The Bahamas mourns one of its finest sons.
It was with profound sadness that I learned of the passing of Mr. James H. Smith, CBE, former Governor of the Central Bank of The Bahamas and former Minister of State for Finance. Our country has lost a national treasure. That loss will be felt across our public life and in our financial institutions.
James Smith belonged to the generation that built the institutions of an independent Bahamas. A true son of the soil, he trained as an economist in Canada and came home to serve. He gave his career to the stewardship of our nation’s finances, and he brought to that work integrity, prudence and a quiet sense of duty.
In the Ministry of Finance, first as Secretary for Revenue and later as Permanent Secretary, he helped to shape the fiscal policy of our young nation. He represented The Bahamas as Alternate Governor at the International Monetary Fund. In 1987, he was entrusted with the governorship of the Central Bank.
For ten years, he guarded the Bahamian dollar, the anchor of our economy and of the confidence the world places in us. He led the Bank with independence of mind and steady judgement, in good times and in difficult ones.
Three Prime Ministers, from both of our great political traditions, placed their trust in him. He became Governor under Sir Lynden Pindling. As Ambassador for Trade under Hubert Ingraham, he carried our case to the world and chaired the services negotiations for the Free Trade Area of the Americas. In 2002, Prime Minister Perry Christie asked him to serve in the Senate and in the Cabinet as Minister of State for Finance.
Few Bahamians have earned such confidence across the political divide. He earned it through competence, discretion and loyalty to country.
His appointment steadied confidence in our financial sector, at home and abroad, at a delicate moment. He carried special responsibility for day-to-day fiscal affairs, budgetary planning and the financial services industry, and he discharged that trust with care.
After he left office in 2007, he remained a counsellor to the nation. He chaired CFAL and served on numerous boards. He spoke with candour about our public finances, always from long experience and always with the good of the country at heart.
He gave his time to young Bahamians as a trustee of the Governor General’s Youth Award. He was appointed a Commander of the Most Excellent Order of the British Empire in 2000. In 2017, the financial services industry honoured him with its Lifetime Achievement Award.
He believed in preparation, persistence and performance. His life bore witness to all three.
During my first term, I carried the Finance portfolio. I came to understand how much our financial stability owes to the foundations his generation laid. James Smith stood in the front rank of those builders.
The nation owes him a profound debt of gratitude. We honour him best by keeping faith with the standards he set: prudence with public money, integrity in public office and devotion to the national interest.
On behalf of the Government and people of The Bahamas, Ann Marie and I extend our deepest condolences to his family, his friends, and his former colleagues at the Central Bank, the Ministry of Finance and CFAL. We share their grief. We share, too, their pride in a life of such distinction.
May God grant his family comfort and strength in the days ahead. We give thanks for the life of a remarkable Bahamian. May he rest in eternal peace.
The Hon. Philip Davis, K.C., M.P.
Prime Minister of The Commonwealth of The Bahamas