The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government’s ability to implement spending controls “will require innovation”, the Chamber of Commerce’s chairman arguing that it must demonstrate its commitment to balancing the Budget without damaging the economy.

Gowon Bowe told Tribune Business that with a significant percentage of government revenue going towards debt repayment, as well as public sector salaries, the Government will need to be creative in designing and implementing spending controls.

“Government must demonstrate its commitment to balancing the Budget without damaging the economy. They must look at austerity measures and be practical in terms of action taken,” said Mr Bowe.

“Government has to be methodical in its approach. Priorities have to be set in terms of what are the primary objectives in the next year, two years, three years.”

Around 80-85 per cent of the Government’s Budget goes on civil service salaries, rents and accommodations, and debt servicing, which are all fixed costs and obligations that have to be met. As a result, its room for spending cuts and controls has long been considered limited without resorting to salary cuts.

Mr Bowe, meanwhile, urged the Government to make use of the National Development Plan (NDP). “They should ensure that the objectives are followed through to effectively identify and determine the identity of the Bahamas going forward,” he said.

“They must be looking at the country’s future prosperity and not just how to get through a five-year term.”

The NDP represents the first co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, while also obtaining input from private sector and civil society organisations.

Labelled ‘Vision 2040’, the Plan aims to break with the Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future.

The NDP sets out a ‘road map’, containing measurable goals and objectives for the Bahamas to attain, so that this nation’s progress towards achieving its development targets can be judged according to set timelines.

Vision 2040 focuses on four main policy pillars - the economy, governance, social policy and the environment, both natural and built.

Mr Bowe said Bahamians have expressed their dissatisfaction with the ‘status quo’, and called for greater accountability and transparency in government.

“We use the term ‘transparency’, but in the simplest terms the public wants to know what decision sare being made, how, and demonstrate that they were made in the best interest of the country,” Mr Bowe said.