealed it is challenged in accessing commercial banking system liquidity.
“The reality is that even the Government is having difficulty in accessing it because persons are waiting for higher-yielding assets to invest it in,” he added. “From that one indicator you cannot draw the conclusion that the banks are extracting greater profits in The Bahamas. That’s only
one side of the coin and you have to look at all other factors. That single factor highlighted is only a very small part of the puzzle.”
The IMF, in its Article IV report, concluded that The Bahamas faces only “moderate” systemic risks to its financial stability. “The credit gap remains negative after several years of credit contraction, and household and corporate leverage are at modest levels,” the Fund said.
“Banks are well capitalised even in a stressed scenario conducted by the Central Bank, and 20 percent of domestic assets are held in cash or reserves. However, the high domestic bank exposure to the public sector - 25 percent of domestic assets - does represent an important vulnerability. Financial stability risks stemming from nonbank financial institutions are modest compared with domestic banks.
“Domestic assets of insurance companies and agents accounted for just
to a system of registered land, a process that will take several years to accomplish by itself, Mr Wilson said it was “critical” for The Bahamas to resolve its housing challenges because “everything starts with a roof over someone’s head”.
“If the landlord says your rent is going up that has enormous implications because it means a larger percentage of a person’s salary is going to pay rent,” he added. “Everything else flows from that. They have to have a roof over their heads.
“It won’t be an overnight fix. Once we start to take steps like land registration to address long-standing issues we will be moving the pendulum in the right direction. Looking at it holistically is an opportunity for us all to look at what we can do to make it more efficient. It’s bigger than saying the Government must act. What can we do in the private sector to make it more efficient?”
13 percent of GDP (gross domestic product) at the end of 2023, compared to 82 percent for banks. Active credit unions’ capital buffers are below those of banks, but their domestic assets accounted for just 3 percent of GDP in 2023.”
As for interest rates, the IMF argued: “Improving the Central Bank’s liquidity management framework would allow domestic interest rates to be more responsive to external conditions. The banking system maintains very high levels of liquidity, creating a significant difference between domestic and foreign interest rates.
“Currently short term rates are 212 basis points below those in the US despite the peg to the US dollar. Long-standing capital flow management measures allow the maintenance of this interest differential. Improving liquidity forecasting and introducing tools such as interbank repos or 30-day Treasury Bills could better manage systemic liquidity over the long-term and provide a market-based, short-term reference interest rate.”
‘Penny wise, pound foolish’ fear on capital spend cuts
domestic product) due to lower spending on goods and services and transfers to public corporations, and an under-execution of capital projects. At the end of the fiscal year, the central government debt-to-GDP ratio was 78.8 percent of GDP.”
The Government’s initial projections for the 20232024 fiscal year called for capital spending to total $364.6m or the equivalent of 2.5 percent of GDP. However, successive administrations have curtailed capital spending to help control the deficit and achieve close to target, most notably the Minnis administration, which in 2018-2019 slashed spending on such projects to $223.4m or just 1.7 percent of GDP.
The Davis administration has also increasingly relied on mobilising private investors and capital via public-private partnerships (PPPs) to finance and undertake major infrastructure works, such as roadworks in Exuma and Eleuthera, recognising both the limits of the cashstrapped Public Treasury while trying to minimise the burden for Bahamian taxpayers.
The Prime Minister, meanwhile, yesterday pushed back against the IMF’s forecasts that The Bahamas is reverting to its long-run low growth average of around 1.5 percent per annum and will not meet its 50 percent debt-toGDP target for 2030-2031 without introducing new and/or increased taxes.
Placing faith in the Government’s own modelling, Philip Davis KC said: “First of all, that is their prediction. We have our own predictions. We don’t see a slowing down in the economy; not yet.” He argued that, while The Bahamas does face “headwinds”, these relate to historical debts built up over successive administrations.
“There are some headwinds for us,” he added, “but it’s not in the economy. It’s the obligations that have been incurred over the years that are holding us back. We see the observations made by them, but we will ensure our economy continues to grow and not slows.”
Asked about the Government having maxed out its ability to borrow from the Central Bank as at October 2024, Mr Davis replied: “That’s another issue
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
CHAINBRIDGE LABS, INC.
(In Voluntary Liquidation)
Pursuant to the provisions of section 138 ( 4) of the International Business Companies Act, 2000, notice is hereby given that:
a. CHAINBRIDGE LABS, INC. is in dissolution in accordance with the provisions of the International Business Companies Act, 2000.
b. The dissolution of the said Company commenced on the 11th day of December 2024, when its Articles of Dissolution were submitted to and registered by the Registrar General.
c. The Liquidator of the said Company is GLC Corporate Services Ltd., of Units 10-12, Second Floor, Building Four, Old Fort Bay Towne Center, Windsor Field Road, Old Fort Bay, New Providence, The Bahamas.
Dated the 21st day of January A.D., 2025.
GLC Corporate Services Ltd. Voluntary Liquidator
NOTICE
NOTICE is hereby given that ULIANA GERASIMENKO of P.O. Box SS-19824, 152 Coral Harbour Drive, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that YSABELITO NUNEZ ACOSTA of Monestary Park, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
between the fiscal authority and the monetary authority and we are dealing with that as well.”
The IMF, assessing the prospects for the Bahamian economy, said in its report: “Growth is expected to slow to the long-run potential growth rate (1.5 percent) as capacity constraints in the tourism sector become binding. Barring shocks to global commodity prices, headline inflation is expected to converge to around 2 percent over the medium-term.
“The current account deficit is expected to narrow as slower growth in tourist arrivals is more than offset by lower commodity prices. Risks to the outlook for activity are balanced. There are upside risks from the execution of announced public and private projects in infrastructure and hotel construction, or faster-thanexpected growth in the short-term rental market.
“Downside risks revolve mainly around fiscal vulnerabilities, including those from a large stock of shortterm domestic debt - gross fiscal financing needs are expected to average 19 percent of GDP over the medium-term - and the ever-present risk from natural disasters.”
Pointing to what it described as The Bahamas’ “long-standing challenges”, the IMF said: “Income per capita continues to diverge from that of the US and has underperformed that of Caribbean peers. Expensive and unreliable energy, shortages in skilled labour, difficulties in business formation and expansion, and the repeated impact of natural disasters have all weighed on the economy.
“Central government debt shot up during the pandemic and borrowing costs remain uncomfortably high. The archipelago is also highly susceptible to natural disasters and rising sea
The public is hereby advised that I, MARGARITA MUNNINGS of 1470 North West, 174 Street, Miami Florida 33169, intend to change my name to MARGRET MUNNINGS If there are any objections to challenge the name by deed poll, you may write such ob ections to the Chief Passport Offcer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
NOTICE
NOTICE is hereby given that MAX SYLVAIN of #58 Palm Breeze Drive, Carmicahel Road, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that DYKE DURRANG PASSARD of #65 Adelaide Road, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that SONDER LOUIS-GENE of Spanish Wells, Eleuthera, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
levels, both of which underscore the need for increased investments in resilience and building fiscal buffers so as to better respond to climate-related shocks.”
Kwasi Thompson, the Opposition’s finance spokesman, in a statement responding to the IMF’s Article IV report said: “The IMF’s assessment represents yet another clear indication that this administration lacks a coherent and documented economic and fiscal plan to get the country back to sustained and inclusive economic growth – the kind of growth that is necessary to improve real household earnings and make things better for all Bahamians.
“Despite the robust economic rebound from the COVID-19 pandemic, the country has reverted back to a low growth/no growth economic trajectory just as we in the FNM had warned the Government about.
The Davis administration
has neither the will, nor the interest, in pursuing the kinds of structural reform that is necessary to unlock the incredible potential of The Bahamas and the Bahamian people....
“We agree with the IMF that the Government will not meet its current deficit and debt targets without further policy measures. The current PLP administration is operating with no established policy anchors that would allow them to achieve sustained balanced Budgets,” he argued.
“We maintain that discussions around fiscal reform must speak first to the focused elimination of wasteful public expenditure while looking for ways to consolidate spending. These reform efforts must also be accompanied by the full implementation of the Freedom of Information Act, and the timely financial reporting of all financial agencies and state-owned enterprises (SOEs).”
International Business Companies Act (No. 45 of 2000)
SEQUOIA CAPITAL INVESTMENT FUND LTD. (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of SEQUOIA CAPITAL INVESTMENT FUND LTD. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck of the Register. Te date of completion of the Dissolution was the 31st day of December, 2024. Ricardo Marin Liquidator Legal Notice
International Business Companies Act (No. 45 of 2000)
PUBLIC NOTICE Legal Notice NOTICE
LMA Business Investment Ltd. (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of LMA Business Investment Ltd. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck of the Register. Te date of completion of the Dissolution was the 31st day of December, 2024.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, Louibert Josue of Kool Acres, New Providence, Bahamas, father of JAYDEN RIO ROBINSON intend to change my child’s name to JAYDEN ROBINSON JOSUE If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE is hereby given that CURY
KEVIN CACHIGUANGO PERALTA of P.O.Box SB-50492, George and King Street , Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that NICOLESON ARISTO PIERRE of Marsh Harbour, Abaco, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of January, 2025
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that NABEL Holdings Ltd. has been dissolved and has been struck from the Register with efect from 23 December 2024.
Gustavo Dos Santos Vaz Liquidator
New Providence’s grid losing 22% of energy
solar energy and around 50 percent LNG (liquefied natural gas) by 2030, modernise the transmission and distribution of electricity, and reduce the cost of electricity for low income households. Using the IMF’s... tool, staff estimates that successful implementation could lift real GDP growth by 0.5 percentage points by 2035.
“Moreover, after the initial investments to modernise the grid are completed, the transition to renewable energy and LNG would reduce the demand for imported fossil fuels, narrow the current account deficit and reduce The Bahamas’ carbon dioxide emissions from the electricity sector over the long-term.”
The Government last year unveiled a structure that will see Bahamas Utility Company, a subsidiary of BISX-listed FOCOL Holdings, construct a new liquefied natural gas (LNG) fuelled power plant at Blue
Hills capable of supplying around 177 mega watts (MW) to BPL. It will see the electricity it produces to BPL under a long-term, 30-year power purchase agreement (PPA) but the pricing and other terms have yet to be disclosed. And, to upgrade New Providence’s electricity grid, the Government and BPL have partnered with Bahamas Grid Company and its management firm, Island Grid, which has hired Pike Electrical from North Carolina to improve the island’s transmission and distribution network.
“The Ministry of Energy and Transport anticipates that these reforms will reduce the energy production cost to 22.5 cents per kWh (kilowatt hour), potentially saving up to $170m annually, and will not require direct financing from the central government. The reforms [are] expected to be completed by December 2025,” the IMF said. As for The Bahamas’ current energy situation, the
Fund added: “The Bahamas is highly dependent on imported fossil fuels with only about 2 percent participation of renewable energy in the electricity mix, significantly smaller than Latin America and Caribbean (LAC) nations.
“For example, in 2022, the average shares of renewable energy installed capacity in Jamaica, Barbados, Dominican Republic, and Latin America and the Caribbean were 16 percent, 21 percent, 29 percent, and 57 percent, respectively.
“Despite the limited penetration of renewable energy, the country has good potential for solar photovoltaic (PV) generation with an average solar irradiation of 5.3 kilowatt hours per square metre per day,” the IMF added.
“The energy sustainability is further exacerbated due to the dependency on imported fuel in the power and transport sectors - the use of electric vehicles (EV) started only recently in The Bahamas, the extensive use of rented generation using
PI project in 1,200 job boost and Cabbage Beach access
Construction is expected to be completed in 2028 when Cabbage Beach vendors and the public will have a 15-foot wide beach access path and upgraded, modern stalls available for rent at a monthly cost of $1.
Jonah Sonnenborn, head of Access Real Estate, the Ocean Club owner, said the development will be mutually beneficial for both itself and Bahamians.
“We are pleased to have reached an agreement with the Government on a safer access path for local residents and licensed vendors,
recognising the cultural and economic significance of beach access for Bahamians. The Ocean Club Residences development will benefit all stakeholders and we look forward to moving ahead in partnership with the Government,” said Mr Sonnenborn.
Mr Cooper said vendors have been consulted about the changes, and negotiations for the project included not only opportunities for job creation but also entrepreneurial prospects.
“I know that there have been many conversations with vendors from a consultation perspective. I know that the renderings that I’ve seen of the new marketplace are absolutely beautiful. Where there may have been concerns, I know that the general manager
of this development as well as the principal developers have been talking with them, actively engaged with them to ensure that everybody wins as a result of this investment,” said Mr Cooper.
“One of the things that’s important to our Prime Minister and the Government of The Bahamas is that we are not just bragging about the more than $10bn of new investments, but that they are impacting the lives of Bahamians. When we negotiate, we seek to ensure that Bahamians are not disadvantaged in any way, and there are opportunities to lift the tide, as we speak, to ensure that Bahamians get jobs but also entrepreneurial opportunities.”
fossil fuels, and the limited use of its endogenous natural resources.”
The IMF analysis, pointing out that energy costs in The Bahamas are higher than the Caribbean average, added: “Electricity reliability and cost are perceived by the private sector as one of the major impediments to growth. Due to frequent power outages, off-grid self-generation is commonly used by highincome households and large resorts.
“More than 80 percent of firms in The Bahamas experienced power-outages in 2019-2020, compared to 67 percent of firms in the Caribbean. These outages happened, on average, three times per month in The Bahamas and created a loss of annual sales of 2.5 percent [compared to] 1.7 percent in the Caribbean).
“High electricity costs erode domestic disposable income and dampen competitiveness. Oil price increases directly impact headline inflation through higher electricity costs and
higher transportation costs. Low energy efficiency and low penetration of renewable technologies make the country more vulnerable to international shocks and less competitive vis-à-vis other tourism destinations.”
And, suggesting that The Bahamas is going backwards on energy efficiency when compared to Caribbean rivals, the IMF report said: “In contrast to that of regional peers, the energy intensity in The Bahamas has increased over time. The country had an energy intensity of 2.87 Mega Joule (MJ) per US dollar purchasing power parity (PPP) GDP in 2021.
“This amount has increased by 42 percent over the last 15 years. In contrast, countries in Latin America and the Caribbean and in the Organisation for Economic Co-Operation and Development (OECD) regions have decreased their energy intensity by 8.2 percent and 5 percent over the same period, respectively.
“The Bahamas lacks a specific energy efficiency policy, and there is a large untapped potential for energy efficiency gains in the country, as energy efficiency can provide the same or better service using less energy. Energy efficiency encompasses cost-effectiveness, as it can contribute to meet affordability; supply security, as it would reduce energy imports; and an enabler of climate goals, as it would reduce emissions.”
And the IMF also warned: “The Ministry of Energy and Transport will need to rapidly build institutional capacity and strengthen its governance structure to manage and modernise the energy sector. As the Government of The Bahamas advances the partnership with the private sector for the deployment of renewable energy, there is the need to build internal knowledge to negotiate and manage PPAs.”
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PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, XUEJIAO LIU, of Lot 113 Ocean Club Estates, c/o P.O. Box SP-60063, Paradise Island, The Bahamas, intend to change my name to CHERYL DAVIS. If there are any objections to challenge the name by deed poll, you may write s ch objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
PUBLIC NOTICE
The public is hereby advised that I, QINGYI CHANG, of Lot 113 Ocean Club Estates, c/o P.O. Box SP-60063, Paradise Island, The Bahamas, intend to change my name to KIERA DAVIS. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, Jason Hutchinson of #147 Belize Way, Flamingo Gardens, New Providence, Bahamas, father of JAVON TYREL BROOKS intend to change my child’s name to JAVON TYREL HUTCHINSON If there are any objections to the change of name by deed poll, you may write s ch objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) a s after the ate of the p b ication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, JIAHAO CHANG, of Lot 113 Ocean Club Estates, c/o P.O. Box SP-60063, Paradise Island, The Bahamas, intend to change my name to AXEL DAVIS. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
LEFT to right: Peter Darrell, Vice-President, Access Industries; Annie Wickstrom, Head of Hospitality, Access Industries; The Hon. I. Chester Cooper, Minister of Tourism, Investments and Aviation; Taylor Collins, Managing Partner and Co-Founder, Two Roads Development; Brad Meltzer, Managing Partner and President, Two Roads Development.
