By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
The Prime Minister has conceded that the Bahamas must fix “broken systems that no longer serve our needs” if it is to remain competitive in financial services and other international industries.
Pronouncing himself “dismayed” at the Bahamas’ slippage to 106th in the World Bank’s ‘ease of doing business’ rankings, Perry Christie told a financial services conclave at the weekend that this nation “dramatically” needed to eliminate bureaucracy and corruption.
Addressing the Bahamas Financial Services Board’s (BFSB) International Business & Finance (IBFS) summit in Abaco, Mr Christie said a Competitiveness Council will be established to boost government efficiency and service delivery.
“There is no ‘silver bullet’ as we examine our value proposition in financial services and re-define our brand,” he said. “The journey will involve comprehensive reform of broken systems that no longer serve our needs.
“The journey will be difficult but nonetheless achievable. But in making this journey and in carrying out this re-building, we need to candidly acknowledge our challenges and systematically address them in a sustained and sensible manner.”
The Prime Minister said he had asked the Economic Development and Planning Unit in his office to assess how the Bahamas could become more competitive, unveiling his proposed Competitiveness Council.
“Our approach will facilitate the identification of breakdowns in the system, and ensure the speedy resolution of challenges so that we can get on with the business of making the Bahamas more resilient, more business friendly, and a location-of-choice to live, work and operate a business in,” Mr Christie pledged.
“Like everyone here, I remain dismayed at our continuous slip each year in the ‘Doing Business’ rankings put out by the World Bank. At 106th place, we rank below many of our regional counterparts and some of the poorest countries in the world. This is unacceptable. It can be improved and it will be improved.”
Mr Christie continued: “This ranking suggests that if we are to remain a serious contender in financial services, then we must provide better, more efficient government services.
“We need to dramatically reduce red-tape while facilitating an efficient, stress-free, corruption-free environment for business development. We cannot be part of a race to the bottom. Instead, our goal must be to attain a ranking comparable to – nay, superior to - our international rivals.
“We must root out the inefficiencies, the bottlenecks and communication failures. We must develop a zero tolerance for sub-standard performance. In sum, we must strive to become ‘best in class’ as a government services- provider,” he added.
“We need to set a standard not only for the bureaucracy but for the country as a whole. Both public and private sectors need to move in tandem towards these goals
“This is hard work. It will cause some pain, but it is a goal that we can achieve with commitment and perseverance. It is a goal that is well supported by both the average Bahamian and the business person alike.”
Mr Christie acknowledged the Bahamas’ traditional strengths of a stable political system, its sovereignty, and long-standing tradition and knowledge/labour base in financial services.
Noting the importance of good governance to the financial services industry’s growth the Prime Minister also agreed to the need for ‘best-in-class’ regulators so that the Bahamas maintained its reputation as a well-supervised jurisdiction.
Comments
Well_mudda_take_sic 8 years, 7 months ago
That imbecile Michael Halkitis had Bahamian businesses implement overnight costly changes to their accounting systems to accommodate VAT reporting but he wants a minimum of 5 years to change the government's corrupt non-accrual (non-balance sheet) financial reporting system! The governments of many other lesser developed countries have managed to adopt the public sector accounting principles promulgated by the International Federation of Accountants (IFAC) in less than 18 months and this moron Halkitis says it will take the Bahamian government at least 5 years to do so!! Halkitis should be sacked for gross incompetency!!! The Bahamas Institute of Chartered Accountants (BICA) and The Bahamas Chamber of Commerce / Confederation of Employers should all be up in arms crying foul at the stupidity of Halkitis's position on the Bahamian government's inability to produce meaningful annual financial statements anytime soon!!!! Christie though is no better than Halkitis in that he has allowed himself to be surrounded by such incompetent idiots.
sheeprunner12 8 years, 7 months ago
The PLP have broken all of the systems they inherited in 1967 .......... tourism, banking, industrial, courts, agriculture, education, even the police and airlines ..... it is called corruption
We have replaced the Bay Street Boys with the Sunshine Boys ........ white for black crooks
Economist 8 years, 7 months ago
Well, for a start you need to have a reliable and sensible immigration policy. Picking up bank managers is not a bright idea. And the way he was handled sent shock waves throughout the industry (world wide).
The Bahamas is on the map, but for all the wrong reasons.
Attitudes must change, starting in the House of Assembly.
GrassRoot 8 years, 7 months ago
what can I say, this is coming from the PM that has been in charge now for 5 long years, reigning God-like with no opposition other than the press over the Bahamas?
John 8 years, 7 months ago
The country is not ready for NHI. Not only are the facilities not up to par but there needs to be retraining and attitude adjustment of medical staff. Persons to the accident and emergency of PMH report how a patient who was brought in for treatment was obviously living off the streets. Obviously a vagrant. And while the patient was entitled to service the stench of urine and lack of regular hygiene had the entire emergency area unbearable. And despite the stench some patients were forced to sit in the same cubicle with the patient. One nurse was overheard telling a family member who had brought another patient to the area that either they sit and wait in the cubicle next to the man who was obviously peeing on himself "or they could leave." Several patients did leave after waiting and the stench became unbearable. And the medical staff seem in no hurry to remove the patient from the area but satisfied to 'punish' every other patient to the area by having them sit or lie and endure the stench. So is this where NHI will bring private patients too? If there wasn't sufficient facilities to isolate the patient from others couldn't medical staff manage the situation better and tend to the patient in the quickest possible time. Rather than telling other patients to endure the stench or leave?
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