FREEPORT’S REVIVAL MAP WITH OR WITHOUT GBPA SIMMS

Diversifying the economy is another essential step to instill confidence. Recognising the need for economic diversification, the Government should actively promote and support new sectors on Grand Bahama. Investing in renewable energy, technology, agriculture and creative industries can provide alternative sources of growth and employment. Encouraging entrepreneurship and the providing necessary resources can empower local businesses and foster innovation, ensuring a more resilient and diverse economy.

Infrastructure development is crucial to enhance the island’s competitiveness and attract potential investors. The Government should prioritise investments in transportation networks, utilities and technology infrastructure. Improving connectivity and efficiency will not only benefit businesses but also contribute to the overall economic development of Grand Bahama. It is imperative that these infrastructure projects be executed with transparency and accountability to reassure residents their interests are being considered.

Investing in education and workforce development programmes is also paramount to address the evolving demands of the job market. The Government should collaborate with educational institutions, industry stakeholders and international partners to provide the correct skills training, entrepreneurship initiatives and apprenticeships. This will ensure the local workforce is equipped with the necessary skills to participate in emerging industries and attract investment. By investing in human capital, the Government can provide opportunities for residents and demonstrate its commitment to their long-term economic well-being.

Finally, tourism promotion and investment play a vital role in driving economic growth on the island. The Government should actively promote Grand Bahama as a tourist destination and attract investments in the sector. Strategic marketing campaigns, collaborations with travel agencies, and partnerships with cruise lines and hotel developers can drive tourism growth. Clear plans for infrastructure development and sustainable tourism practices should be communicated to build confidence among residents and potential investors, assuring them of the Government’s commitment to maximising the potential of the tourism industry.

Implementing these measures should be a priority for the Government in building confidence and trust among the residents of Grand Bahama. Transparency, accountability and consistent communication about progress and plans are vital to demonstrate that the Government is actively working towards revitalising the island’s economy.

The National Development Plan

If the GBPA was to exit its quasi-governmental responsibilities in Grand Bahama, the National Development Plan (NDP) could play a crucial role in guiding the Government’s efforts to revive the island’s economy. This serves as a strategic framework that outlines the Government’s long-term goals, objectives and policies for sustainable development across the country. In the absence of the GBPA, the Government would need to rely on the National Development Plan to provide a road map for economic recovery and growth specifically tailored to Grand Bahama. The plan would serve as a reference point, guiding the Government’s decision-making process and ensuring that efforts are aligned with the broader national development objectives. The plan’s comprehensive approach, encompassing economic, social and environmental considerations, ensures a holistic and sustainable approach to economic revitalisation. It serves as a vital tool in guiding the Government’s actions, enabling it to implement targeted policies and initiatives to revive the island’s economy in a post-GBPA scenario.

Conclusion Whether the GBPA remains or not, the Government must step up and take charge to boost economic conditions on Grand Bahama. This involves creating an enabling business environment, diversifying the economy, investing in infrastructure, prioritsing education and workforce development, promoting tourism and engaging the local community. These actions should be guided by the National Development Plan, which can provide a strategic framework to drive economic recovery and growth.

However, it is crucial for the Government to address the existing lack of trust among residents. By demonstrating transparency, accountability and tangible results, the Government can rebuild confidence in its ability to navigate the complex economic challenges faced by Grand Bahama.

In moving forward, collaboration and cooperation between the Government, the GBPA, private enterprises, international organisations and the local community will be vital. Only through united efforts and a shared vision can Grand Bahama overcome its economic struggles and embark on a path towards sustainable growth and prosperity.