The Tribune

By Ian Ferguson

Our country has recently been engaged in and, in some circles, embroiled in tax reform discussions that have sent many into full panic mode. We have operated haphazardly for so long, with little to no cause for documenting or ensuring even the basic lines of accountability are in place, that even the thought of change is debilitating.

Most persons who understand the rudiments of economics and finance recognise the urgent need to address our antiquated taxation system, which has failed to keep up with our national development. The tax reform conversation is one arm, though, in a national economic restructuring dialogue all aimed at placing the Bahamas on a firm-footing, where more persons are able to secure for themselves a reasonable standard of living though legitimate means.

One necessary part of this conversation involves the introduction of new industries and the revitalisation, strengthening and growth of existing ones. Our dialogue today seeks to invigorate the entrepreneurial way of thinking towards ‘low hanging fruit’, or industries that with a little support and much effort, have the potential to reap great returns for our nation.

The economic diversity conversation has been long-lasting, and many Bahamians have offered well thought-out suggestions for how best to facilitate this transition While we celebrate the accomplishments of the tertiary industries that have provided tremendous economic sustainability, we have perhaps allowed this success to stagnate our pursuit of developing the primary and secondary industries that have proven their ability to secure significant wealth.

The primary industries of agriculture, fishing, salt mining, aragonite mining and a few others less popular have all played their role throughout the history of the Bahamas in either sustaining the population through consumption, or providing a means of vocation and revenue streams by means of export.

Again, particularly in the areas of marine life and salt mining, there is so much untapped potential for young Bahamians, who must seize the opportunities that exist by first preparing themselves academically. The 21st century farmer and fisherman, and primary industry professional, is studying up to graduate degree levels in order to take full advantage of what the industry has to offer.

The production of Bahamian rums and liquors, authentic handicrafts, processed foods, jewellery, clothing and accessory lines and other semi-finished goods and finished products all seem to have great appeal in the international market, and while we have explored these on a small scale, there is so much yet to explore.

As we continue the tax reform dialogue and find new ways to improve and strengthen our economic base, we must add to this discussion the activity through industries primary, secondary and tertiary.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.