A view of the destruction from Hurricane Dorian in Marsh Harbour on Wednesday. (Al Diaz/Miami Herald via AP)
By NATARIO McKENZIE
Tribune Business reporter
nmckenzie@tribunemedia.net
This nation must ensure it gets the greatest ‘multiplier effect’ in reconstruction and rebuilding efforts post-Hurricane Dorian to help minimise the impact of the storm’s devastation, a leading accountant said yesterday.
Gowon Bowe told Tribune Business that while the impact of Hurricane Dorian will have an impact on fiscal projections and this country’s GDP, now is not the time to think purely in dollars and cents with hundreds of people left fighting for their survival.
“The reality is we know that there is going to be a cost associated with any type of reconstruction and rebuilding effort. We know that that is, if unplanned, going to throw off your fiscal targets and projections. When we are deploying resources in the recovery and rebuilding effort we have to seriously look at how are we getting the greatest multiplier effect.”
He continued: “We have to start thinking very creatively and strategically on how to minimise the fiscal burden. It is very important that we clearly track the resources received, show how they are expended and see how the recovery efforts can be used to stimulate economic activity and minimise hardship.
“We have to ensure that when we expend our resources it aligns with our long-term national growth and development. That means that where we were going to deploy resources in capital expenditure, efficiencies and effectiveness, we don’t lose sight of that when we deploy resources in our rebuilding efforts.
“We need to have very specific goals with plans and milestones, reporting and accountability in this entire process.”
Mr Bowe noted The Bahamas must do a better job allocating resources to be set aside for catastrophic events like Dorian, with insurance being one element.
“With every challenge there is an opportunity. The challenge to build is real but it also provides an opportunity to correct a lot of things,” said Mr Bowe.
Comments
Well_mudda_take_sic 5 years, 3 months ago
That multiplier effect Bowe speaks of would be helped if we had more qualified Bahamian engineers, carpenters, plumbers, electricians, masons, etc. Sadly, we are sorely lacking these essential professionals and tradesmen because of our failed E- public education system and over-emphasis on UB rather than vocational training schools. Hiring foreigners means the money we borrow disappears from our economy.
The_Oracle 5 years, 3 months ago
Multiplier effect is government cutting/eliminating the damn paperwork and getting out of the way! Check the stuff for contraband and obvious relief supply status and let it go! As always petty small minded control mentality at all levels. Maybe no mental capacity? a Grave situation requiring more urgent action than the Government could ever muster Private sector action takes pressure off of them!
Well_mudda_take_sic 5 years, 3 months ago
Couldn't agree more. These know nothing do nothing civil servants forget that they are paid by the taxpayers to serve the people and not rule or frustrate the people. The same goes for most of our brain dead politicians. They all need to get out of the way of those who are most capable of leading the rescue and relief efforts in the aftermath of Dorian. Foreign agencies should be allowed to do their thing without any unnecessary interference because time is of the essence and it's abundantly clear now that our government has failed the Bahamian people.
DreamerX 5 years, 3 months ago
This article serves as little purpose as saying that the "We need to make sure we are using resources appropriately". The man can analyze business, but has he shown any capability with operating one? Or in any way, who is he relevant to construction strategies, organizing repairs or any relevant purpose beyond analysis?
Another popular contact for this news paper, but has anyone truly ever came away from his insights with any more information that they had before reading it?
K4C 5 years, 3 months ago
The Bahamas is benefiting from the generosity of non Bahamians, so far they are they only ones who are actually delivering help, the best solution for the Bahamas government is to get out of the way, so far endless press conferences do NOTHING for those in desperate need, today there are no engineers, carpenters, plumbers, electricians, masons, etc from the Bahamas waiting to take control, I can just imagine the circus when the actual rebuilding begins, and today no one knows of has a clue of that day
Well_mudda_take_sic 5 years, 3 months ago
Repost:
What part of the well publicized and documented fact that all of Central and Northern Abaco has been completely decimated do they not get? The same goes for much of Grand Bahama. These insurance vultures should simply be cutting cheques to the insured individuals and businesses for the maximum amount of losses covered by their insurance policies, save for third party liability coverages. Instead these insurance vultures want to delay the claims settlement process in the hope of being able to persuade traumatized and desperate survivors, who have lost everything, to sign a piece of paper evidencing their agreement to accept claim settlement amounts that are much lower than they are truly entitled to receive.
The extensive aerial video coverage that has been made public of the complete and utter destruction caused by this cataclysmic event is plently evidence enough that the insurance adjusters and catastrophe experts really have nothing at all to do in the case of the vast majority of the insurance policies. The last thing insured traumatized survivors who have lost everything need right now is stress and pressure tactics from greedy insurers seeking to minimize their insurance claim settlements.
The Insurance Commissioner of The Bahamas needs to get off of her well endowed derrière and immediately make certain expected and warranted public announcements aimed at protecting insured individuals and businesses from the well known predatory practices of property and casualty insurers. These announcements should include full page notices in The Tribune, The Nassau Guardian and The Punch, as well as public announcements on the two main local TV stations (JCN not being one of them). The announcements should also appear on the Insurance Commission's official website.
The Insurance Commission must set up a special 'Dorian' unit within her official Office to handle inquiries and complaints of aggrieved policyholders who have good reason to believe they may be victims of predatory insurance practices aimed at depriving them of the claim settlement proceeds to which they are entitled to receive at the earliest possible time. Insurers found to be engaged in predatory practices should face appropriate penalties including the possibility of their insurance underwriting capabilities being suspended pending the outcome of an investigation of their conduct by the Commissioner's Office.
Porcupine 5 years, 3 months ago
The most recent science is suggesting that hurricanes will be getting stronger and more frequent in the coming years. Years, not decades or centuries. Let's see how well our educational system has prepared us for looking a few years into the future. The question isn't how we should re-build. The true question is, should we really rebuild at all in these lower lying areas, (The Bahamas). Pretty tough but relevant question, isn't it? Or, maybe only put up tents and know that we will all be leaving at the first hint of a serious storm. Who is going to stay next time? It is hard to say that the building codes made any difference, even if they were rigorously adhered to.
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