The Tribune

* Almost two-thirds 'faring' worse or fear for survival

* Chamber chief: 'We can't stress how dire it is'

* Warns: 'We can't wait any longer on GB decline'

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Grand Bahama has "very little left in the tank" after a September 2020 survey revealed almost two-thirds of its businesses are faring "worse or in danger of not surviving" due to COVID-19 and Dorian.

The findings, based on responses from 156 firms, prompted the Grand Bahama Chamber of Commerce's president, Greg Laroda, to reiterate to members that "we simply cannot wait any longer to arrest the decline of Grand Bahama".

And, with 44 percent of survey respondents - representing some 68 businesses - warning that they will likely "struggle to meet obligations/retain staffing levels" or find it tough to survive the next three to six months, Mr Laroda said: "We cannot stress how dire the situation is."

Pointing to the inertia and lack of action to address Grand Bahama's economic plight, which has worsened due to the double blows inflicted by Hurricane Dorian and the COVID-19 pandemic, Mr Laroda's update to Chamber members - which has been obtained by this newspaper - was headlined, The main things remain the same things.

The GB Chamber chief could not be contacted before press time last night, but he told members that the survey results - and the "unsustainable strain" being imposed across the island's private sector - came as no surprise with almost one-third of survey respondents yet to bring any of their employees back to work.

“The surveys and focus groups all reveal businesses who are struggling to meet their commitments, and some who are still not in operation. We see further erosion in employment levels, which is very alarming, and an overall and continued decline from most market segments other than those who provided essential goods or services,” said Mr Laroda.

“As far as the most pressing concerns go, businesses need to be able to safely operate to recover - not just from COVID, but from Dorian - and we need enough people living and employed in Grand Bahama to support those businesses. There is very little left in the tank, so to speak, for many and we cannot stress how dire the situation is."

Arguing that businesses need to remain open with strict compliance to the COVID19 protocols, the GB Chamber chief added: "Despite the devastating impact of COVID on our economy, it really served to just kick us while we were down after Dorian.

"In Grand Bahama, we were already at a crossroads, with alarming unemployment, and in desperate need for a laser focus and collaborative effort to revive our economy. COVID has only exacerbated the pain points. What is very clear is that the main things have remained the main things, 14 months after Dorian."

Mr Laroda listed these as "our airport, our hospital, potable water, resolution to our hotel strip (Grand Lucayan) and the real property tax exemptions, extending duty and VAT concessions so that post-Dorian recovery can continue, access to low cost funding, addressing the alarming increase in dilapidated buildings and eyesores throughout the island, the ease of doing business, the need for diversification and the lack of critical mass".

He added: "These issues are reiterated over and over in our focus groups and surveys. We understand the overwhelming burdens and domino effect from Dorian and now COVID – no doubt this is an unprecedented time. However, we simply cannot wait any longer to arrest the decline of Grand Bahama.

"We believe that holds true not only for Grand Bahama but in the interest of the country as a whole as our island has the development potential this country needs more than ever. The Grand Bahama Chamber of Commerce is calling on both the Government of The Bahamas and the Grand Bahama Port Authority to act with the greatest urgency to work together to address what we all know to be the challenges holding us back.

"It will take all stakeholders collaborating – with the same priorities, with all collective resources allocated to those priorities, to reverse course for our economy and redirect it towards stability and sustainable growth for the benefit of all Bahamians."

Mr Laroda said the survey findings have been shared with both the Government and the Grand Bahama Port Authority (GBPA). The results showed that nearly 30 percent of respondents are not currently operational due to a combination of COVID-19 lockdown restrictions; lack of consumer market and resources; or still trying to rebound from Hurricane Dorian. Some 17 percent, or 26, had not reopened since the storm in September 2019.

While most planned to resume operations, just 2 percent - some three businesses - said they were uncertain whether they will re-open or have decided not to. Together, the respondents said their combined staffing levels were down by 350 workers or some 17 percent compared to pre-COVID levels, with the figure standing at 1,764 as opposed to 2.114.

The GB Chamber added that the findings showed "55.8 percent of respondents are either falling short of sustaining business/meeting obligations or not operating at all". Around 32 percent had yet to recall staff to work, while "almost two-thirds of respondents are doing slightly worse, significantly worse or are in jeopardy of not surviving, compared to prior to COVID".

While 44 percent of companies surveyed "expect to struggle to meet obligations/retain staffing levels or question of they can remain in operation" in the short term, the Chamber said the outlook was more optimistic for the medium to long-term as more than 75 percent of respondents projected they would grow beyond six months' out.