The Tribune

The prime minister’s COVID-19 Economic Recovery Committee last night said it will present its final report on the road map for The Bahamas’ revival by early September 2020, with consultations to start next month.

The committee, in a statement, said it had established ten sub-committees with broader membership than just its own appointees to explore key areas for potential economic development and diversification.

“We are at a critical juncture in The Bahamas, where we must embrace the opportunity to redefine and shape a new economy and future for Bahamians for generations to come,” said Kenwood Kerr, one of the Economic Recovery Committee’s co-chairs. “But it cannot be business as usual.

“We need sustained and robust economic growth to maintain and improve the standard of living of all Bahamians. To do so will require us to do things, and approach things, in very different ways that may buck much of the conventional wisdom and prevailing narratives to which we have grown accustomed.”

Marlon Johnson, his fellow co-chair, added: “We accept the prime minister’s charge that these new realities, characterised by so much uncertainty, demand new and innovative approaches to shaping our post-COVID society.

“Our goal is to provide recommendations that build a resilient and dynamic Bahamian economy that spurs inclusive growth, and allows businesses across sectors to emerge from the pandemic stronger than before.”

The Economic Recovery Committee said its sub-committees will focus on the blue, orange and green economies; digital and conceptual economies; Family Island development; and the manufacturing and trade sectors.

It added that these sub-committees have already begun preparing to launch consultations. The agriculture, fisheries and manufacturing sub-committee met virtually with the minister of agriculture and his team to discuss prospects for the agriculture and fisheries industry, while the health and social capital sub-committee met with a prominent wellness consultant to discuss health and wellness initiatives for Bahamians.

The structural reform sub-committee hosted a presentation from Professor Avinash Persaud, special envoy to the Prime Minister of Barbados for investment and financial services. Professor Persaud presented on economic stabilisation, which is a key element of the structural reform sub-committee’s scope.

The sub-committees are also mining all available industry data and leveraging existing government plans, including the National Development Plan and the proposal for creating a National Economic Advisory Council, to deliver solutions for The Bahamas’ immediate challenges as well as long-term strategies to create a business environment that is globally competitive and affords easier access to land, credit and public services.

Expanding and strengthening social programmes, and creating and promoting a sustainable health care system, will also receive focus. Structural impediments, including the policy framework for the approving both domestic and foreign investment, tax reform and the ease of doing business, are other areas of discussion.

The Economic Recovery Committee said it as also aiming to address energy reform, especially climate resiliency and utilities deregulation, as well as food security and sustainability plus development of the Family Islands.

It added that the tourism and orange sub-committee is looking to expand Bahamian investment and ownership through the vacation rental market. The sub-committee is also finalising a plan for the full activation of the Orange Economy, and the integration of art, craft and Bahamian culture into the visitor experience.