The Tribune

By Richard Coulson

Just recently, the glossy July-December edition of ‘The Bahamas Investor’ landed in my mail box, and I could enjoy the semi-annual pleasure of sinking into a fantasy world of Bahamian perfection. Most Bahamians probably never see this publication; it is a freebie distributed mainly to airports, up-market banks and trust companies, law offices, accounting firms, hotels, clubs, doctors’ waiting rooms and, presumably, our foreign consulates and business development offices.

It is clearly designed as an inducement for wealthy foreigners to invest in our country or use our financial services. But it is not a Government-sponsored promotional brochure; it is produced by Dupuch Publications, the same privately-owned publishing firm that puts out the annual Bahamas Handbook, full of useful information and interesting features at the handsome price of $41.95.

As with any private sector venture, there must be a profit objective. Perhaps the production cost of ‘The Bahamas Investor’ print magazine, together with its associated website, Bahamas Investor.com, is covered by revenue from its advertising pages, or perhaps it is regarded as a loss-leader for the Handbook or some other Dupuch ventures.

‘The Investor’ is certainly an impressive piece of work. The design, layout and typography are all of the highest professional standard, and the many full-colour photographs are eye-catching and do full justice to our tropical surroundings and people. The advertisements are usually full-page spreads emphasising the name and the product (usually financial services) with dignified elegance.

But the content… that’s a different matter.

Any Bahamian who lives and works here cannot help but be amused - and astonished - by the rose-tinted picture of local life portrayed by ‘The Bahamas Investor’, and the deceptive impression given to any foreigner planning a business or residence here. The magazine suffers from a split personality: it purports to be independent journalism, while primarily serving as a glorified press release service. Its very title, ‘Investor’, shows it is directed at readers far different from the typical short-term tourist. But any serious investor expects more than the usual bromides about our beaches and colourful waters, our name as an international financial centre, our political stability, and our New York time-zone. What he wants is some presentation and analysis of the deep economic and social issues facing our. country, which he does not get.

The ‘Bahamas Investor ‘cannot be expected to emulate our daily press or other periodicals; their business thrives on reporting immediate problems, bad news, business collapses and Government mistakes, whose effect is often exaggerated to make a lively story. But a review of the current Investor edition reveals its major weakness, which lies in not so much what it covers, but in what it omits. We see, for example, encouraging stories reporting on young Bahamians and women improving their career patterns, with informative case histories. But we find no reference to the educational deficiencies that leave thousands of youths functionally illiterate and virtually unemployable, or to the continuing delay in a constitutional amendment reinforcing female rights.

A leading article headed ‘Innovation in financial services’ tells us that the industry is “poised for growth”, but there is no mention of how we have lost major investment fund business and other specialties to Cayman or the BVI, usually attributable to the long-term failure of our law firms to open the way for foreign entrants, as prominently noted by former Attorney General Sean McWeeney. A puff piece titled ‘Right jurisdiction, right time’ takes two pages of windy generalities to tell us that “The Bahamas continue to appear an ever-more attractive jurisdiction,” without mentioning the private banking withdrawal by the major Swiss bank, UBS, or the downsizing at First Caribbean.

The only articles with news value are an interview with the manager of the relatively new and growing Andbank, and a report on the expected opening of the Baha Mar hotel complex. This piece rightly emphasises the adventurous concept and the expected contribution to the local economy, but the reporter was clearly disinclined to write anything about the growing pains of the venture - the usual journalistic meat that would add realistic background. As in many other cases, the story reads like a corporate press release.

The Bahamas Investor is fleshed out with upbeat reviews of our new sports stadium, scuba-diving sites, easing of visa requirements for Chinese visitors, and an island named Windermere; all good topics, with the major caveat that there is no mention of the long-failed club that has stymied development on that beautiful island.

A ‘Business’ article headed ‘Planning the nation’s development’ may well drive away investors rather than attract them. An Economic Planning Unit within the Prime Minister’s Office will be set up to prepare a 25-year National Development Plan, under which all investment projects will be reviewed and ‘prioritised’. If there is anything investors hate, it is subjecting their projects to the straitjacket of Government “management of the economy”, in the words of minister of state for investments, Khaalis Rolle. There’s probably little reason for concern: No less than the first three to five years will be devoted just to identifying and setting targets, by which time the present administration will be long gone.

In all its 130 pages, the Investor gives not the slightest hint of the profound economic issues that are debated here every day. What will be the effect of VAT and the reduction of certain import duties? Is the Government’s Budget and level of borrowing sustainable? How will warnings from the IMF and the rating agencies about GDP growth affect foreign investment and borrowing costs? Is the Bahamian dollar safe from devaluation in the face of the inevitable relaxation of exchange controls? How will Government policy resolve the uncertain prospects for web shops and on-line gambling? How will the crushing cost of oil-generated electricity be reduced? Closely allied are the social issues of youth unemployment, crime, and prison over-crowding – again nowhere mentioned in the ever-cheery Investor.

Analysis of these matters need not take on a drab, negative tone. Many descriptions can be given of the positive efforts being taken by both public and private sectors to combat our current ills and create a fairer and more productive economy, with greater transparency through a Freedom of Information Act. But simply to play ostrich and ignore them, as at present, is of no service to investors, who will find the magazine increasingly superficial and irrelevant. What’s needed is a radically changed strategy among the Investor’s staff writers and editors. Instead of credulously accepting everything that’s handed to them and doing a quick re-write or passive interview, they must become sceptics and critics, digging for tough answers and underlying stories. In short, they must become journalists, not press release flaks.

One specific revision relates to a questionable business practice. The current edition contains an opening piece about local property called ‘Moving to the Bahamas’, giving prominent quotes to the principals of just three of our many real estate agencies. Later, a 31-page supplement headed ‘Island living’ provides a sidebar listing just seven “real estate contacts”, including the real estate agencies and a few actual property development companies.

These seven firms, and no others, carry substantial multi-page ads in this section. In other words, if you are involved in our widespread property business and want mention in the Investor, you have to advertise – a serious ethical issue for a public journal. Even the concluding ‘Bahamas Business Directory’ seems a peculiar misnomer. It lists just one of our many hotels, and only four law firms, skipping many of the most prominent.

With these major revisions, ‘The Bahamas Investor’ could become a truly first-rate business journal, continuing to accentuate the many positives of our country, but not failing to cast a sharply critical eye on the negatives. It could follow the example of, say, Forbes, patriotically all-American and pro-growth, but unsparing of private sector incompetence or chicanery, and of bureaucratic government bungling. Of course, these changes can only be directed by top management at Dupuch Publications. These are smart people who should foresee changing future demands for their products and be capable of re-making The Bahamas Investor to meet these demands.