Democratic National Alliance (DNA) Leader Branville McCartney said the memorandum of understanding (MOU) between the government and the Grand Bahama Port Authority (GBPA) amounts to nothing but "speech and talk".

McCartney told Guardian Business yesterday that many of Prime Minister Perry Christie's efforts and promises to improve Grand Bahama's economy "are all hot air as usual".

McCartney's comments were regarding Christie's address on the MOU made in the House of the Assembly last week. During his contribution, Christie touted several opportunities that he said would emerge from the MOU as a result of the agreements made between the government and all parties involved.

The MOU was signed with the aim of creating new development and investment prospects to help boost economic growth for Freeport, Grand Bahama. The DNA leader suggested the address was merely another speech made by Christie.

"The MOU has not come into fruition as yet. It is simply an MOU. We have had those before. It is all good intentions," said McCartney.

The memorandum of understanding extended tax concessions for certain entities, which results in maintaining the taxation 'status quo' for Freeport. Christie said, "The expiring tax concessions, extended on multiple occasions, were designed in a different era and need to be updated. Tax concessions, when used properly, should be an inducement to encourage private sector investment and/or employment."

McCartney questioned the efficacy of those concession in the first place.

"It has not been working for years. Grand Bahama continues to go down a slippery slope. The end result must be beneficial to the Grand Bahamians," said McCartney.

"The government has done nothing whatsoever to try and rebuild Grand Bahama. As we approach the election season, these promises and speeches made by the Progressive Liberal Party (PLP) is only that. That is all it will amount to... It is all hot air as usual," said McCartney.

"If the status quo continues to remain the same, then we would continue to get the same results," McCartney added.

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