Restructuring The Bahamian economy 1999….

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On this brand new day that we have never seen before and promises a lot I decided to take a look back.

I have been promising to do this for a while but could not find the information I wanted but here it is.

For many years there have been persons who suggested that the country as a whole become more diversified.

Speaking at a Rotary Club meeting in January 1999 then Practice Leader of the Freeport Practice Group of Deloitte & Touche Chartered Accountants Subir Das Gupta said the economy of The Bahamas needed restructuring.

At the point in time, prior to the crippling hurricanes, he said that the Bahamian economy was at a watershed point as we looked at the then Free Trade Area of the Americas.

Funny enough his words were, "The national debt is escalating, unemployment remains at a high level while domestic ownership of the key tourism and financial services sector is limited."

Hmmm….

He then suggested that we go from Nassau to National as he noted that the mainstays of the Bahamian economy are tourism, financial services, construction, wholesale/retail are centre in Nassau. He further noted that Government, Education and the majority of the population were located in Nassau.

"The result is that Nassau is severely overcrowded" he continued. "This condition is exacerbated by the continuing influx of Grand Bahamians and Family Islanders in search of employment opportunities. Congestion causes health problems e.g. hepatitis, hypertension and AIDS. Social ills also proliferate ie. crime, promiscuity, illegitimate children and youth gangs."

Das Gupta's solution in dispersing ministries and corporations:

Abaco - Ministry of Education. Abaco possesses a tranquility that is conducive to education.

Bimini - Ministry of Labour and Immigration. Bimini is the "jumping-off" point for illegal immigration in to the United States of America.

Grand Bahama - Ministry of Works. Grand Bahama is the industrial and engineering capital of The Bahamas.

Andros - Ministry of Agriculture. Andros has the largest cultivable land area.

Eleuthera - Ministry of Tourism. Eleuthera is a beautiful Island located in close proximity to New Providence.

Exuma - Ministry of Transport. Exuma can be developed into a hub for the Southern Bahamas.

Long Island - Department of Fisheries. A vibrant fisheries industry has group up around Salt Pond.

San Salvador - Bahamasair. The rice history and new airport of San Salvador could propel the growth of a new tourism cluster.

Cat Island - Bahamas Electricity Corporation. Cat Island could become the research centre for alternative energy sources such as solar, wind, wave and biogas.

Crooked Island - Water and Sewage Corporation. Crooked Island can develop an extensive irrigation system to improve agricultural productivity.

Mayaguana - Bahamas Telecommunications Corporation (Batelco). The distant location of Mayaguana can motivated Batelco to fully wire and digitize the entire Bahamian archipelago.

Inagua - Ministry of Health. The salt-water plumbing of Inagua is rest orate for health purposes. This property could be leveraged into making Inagua a centre for alternative medicine.

Then he suggested that Nassau would acquire a new role as the center of knowledge, culture, finance patterning itself after the great cities of New York, London and Tokyo.

Hmmm again….

Das Gupta then said on the representation to government said that the senate should be elected from each of the major island and to be able to put national concerns over partisan politics.

The House of Assembly he said would then develop a new role with its primary functions being the independent monitoring of governmental affairs through the formation of select committees. He added that the Auditor-General would report directly to Parliament.

He more suggestions but although he was a Bahamian I say he was thinking that we as a country had matured enough the politics could stay out of the public and private sector.

I really appreciated all he said the say which is why I kept the speech, but in hindsight, if ever our country could stop the hiring of people because of politics, even when there are no jobs and we have a secretary with one secretary adding another to her list - now that secretary has two secretaries. Why? Go figure but check out the public sector.

Guys, we need to stop and make or start new job!

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