The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

“Immediate focus” must be given to economic growth and development by the incoming administration, the Chamber of Commerce’s chairman said yesterday, adding that there must be clear communication of its fiscal and economic strategy.

Gowon Bowe told Tribune Business that while the “rally euphoria” ended yesterday, the economic reality will hit on May 11.

“The realities that exist today will be those that confront any administration,”he said. “We have a fiscal situation that needs very serious attention. The current administration set out on a fiscal consolidation plan. There needs to be significant focus on expenditure reform. There must be a focus on what programmes, initiatives and projects are being funded,  with very clear allocations.

“Immediate attention needs to be given to the growth and development of our economy. We have had  anemic growth for an extended period, largely in line with the global economy, but we have to focus on what is going to make the Bahamas great again.”

Mr Bowe argued that there must be a clear communications strategy by the incoming administration as to how it will better advise the public on its fiscal and economic strategy.

“A lot of the misinformation, paranoia and fear is as a result of any old statement being made, without statistical empirical data being made to refute it. There needs to be improved financial reporting and better communication,” he added.

The Chamber chairman said that from a business perspective, energy reform remains high on the agenda.  “We know that energy costs and reliability have impacted businesses significanlty in the past five to seven years,” said Mr Bowe.