The Tribune

The government-appointed Economic Recovery Committee (ERC) says it is focused on a dual strategy as it begins a seven-week public consultation exercise seeking recommendations on ten key sectors.

The committee, appointed in the wake of the economic shutdown that accompanied the COVID-19 pandemic, has been asked to take both an immediate and medium to long-term view of the Bahamian economy's structure, positioning and competitiveness.

The Minnis administration has asked it to come up with "immediate fixes and mitigation initiatives" as The Bahamas slowly seeks to restart commerce and business activities following the health-imposed lockdown.

And, looking beyond the present situation, it has been tasked to "present a bold vision for a modern Bahamian economy that is stronger, resilient, diversified, future driven and fully integrated". This vision, according to accompanying literature on the committee's mandate, is to be based on "robust free enterprise", entrepreneurship, skilled labour, "adequate" job opportunities and sufficient social protections for those on society's margins.

"The prime minister requested the ERC provide specific policy ideas that are tailored made for the key sectors under our mandate," said Ken Kerr, the committee's co-chairperson. "The prime minister challenged us to put together recommendations that will represent a bold vision for a modern Bahamian economy - that is stronger, resilient, diversified, future driven and fully integrated."

The Economic Recovery Committee's sub-committees, appointed by the Prime Minister last week, will facilitate public and stakeholder engagement over the next seven weeks through direct meetings, virtual town hall meetings and presentations.

The ten committees are focused on structural reform; financial services; digitisation and the conceptual economy; tourism and the Orange economy; healthcare and social capital; commerce, entrepreneurship and next generation (youth) engagement; agriculture, fisheries and manufacturing; Family Islands development; energy and environmental stewardship; labour and education

"Our scope is broad, but it is also well-defined. We will be taking the time to explain it to the Bahamian people so we can maximise everyone's participation as we chart a way forward for our economic recovery," said committee co-chair, Marlon Johnson.

"With our sub-committee structure, we have created a simple entry point for the public to engage with us, and to provide their feedback and recommendations. These sub-committees will also have additional persons appointed to them from the broader Bahamian civil society."

Documents explaining the committee's mandate include multiple talking points such as an "achievable diversification strategy for the economy with emphasis on the blue, orange, green economies, digital and conceptual economies, and the manufacturing and trade sectors".

It also promised to expand Bahamian ownership and participation in the economy, and to create "a business environment that is globally competitive, with defined strategies for easier access by residents and businesses to land, credit and public services".