The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A co-chair for the government-appointed Economic Recovery Committee yesterday said The Bahamas "must build an integrated economy that is self-sustaining" post-COVID-19.

Kenwood Kerr, Providence Advisors' chief executive, told Tribune Business that he and his fellow committee members would seek to develop a strategy for "building a better Bahamas" and restarting the economy in the pandemic' wake.

Emphasising that his thoughts were his own, and not those of the committee, Mr Kerr acknowledged that the construction industry was among the first that needed to be restored to full operation given its ability to absorb much of the Bahamian workforce's semi-skilled and unskilled labour.

He added that technology and the digital economy will be "a core pillar of the future Bahamas" given that many citizens and residents have increasingly come to rely on it for multiple services - ranging from food deliveries to bill payments and financial transactions - during the COVID-19 pandemic.

"I'm honoured by the appointment. It's an exciting time and a lot of work to be done," Mr Kerr told this newspaper. "We have to build an integrated economy that's self-sustaining.

"Everyone knows construction is a bellwether for the economy, and an immediate way to get a job stimulus and a large multiplier effect from economic activity, for persons who are unskilled and semi-skilled while reducing that social burden on the system. All aspects - Family Island development, construction - everything will be included as part of the broader mandate to build a better Bahamas."

Confirming that e-commerce and information technology (IT) will be another focus for the committee, Mr Kerr added: "I think that's one of the core pillars of the future Bahamas, and future development of The Bahamas, together with the ease of doing business. That's a core element in my estimation."

The Providence Advisors chief said The Bahamas ultimately needed to make itself "less vulnerable to external shocks", and the dire effects they have on economic growth, employment or incomes. He added that this was the case regardless of whether the disruption related to a pandemic, terrorist attacks, financial crises or recessions.

"We're talking about being able to feed ourselves in agriculture, fisheries, and generating our own water - basic issues that we don't have to look outside for," Mr Kerr added.

He declined to detail the direction the committee will take, given that is was due to meet late yesterday and today for the fist time, and said: "Let's wait for the committee to meet and see what we do. It's early days."

The Economic Recovery Committee and its members were yesterday unveiled by the Prime Minister as a public-private sector arrangement to chart the way forward for The Bahamas' revival and restructuring following the devastating blow inflicted by COVID-19.

The announcement came as it was revealed that the government intends to continue the present arrangement of alternating weekend lockdowns and 24-hour week-day curfews for the month of May as part of efforts to contain and halt COVID-19's spread. It will keep this under constant review, holding out the prospect of more industry/sector openings if the situation improves.

Mr Kerr and Marlon Johnson, the Ministry of Finance's acting financial secretary, will co-chair the Economic Recovery Committee. Other members are:

• John Rolle, governor, Central Bank of The Bahamas

• Wendy Craigg, former Central Bank governor, and now advisor to the Ministry of Finance

• Christina Rolle, executive director, Securities Commission of The Bahamas

• Davinia Blair-Grant, executive director, Small Business Development Centre

• John Delaney QC, senior partner, Delaney Partners

• Khrystle Rutherford-Ferguson, chair, Bahamas Chamber of Commerce and Employers Federation

• Greg Laroda, chair, Grand Bahama Chamber of Commerce

• Suzanne Pattusch, executive vice-president, Bahamas Hotel & Tourism Association

• Tanya McCartney, executive director, Bahamas Financial Services Board

• Nat Beneby, former managing director, RBC Royal Bank

• Patrick Ward, president/chief executive, Bahamas First

• Edison Sumner, principal, Sumner Trading Partners

• Franklyn Butler, chief executive/president, Cable Bahamas

• Obie Ferguson, president, Bahamas Trade Union Congress

• Matt Aubry, executive director, Organisation for Responsible Governance

The Cabinet Office, in a statement, said the committee "will make recommendations to the Cabinet on the long-term economic recovery of The Bahamas economy, including job-creation and stimulating small business recovery and development".

It will also focus on developing a competitive business environment, economic diversification, tourism and transport, financial services and labour.

"The committee should be bold and creative in its recommendations," said the prime minister. "We are in a new era. We need to think and act in new ways in order to recover as quickly as possible, and to build a more dynamic and diverse economy. We have to enhance the use of digital technologies and delivery services.

"I look forward to the ideas, policies and programmes the committee will recommend to help The Bahamas to recover and to create jobs and more entrepreneurial opportunities, including for young Bahamians."

Dr Minnis said that just as The Bahamas has seen an increase in the local production of hand sanitisers, masks and other health care products, the government will also promote more domestic production and manufacturing where possible. That, he added, included greater food production.

However, there are no direct representatives of local manufacturing, agriculture and construction on the committee. Nor are small businesses directly represented on a committee apart from the Small Business Development Centre's top executive. The committee features numerous government regulators, bodies and financial services executives, but no one directly from the IT field apart from Cable Bahamas' chief executive.

The government, meanwhile, yesterday relaxed some of the restrictions imposed on the legal profession. While law firms cannot open, attorneys are being permitted to visit their offices to prepare for upcoming court matters.

They are also allowed to take instructions in criminal and "urgent civil" matters where this cannot be done without meeting clients in persons, and can also assist with the carrying out of "urgent commercial transactions" and the execution of wills.