I welcome the latest report from Standard & Poors (S & P), a global credit ratings agency, which acknowledged our country’s “robust” recovery, the reduction in the fiscal deficit, the containment of our debt burden, and the government’s new energy reforms. These factors supported S & P’s decision to affirm our country’s credit ratings and to designate the outlook as stable.
The report comes three years into our term, at a time when we’re honouring the Bahamian people for how far we’ve come together, while recognizing there is much work yet to be done.
When we entered office, the country was in crisis. The mishandling of the pandemic meant our country’s health and economic outcomes lagged behind those of other nations in the region. Our national debt had increased by $2.4 billion in just two years. Everyone understood how grim and serious the situation was: Bahamians feared a major increase in VAT and even a currency devaluation. Meanwhile, Bahamian businesses were suffering from misguided lockdowns and curfews, our hospitals were in dire straits, and our schools were closed and in disrepair. Bahamians across our islands were out of work and needed immediate support and new opportunities.
With hard work, and in partnership with the Bahamian people, we turned things around – we ended harmful policies and implemented our people-first Blueprint for Change, which allowed us to rescue the country from the dire fiscal crisis – while still raising the minimum wage, investing in education, health care, and infrastructure, signing 33 new agreements with labour unions, getting our country removed from the blacklist, breaking tourism records, and creating billions in new investments across our islands.
We know there’s a lot more work ahead. A global inflation crisis has hit our Bahamian families hard. There aren’t any easy answers or quick fixes – so we’re taking on our country’s toughest problems. For example:
- We’re implementing our country’s first nationwide energy reforms, upgrading our electricity grid and bringing solar power and natural gas to our islands, because we understand that comprehensive, nationwide reform of this sector is the only way to reduce prices and make electricity more reliable – both essential to helping Bahamian families and businesses and to supporting the dynamic, inclusive economic growth we know our country is capable of.
- We are challenging the Grand Bahama Port Authority to live up to the terms of the Hawksbill Creek Agreement, because we know that when Grand Bahamians have a true partner for their economic development, the sky’s the limit for the Magic City.
- We are building and strengthening partnerships across the world – to strengthen our borders; to advocate for policies that help small island states like ours; to promote opportunities for Bahamian entrepreneurs, athletes, students, and health care professionals; to fight for fair climate finance; and to ensure our country’s excellence is known the world over.
- We’re making the kinds of infrastructure improvements in the Family Islands which will improve the lives of Family Islanders and make possible a variety of new opportunities and investments.
- Most of all, we’re investing in our people, from our smallest students on up, because our country’s strength will always depend on the people who drive it. We are determined that more and more Bahamians will play a central role in our economy and our national development.
Problems that were decades in the making don’t vanish overnight. Taking on the big fights and challenging the status quo requires a willingness to push forward where others decided to give up. Some of these policies and investments in change will pay dividends soon; others will take time. But the important thing is that we’re no longer kicking the can down the road – and as a result, our country is finally moving in the right direction.
It has been disappointing to see the Opposition so determined to ignore our country’s progress, instead of celebrating it. They almost appear to be rooting for bad news. But we know Bahamians across our islands are working hard to build a stronger and more inclusive economy; none of us are going to let any bad-faith criticism slow us down.
So today, on all days, we thank God, and we thank the Bahamian people, for it is a blessing to do work of such great purpose and importance. Onward and upward, together!