Our Economic Recovery and Priorities
Good morning, friends.
Our world is changing—at a pace that can feel unsettling.
Geopolitical tensions, consequential demographic shifts, and a changing climate – these are the context in which we’re conducting our affairs in 2025.
Add to this artificial intelligence and technological disruption, and it’s clear we are living in an era of transformation. For a country like ours, there are both opportunities to grasp and risks to mitigate.
Step by step, we can chart a path forward of resilience, growth, and opportunity. We must assess and address the considerable dangers and vulnerabilities we face. We have to tackle the longstanding problems which have held us back. There’s no doubt about that. Yet I am optimistic about what we can accomplish – in part because of how far we’ve come in a short time.
Just three years ago, things were very grim. As we all recall — all too vividly – our local economy was in tatters, our nation’s finances in freefall, our hospitals, schools, and communities in crisis.
And as we entered office, a global inflation crisis led to prices rising across the world faster than they had in more than 40 years.
So although we have very big ambitions for change, the first job was recovery – we had to meet the moment, and we did:
We terminated harmful, punitive policies, and replaced them with policies that offered relief and renewal.
We pulled the country back from a fiscal cliff – we stabilized our finances, reduced our deficit by more than a billion dollars, and eliminated fears of devaluation and downgrades.
We have revitalized tourism – with new investments and partnerships – giving us real gains across our economy.
As a result of our policies, and because we partnered with the Bahamian people, the International Monetary Fund recently called our recovery “remarkable.”
As their choice of words indicates, there was nothing inevitable about the pace and scope of our recovery. But recovery isn’t enough – it’s only the start. It’s a record to build on, not a record to rest on.
I believe that despite the considerable challenges of our time, many of the advancements, particularly in technology, mean we can thrive. We can transform our businesses and workplaces, our classrooms, and our medical clinics and hospitals. We can support our teachers and schools that were impossible just a few years ago. We can create an environment that supports productivity and professional development.
Our job is to get our country ready – our laws and regulations, our infrastructure, our businesses, and our people – so we are in the strongest possible position to take advantage of the new opportunities of this time.
A key focus for us has been energy reform. For decades, businesses and families alike have struggled under the weight of high energy costs and unreliable service. There’s no question that high prices and unreliability have acted as a major impediment to business expansions and economic growth. We all know the scope of the problems facing BPL when we took office – we don’t have to go into the details regarding aging infrastructure, massive debt, and an unfunded pension liability. The important thing is that we have been able to move forward despite those and other significant challenges, so that we are now undertaking the most ambitious and far-reaching energy overhaul in Bahamian history. We are investing in cleaner energy, modernizing our grid, and driving new efficiencies. Having reliable and affordable electricity is going to change what is possible for many of our businesses.
On other fronts, too, we’ve made significant progress — removed our country from the blacklist, advancing our climate advocacy, and strengthening partnerships to protect our borders and our sovereignty.
Friends:
A new generation of Bahamians is on the verge of new careers and opportunities that were impossible until now. Artificial intelligence, advanced manufacturing, renewable energy, and digital platforms are reshaping productivity and changing industries.
We need to make sure we invest in education and in workforce development, to close the skills gap and to make sure as many Bahamians are ready to thrive in this new era as possible.
Winning the future starts with education.
Yet, again, we had to start where we had to start: when we came into office, we faced an education system struggling under the weight of years of neglect. Schools had been closed for far too long. Facilities were in disrepair. And when we reopened, we discovered an alarming truancy problem: thousands of children hadn’t returned to classrooms. At the same time, economic hardships meant too many children were coming to school hungry, unable to focus on learning.
We tackled these problems head-on. We launched a free hot breakfast program, which has served more than 400,000 meals to date, ensuring children can start their day ready to learn. We worked to bring students back to school, and today attendance levels are recovering. And to understand the depth of our challenges, we conducted the first-ever nationwide learning assessment, giving us the data we need to make informed decisions.
We are reforming our curriculum to emphasize the skills that matter most: critical thinking, problem-solving, digital literacy, and innovation. We are investing in lifelong learning and upskilling, so workers can adapt to new industries and technologies. And we are ensuring that education is accessible to all, from Nassau to the most remote Family Islands.
Winning the future means creating a workforce that can lead in renewable energy, data science, biotechnology, and other high-growth sectors. It means building a nation where every Bahamian, regardless of their background, has the tools to contribute to and benefit from our national success.
This is not a small task. Transforming our workforce and transitioning to a knowledge-based economy will take time, resources, and determination.
But I believe in the Bahamian people.
I believe in our ability to rise to this challenge, to outwork, outthink, and outcompete.
This administration is committed to making the investments, taking the risks, and delivering the results that will ensure The Bahamas doesn’t just keep pace with the world—we lead it.
Education is our weapon, our strategy, and our future.
Which leads me to this point.
Creating a Fair and Competitive Economy
Friends,
We all share in the view that the system of our economy is not structured for the average Bahamian, nor is the economic model conducive for new entrepreneurial endeavors to succeed.
That is the hard truth, and it is one I refuse to ignore.
For too long, we’ve lived in a system where hard work doesn’t guarantee progress, where opportunities are blocked, and where it feels that the wealth of this nation belongs to a few, when we need it to be available for all who want to achieve it. This is a multi generational legacy issue for us.
Too much of our economy has historically been controlled by a small group of our society and our economic framework serves the interests of a few at the expense of the many. High prices, inefficiency, and a lack of real competition in certain industries have created artificial barriers to entry in our economy. It has created a system where consumers are overburdened, businesses are boxed out, and progress is stifled.
We are going to dismantle those barriers, no matter how entrenched they are.
We are putting in place strong anti-competition laws to ensure that prices to the consumer are more fair, and artificial barriers to entry are dismantled.
No more unfair practices that crush small businesses before they even have a chance to grow and get established.
We must also look outward, seizing new opportunities. The United States has always been our most reliable trade partner, and that relationship will remain strong. But let me be candid: too many of the goods are imported through middlemen, who are importing from other countries. We’re paying for the middleman, and it is driving up costs for Bahamians.
We are building a program to connect Bahamian businesses directly to new markets, cutting out the middleman entirely. This will help you, the business of our country, be more cost competitive, and create more supply efficiencies.
And we’re bringing technology into the hands of the people. Through a new price comparison app, consumers will have the power to find the best prices and make informed decisions.
This is about empowering Bahamians — not just as participants in the economy, but as true stakeholders.
The Bahamian people must see themselves in this economy.
They must feel that their hard work, their dreams, and their ambitions are rewarded. They must see access to their entrepreneurial dreams.
For me, this is about reform and about transformation.
I believe collectively we are bold enough to envision a new Bahamas, and we are determined enough to make it a reality.
Creating an Efficient, Business-Friendly Environment
Friends,
Let’s talk honestly.
If you’ve ever tried to start a business in The Bahamas, you know the frustration. You get the idea, the drive, and the ambition—but then you hit the system. A system that seems designed to slow you down, not speed you up.
It takes too long to open a business.
It takes too long to access government services.
And let’s face it—it takes too long to even open a bank account. I’ve heard the stories from entrepreneurs who’ve been caught in these delays.
A young Bahamian recently told me how they spent months going back and forth with a bank, providing the same documents over and over, just to open an account to launch their small business. By the time the account was opened, the opportunity they were pursuing had passed.
What we see here is not just inefficiency; it’s a barrier to progress. And I’ll tell you now—it cannot continue.
Let me give you an example. In Rwanda, it takes just six hours to get a business license. Six hours. That is the standard they have set for themselves, and they are delivering on it.
So let me ask you this: why can’t we? Why should a process that takes hours in another country take weeks or even months here? It’s time we stop making excuses and start making progress.
So I have directed the Department Inland Revenue and other agencies to create an environment where entrepreneurs don’t feel like they’re fighting the system to succeed. Economic growth depends on businesses having the tools they need, when they need them. It’s time to streamline, simplify, and modernize how we operate—not tomorrow, but today.
I will again meet with The Bahamas Chamber of Commerce because creating a system that works for everyone requires genuine collaboration. It cannot be done in isolation; it must happen through meaningful partnership. I want to hear directly from the business community about the frustrations you face, the roadblocks that slow you down, and the changes you believe are necessary to move us forward. Together, we can identify these issues and decisive steps to remove the barriers standing in the way of Bahamian entrepreneurs and businesses.
If there are policies or systems we’ve put in place that are not working as intended, I want to know. My door is open to rethinking and improving our approach. This is the kind of partnership I believe in—a government that listens, learns, and adapts to meet the needs of those driving our economy. Let’s iron out these challenges together and build a more efficient, business-friendly environment that benefits all Bahamians.
Friends,
This administration is doing our part close the financial gaps for entrepreneurs.
The recent $30 million capitalisation of the Bahamas Development Bank (BDB) is going to provide a much needed access to capital for our small businesses and new market entrants. After nearly two decades without new capital, this funding—secured from the African Export-Import Bank, Afreximbank—is a historic transformation.
This revitalization will empower the Bahamas Development Bank to fulfill its mandate in ways that were previously impossible. We are now positioned to drive Family Island development, invest in food security and smart agriculture, expand exports, and much more. This is not just an injection of cash; it is a renewed commitment to supporting Bahamians who dare to dream big and build boldly.
In addition, through the Small Business Development Centre (SBDC), we are providing grants and targeted support to women-owned businesses, entrepreneurs with disabilities, and men seeking to establish and grow their enterprises. We are making access to capital a reality for those who have long been excluded from traditional funding channels.
Here’s how we’ll go even further.
Today, I would like to announce:
- Building Capacity at Inland Revenue: This department must move at the speed of the economy, not the other way around. We’re going to ensure they have the staff, the resources, and the technology to deliver faster and better service.
- Accelerating Digital Transformation: Long lines and endless paperwork belong in the past. We’re creating a digital-first government where services are available online, 24/7, so businesses can spend less time waiting and more time growing.
If we are honest, we must accept this isn’t just about what government needs to do.
The private sector must step up as well.
Banks need to modernize their processes.
Businesses need to invest in training their staff and improving customer service.
We all have a role to play in creating a system that works for everyone.
Imagine a Bahamas where starting a business doesn’t feel like a battle.
A Bahamas where entrepreneurs can open a bank account in days, not months. A Bahamas where the government and private sector work hand-in-hand to make doing business seamless and efficient.
This is about fixing processes—and it’s about building trust.
Trust that the system works. Trust that time and effort will pay off.
Trust that we are all working together to create a better future.
This administration is committed to asking the hard questions, making the tough decisions, and delivering real results.
And I am committed to ensuring that every Bahamian with a dream has a fair shot at making it a reality.
Bahamians as Shareholders in Our Economy
Friends,
The time has come to ask a critical question:
Who truly benefits from the wealth of this nation? Too often, I see companies and banks declaring record profits year after year. But where does that money go? How much of it flows back into our economy to benefit the Bahamian people beyond providing jobs, for which we are grateful?
Right now, Bahamians do not have credible access to funding outside of consumer loans and mortgages. There’s no real, widespread support for entrepreneurs to build businesses or for everyday people to grow wealth. Local banks are unwilling to provide funding to our farmers, fishers and so they are holding back our ability to diversify the economy.
This must change.
If the Bahamian economy is to thrive, the Bahamian people must feel like true shareholders—not spectators—in its success.
Let me tell you about Andre Cargil, a young man from one of our Family Islands who had a vision to transform Bahamian farming. Driven by a passion for agriculture and a commitment to providing for his community, Andre launched Essential Farms with a bold mission: to provide affordable, fresh eggs to Bahamians.
What started as a small operation has grown into a thriving business. Today, Essential Farms is not only meeting the demand for fresh eggs locally but also has ambitious plans to expand into chicken sales and exports to the Family Islands. Stories like his remind us of what is possible when we invest in our people. And they also remind us of what is lost when we don’t.
That’s why I’m challenging every company, every financial institution, and every stakeholder in this room today: if you are profiting from this nation, give back to its future.
The University of The Bahamas is our proud institution; it’s a pipeline of talent, innovation, and leadership for our country. But it cannot fulfill its potential without more support. I’m encouraging—and challenging—you to step up.
Fund scholarships. Partner on research initiatives. Invest in the programs that will shape the next generation of Bahamian leaders.
At the same time, my administration is doing its part to hold companies accountable.
I’ve ordered a comprehensive review of all heads of agreements. Every company benefiting from concessions has a duty to reinvest in our nation and its people.
This is not optional.
But accountability is just the beginning.
We are also focused on ensuring that Bahamians have a real path to leadership in the workforce. While we are proud of our ability to attract foreign talent, it is unacceptable for foreign labour to dominate senior roles without clear opportunities for Bahamians to rise to the top. My government will ensure that Bahamians have the training and mentorship needed to lead.
This is a priority of the Prime Minister’s Delivery Unit.
And let me add this: it’s not just about jobs; it’s about ownership.
Bahamians must see themselves in this economy—not just as workers but as owners, investors, and decision-makers.
This is our moment to move aggressively towards an economy where the profits declared by big companies translate into scholarships, training programs, and community investments.
Friends, the Bahamian people must feel that this economy is theirs. It’s about fairness. It’s about opportunity. It’s about ensuring that our children and grandchildren inherit a nation where they have a stake in its success.
We can deliver on an economy that reflects the values of who we are—a people who believe in lifting each other up and investing in a shared future.
This Is a Partnership
As I close, I want to leave you with a simple but powerful truth: no government can build a prosperous nation alone. Building the future we envision requires partnership—a partnership between government, business, and the Bahamian people.
This is not about one administration or one sector carrying the weight.
It’s about all of us recognizing that we each have a role to play in shaping the destiny of this nation.
Government must lead with vision, accountability, and bold action. And we are doing just that. We are breaking down barriers to economic opportunity, investing in critical reforms, and ensuring that Bahamians have a real stake in this economy.
Leadership alone is not confined to government. Our private sector partners must also rise to the challenge. I am calling for businesses to do more than seek profits—I am pressing for you to be part of the solution.
Invest in your workforce.
Support our institutions like the University of The Bahamas.
Contribute to the communities that support you.
And to the Bahamian people, I want to say this: your role is just as vital.
This is your economy, your nation, and your future. Hold us accountable, but also be ready to step forward—to innovate, to create, to build.
Some of what I am saying today is about policy; but much more of it is a mindset of shared ownership and responsibility.
I’ve spoken today about the challenges we face, but I’ve also spoken about the opportunities that lie ahead.
I truly believe that we are on the cusp of something extraordinary.
If we work together—with honesty, with conviction, and with a shared commitment to our nation’s success—there is no limit to what we can achieve.
Let us look to the horizon and build a Bahamas where every person feels that they have a stake in our shared future. Let us create an economy where opportunity is abundant, fairness is guaranteed, and progress benefits all.
Let’s seize it—together.
Let us make wealth more common in our commonwealth.
Thank you.