The Tribune

EDITOR, The Tribune.

The Bahamian business community now appears alarmingly complacent in the face of escalating government overreach. It’s as though we’ve surrendered our spirit of defiance, meekly swallowing whatever directives and mandates are imposed upon us by policymakers. This worrying trend of passivity, where voices that used to question and challenge now remain eerily silent, is reshaping our business landscape.

Outlandish policies are now met not with uproar, but with a disheartening acquiescence. Underlying this shift might be a pervasive fear of backlash – a concern so potent that I find myself, like many others, compelled to voice my concerns from behind the veil of a pseudonym. Or perhaps it’s a deeper, more existential malaise – a fading belief in our collective power to effect change. Either way, the once vibrant tapestry of our business community’s discourse is being muted, thread by thread, into a monochrome of resigned acceptance.

The latest episode in the saga of poor policy and overreach, now reaching its climax, is the controversial and impending audit requirements. This topic has been met with a disquieting hush, bordering on submission, rather than the fervent debate it deserves. Alarmingly, only a handful of business leaders have dared to raise their voices. The broader response from the public realm? A deafening silence, revealing a troubling passivity.

Turning our gaze to our supposed champions in community representative groups, the picture grows even more disconcerting. The Bahamas Chamber of Commerce, which boasts of being the ‘voice of the business community,’ recently issued a statement that can only be described as pitifully tepid. They called merely for a postponement of these audit requirements, tiptoeing around the urgent necessity for outright cancellation. This half-hearted approach falls embarrassingly short of the decisive action needed.

Equally disappointing is the stance of other organisations like the Organisation for Responsible Governance. Priding themselves as ‘fostering accountable governance in The Bahamas,’ where is their response to this critical issue? In a time when boldness and clarity are called for, these organisations’ failure to step up is not just disheartening; it’s a glaring testament to the erosion of proactive leadership in our business community.

The government’s handling of this entire affair seems to be marred by a series of missteps and questionable decisions. Their approach, characterised by a muddled stream of convoluted press releases and announcements, has only added to the confusion and frustration within the business community. The distribution of inconsistent and often conflicting statistics and insights further compounds the issue, leading to a sense of bewilderment and distrust.

Moreover, the government’s attempt to downplay the impact of the policy, asserting that it will affect only a small number of businesses, has been met with scepticism and criticism. If the policy’s reach is indeed as limited as claimed, it raises the question: why not directly engage with those affected entrepreneurs? Why not invite them to the table to voice their concerns and offer their perspectives? This would seem a logical step in understanding the real-world implications of such a policy - a policy which, by the handling thus far of the government, screams distrust and aggression towards the business community.

Instead, there appears to be a conspicuous focus on consultations with accountants, arguably the only group besides the government itself that may stand to benefit in the long run from these new audit requirements. This selective engagement raises questions about the government’s intentions and its commitment to genuinely understanding the policy’s impact on the broader business community.

The real tragedy unfolds in the human stories behind these soon-to-be affected businesses. Audits, known for their hefty price tags, both in direct costs and the hidden toll of man-hours and resources, are now a looming specter over the heads of low-margin businesses surpassing the $5 million threshold. It’s a financial albatross that threatens to strangle the life out of their operations. Imagine the heartbreak of entrepreneurs, who, after pouring their passion and resources into their ventures, now face the grim prospect of laying off their loyal staff, or worse, pulling the plug on their dreams.

The Bahamas is rapidly transforming into a dystopian landscape for entrepreneurship — a graveyard where business dreams meet their demise. Entrepreneurs already navigate a treacherous terrain fraught with excessive bureaucracy, protracted processes, and dubious dealings; and are now forced to push their dwindling entrepreneurial spirit even further. In this narrative, The Bahamas emerges not as a nurturing ground for business growth, but as a harsh terrain that seems almost designed to quell the fires of innovation and ambition.

C O WILLIAMS

Nassau,

December 13, 2023.