Prime Minister Philip Davis’s remarks at the opening of RF Economic Outlook 2026

Good morning.

To our host, the leadership team at RF Bank and Trust, to the members of our financial services community, and to every innovator and industry leader gathered in this room, thank you for the invitation to join you today.

This year’s theme refers to an “AI Tsunami.”

And I appreciate the honesty in that framing.

Because a tsunami is a force of nature.

You don’t negotiate with it.

You either prepare for it, or you get swept away.

To survive and to thrive, we must get ready to “ride the wave”, because if we move quickly, we can harness the power of this technology to create tremendous change. 

You know, I happen to think “ride the wave” is always good advice…so I hope I can persuade you that together, we can usher in a new era of national ambition – one that features a new wave of Bahamian success stories. 

Anyone who has spent time interacting with AI and listening or reading about recent developments will be aware of the new potential we have to transform what is possible for small countries like ours. 

With new technologies reducing the capital investment required for many businesses, barriers to entry are lower.

That means we can open new doors – doors to Bahamian ownership, to Bahamian success and prosperity, and to new industries built and led by Bahamians.

It means we can accelerate our economic diversification and development –  and as I want to continue to emphasize, it means we can build an economy where prejudice and privilege and gatekeepers matter a lot less, and your creativity and ability to innovate matter a lot more.

A single entrepreneur, armed with the right AI tools, can now accomplish work that once required a team of ten, twenty, or even fifty people. 

That has extraordinary implications – for productivity, competitiveness, and growth. 

And, of course, it also has implications for employment.

On the other side of this great opportunity sits a very real threat for those who are unprepared.

While some people are harnessing AI to expand what is possible, many others are watching this transformation unfold from the other side of the digital divide.

They are not yet participants in this era.

And they are understandably worried about their jobs and their futures.

We must work hard to make sure that the benefits of this new technology do not flow disproportionately to those who already have access, education, and capital.

That is not inevitable. It need not be that emerging technologies perpetuate or even deepen existing disparities. 

We can be intentional about building the future we want; we can work hard to make sure that instead of being left out or left behind, Bahamians are able to access and leverage the technology to level up. My administration is focused on preparing our people, and empowering our people.

The Data Protection Bill we passed last year establishes the legal guardrails our citizens and businesses need in this era.

We launched Digilearn to offer free courses in foundational digital skills, and our Upskill Bahamas offers courses in technology, AI, data, entrepreneurship, and more – also offered at no cost to our citizens.

Eleven thousand Bahamians are now enrolled in Upskill Bahamas – that means that thousands of Bahamians are now learning from the world’s best universities and training institutes, gaining the skills to start or grow a business – or earning certificates in the skills that matter most in today’s economy.

At the same time, we are restructuring the national curriculum with a greater emphasis on numeracy, literacy, and technology. 

And we are launching new initiatives like the upcoming Bahamas Polytechnic Accreditation and Training Hub to allow students to get certified in high school. 

Think about the power of a seventeen-year-old with the training – and therefore the confidence – to open the doors to the digital economy. 

Or a small business in the Family Islands, which for the first time has the tools to help their employees gain expertise and skills without leaving home. 

That is the reality we are embracing.

Of course, when we talk about empowerment, we are talking about more than training and education. 

We are also speaking about creating an environment where people and businesses lead within this transition. 

The government’s job is to create the conditions where innovation flourishes.

The MyGateway platform now provides centralised online access to hundreds of government services. 

Portals like the digital customs process, the DIR Portal, and our e-procurement systems reinforce our commitment to expanded access. 

The progress hasn’t come without the expected frustrations of integrating new technologies. But we have to keep responding and adapting and changing until the systems are optimized for all. 

We also recognise how AI can transform our own operations. 

The Water and Sewerage Corporation is using AI to detect leaks. And we are using AI-driven analytics to identify and target potential visitors to strengthen our tourism sector. 

We are just at the beginning of leveraging new efficiencies and productivity. 

My friends, the AI tsunami is here.

Let’s work together to prepare our people to thrive.

The Bahamas has always been a nation defined by resilience and resourcefulness. 

Our people have navigated hurricanes, climate change, and global pandemics. 

We know what it means to face a powerful force and come through stronger on the other side. 

This moment is no different.

We will not stand on the shore watching the wave roll in. 

We will be positioned and prepared, ready to ride it into the future – ready to create a new era of opportunities.

The world will keep changing – but so will we, with confidence, and without leaving anyone behind.

May God Bless You All.

Thank you.