The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

THE Prime Minister yesterday pledged to give institutional and retail investors the opportunity to own “up to a quarter” of BISX-listed Bank of The Bahamas although he gave few details on how this will be achieved.

Philip Davis KC, speaking in the House of Assembly on the post-election ‘Speech from the Throne’, said: “Since we’re talking about truly owning a piece of our country, we will offer Bahamians the chance to own a piece of one of their own national institutions by placing up to a quarter of the ownership of Bank of The Bahamas directly into our citizens’ hands.”

Bank of The Bahamas has now recovered from the 2014 and 2017 taxpayer-sponsored bailouts that removed a toxic commercial loan portfolio from its balance sheet. However, some 17.4 percent of  its shares are already held by private investors according to its 2025 annual report, with the Government holding the remaining 82.6 percent through the Public Treasury and National Insurance Board (NIB). The Government does not have far to go to hit 25 percent private ownership.

Mr Davs, meanwhile, said his administration will intensify efforts to reduce the cost of living during his second term as prime minister.

He acknowledged that earlier measures to ease inflation and provide tax relief have not gone far enough for many Bahamian families, and the Government will "aggressively go after the cost of living in whatever ways we can”.

"We took VAT off the unprepared food in the cart, and we cut the rate on baby items, feminine products and medical supplies," said Mr Davis. "We held inflation to 0.6 percent last year while the rest of the world struggled. But we know this was not enough."

Among the initiatives outlined was long-promised competition legislation designed to combat anti-competitive practices. "We will bring competition legislation to stop the price-fixing and abuses that strain household budgets," said Mr Davis.

He also pledged to introduce uniform electricity rates nationwide. "We will end the injustice that makes a family in Mayaguana pay more to keep the lights on than a family in Nassau by introducing standard rates for light bills across the country,” Mr Davis added.

The Prime Minister also promised a review of real property tax rates to provide greater relief for Bahamian homeowners, and said the Government intends to increase domestic food production by setting production targets and supporting local farmers.

Housing affordability also featured prominently in the Government's agenda. Mr Davis said the administration plans to expand affordable housing and rent-to-own programmes while introducing minimum standards for rental properties backed by an enforcement authority.

"We are expanding affordable homes and rent-to-own opportunities so that hundreds more families each year can turn a key in the front door of a home they can call their own," he said.

Mr Davis added that his administration remains committed to completing several major projects in Grand Bahama, including Grand Bahama International Airport and a new hospital, as he argued the island's economic recovery is already underway and dismissed criticism over the pace of the projects.

"For years, people talked about Grand Bahama in the past tense, as if the Magic City's best days were behind it," he said. "I never believed that for a moment."

Pointing to tourism growth, Mr Davis said visitor arrivals rose by more than 91 percent last year to surpass one million, making Grand Bahama the country's fastest-growing tourism destination. "This is just the beginning," he added.

Mr Davis said projects including the Afro-Caribbean Marketplace, MSC cruise port, the Xanadu redevelopment and a new agreement with the Grand Bahama Port Authority. He added that the Government acquired the Grand Bahama Power Company to ensure residents benefit from lower electricity costs under its energy reforms.

Responding to criticism from Opposition MPs over the airport project, Mr Davis insisted it would be completed. "You all raise the question about the airport. By now, y'all should know if I say it will be done, it will be done," he said. "Y'all said, 'Wait and see' on the power. You all waited and saw;  it's getting done."

"I would have thought that the Grand Bahamian MPs would thank us for lowering the bill for their residents, their constituents...

“I'm talking about good news right now. Big things are happening in Grand Bahama and people can feel the change."