Bahamians must have ownership of key economic sectors "from the top straight through the supply chain", a former FNM Senator is arguing, adding that this would protect the "haemorrhaging" foreign currency reserves.
John Bostwick II, during a recent presentation to the Trades Union Congress (TUC) and its affiliates, said the earnings from tourism and financial services were largely leaving the Bahamas and being repatriated overseas.
“It does nothing for us because it’s all sent out. We must own all industries at the top and through the supply chain. It is one of the ways to stop the haemorrhaging of our foreign currency reserves,” said Mr Bostwick.
“Foreign entities own and control our banking sector, although we claim that banking and financial services is our second major industry. We do not own the industry and its profits are sent out of the country."
Mr Bostwick argued that contraction in the hotel and financial services sectors could provide an opportunity for Bahamians to make inroads into ownership.
“We have lost thousands of jobs in the hotel, banking sector and financial services sector. You can take, say persons from five offshore banks, five of whom who have been in various disciplines from compliance to trust officers," he added.
"With their collective experience they could become a banking services company, very employable anywhere in the world, especially if they go south of here."
Mr Bostwick continued: “While our dollar still has some value, we can move our banking expansion south. There should be a Bank of the Bahama in Port-au-Prince, in Kingston, in Havana.
Mr Bostwick added that the Bahamas had not begun to scratch the surface of its tourism ownership potential.
"We haven’t begun to scratch the surface in terms of what we can sell in tourism. We haven’t sold our history. We should be ensuring the production of smaller boutique resorts," he said.
"We should have our own Sandals and Breezes owned by Bahamians. These chains could exist within the Bahamas and the outside of the Bahamas."
Comments
Regardless 8 years, 4 months ago
.....why are you printing gibberish from a convicted felon?
banker 8 years, 4 months ago
Is this the mysterious bullets-in-the-bag at the airport guy?
I would ask Mr. Bostwick Number 2 (ask any child what number 2 is) where Bahamians would get the capital to own the industries. We have a non-convertible currency, exchange controls, limits on exchange of funds, and no commercial and merchant banks to handle the business. In addition, we do not have a credit bureau, so businesses cannot float their paper to finance their activities. BISX is a moribund joke that harbours international swindlers and thieves (Brown, Davis, Bethel et al) making large scale Bahamian ownership impossible.
Bostwick #2 is deeply mistaken if he thinks that Bahamian compliance officers and investment managers involved in discretionary portfolios and fiduciary risk could sell their services elsewhere. A bank's book of business is a closely guarded trade secret and the field is not open to freelancers domiciled in another country.
Tarzan 8 years, 4 months ago
Beyond silly musings from someone who has not a clue about business. What the Bahamas needs do is to recognize that far her biggest asset is her geographic location next door to one of the largest single markets in the world. If the Bahamas were to stop the silly preoccupation with viewing every foreigner with a job as "taking a job" from a Bahamian, there would be thousands of good jobs for Bahamians created by the advantages to many large U.S. engaged enterprises in moving some activities off shore while remaining geographically nearby.. Instead, the old Bay Street Boy mentality prevails, and the Bahamians are relegated to tray carrying resort work. Stupid, stupid, stupid.
SP 8 years, 4 months ago
...................................... Bostwick's message rings true ......................................
Mr. Bostwick said PLENTY that make a whole lot of sense.
Anybody with half a brain must concede that foreign ownership translates to dollar repatriation. Alternatively local ownership translates to dollar retention.
This is elementary!
Bahamians must become owners or at minimal partners in owning economic drivers of the economy or we will continue to be at the mercy of profit driven foreign entities having no stake in the well being of Bahamians and the country at large who find it all to convenient to pack up and abandon all in sundry.
As a result of 4 decades of foreigners owning everything, we find ourselves in a very precarious position!
Cuba has it right! Nobody can enter business in Cuba without 51% Cuban partnership ensuring should the foreign partner decide to pull out for whatever reason the "entity" survives as an asset to the country.
https://www.entrepreneur.com/article/27…
We must rid ourselves of incompetent, corrupt politicians cutting secret deals benefiting themselves to the detriment of the country.
avidreader 8 years, 4 months ago
With reference to Cuba: Please don't make it sound as if the ordinary Cuban has any hope of entering into partnership with a foreign business man (or woman) under the Castro brothers' regime. Membership in the PCC (Partido Comunista Cubano) or Cuban Communist Party would be a minimum prerequisite. Let's get real about Cuba: the ordinary Cuban works for about 20 US Dollars a month while the privileged few with the right connections might be able to make other arrangements. This sounds almost too familiar a scenario, doesn't it?
SP 8 years, 4 months ago
Splitting hairs about the "how in Cuba" doesn't disqualify Mr. Bostwick's statement!
Carolinaboy 8 years, 4 months ago
Opportunities for Cubans are increasing. Agriculture leads the charge, but liberalization is happening. The point is that Cuba protects its sovereignty far more than the Bahamas. It's a valid point and consistent with the spirit of the article.
They also control crime far more, have a high literacy rate, and have done an exceptional job protecting their reefs. They do plenty wrong, but they are much more far sighted than our government. We are economic bottom feeders in many ways, and marginal negotiators. I hope we can improve this over time.
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