NASSAU, BAHAMAS – St.Annes Member of Parliament Adrian White sounded the alarm in parliament on Wednesday afternoon over what he termed an "environmental disaster" on the island of Abaco due to an alleged diesel leak from a service station.

White alleged that the fuel has been leaking into the harbour for more than twenty days. He added that residents have resorted to taking their own steps to offset the "nauseating" stench of the fumes.

He called on environmental authorities to take immediate action, even though officials reported that the spill has been contained.

White however still had his concerns. "Will the service station be fined? What appropriate action has been taken to clean up the spill that will undoubtedly impact our marine life," he questioned.

White made his concerns known as debate commenced on environmental legislation to increase fines and penalties to the existing laws.

In responding to the concerns raised by White, Environmental Minister Vaughn Miller insisted that the polluter will pay.

Miller told house members that government is not sitting idly by on the issue and is cognizant of its impact on the environment. He added that once the investigation is complete action will be taken.

NASSAU, BAHAMAS – Opposition Shadow Minister Kwasi Thompson expressed concerns Wednesday morning that Bahamians are not feeling the impact of the economic rebound which was outlined in a report released by The Bahamas National Statistical Institute (BNSI) on Tuesday.

The report notes that while The Bahamas' economic recovery, since Hurricane Dorian and the COVID-19 pandemic, has yet to match the second quarter of 2019 where real GDP stood at $3.4 billion dollars. The BNSI report also revealed that "the most notable real QGDP growth in this period was a 9.9 percent increase, which occurred in the first quarter of 2023 compared to the first quarter of 2022."

The BNSI noted that "The first quarter of 2023 registered $3.26 billion, compared to $3.1 billion in 2019."

"The quarterly totals indicate a continuous move toward a complete recovery of the Bahamian economy following the COVID-19 pandemic."

Thompson, while acknowledging the increase in GDP and the surge in tourism business, expressed concerns that residents are still grappling with inflationary pressures that contribute to the high cost of living, while also accusing the Davis administration of not doing enough to soften the blow of inflation on residents.

Steering committee on cheque reduction endorses strategy to strengthen domestic payments environment

NASSAU, BAHAMAS — The Central Bank said yesterday that 'steady progress' is being made toward the goal of reducing cheque usage in the country, noting that a legal opinion outlining the optimal approach to implementing regulatory changes necessary to support a reduction in cheque usage has been drafted. 

The regulator yesterday also noted that a public education campaign is set to formally launch in May 2024, with a significant emphasis on encouraging increased utilization of digital payments and digital financial services.

The Central Bank indicated that since its inception in February 2023, the Steering Committee on Cheque Reduction has steadily progressed towards its overarching goal of framing and guiding the strategy for reducing cheque usage in The Bahamas.

The regulator noted that over the last year, the Committee conducted various research initiatives to ascertain the consumer experience as it relates to banking and payment services.

"In particular, the Central Bank, in partnership with the Bahamas Chamber of Commerce and Employers Confederation, surveyed the business community on their experience with opening business accounts at commercial banks, to gain an appreciation for the turnaround time associated with this process and the sentiment around the ease of doing business. In addition, it is vital that the Committee understands the time and cost associated with cheque payments as compared to alternative payment methods from both the demand and supply sides, in order to position a balanced strategy. To this end, the Committee also surveyed commercial banks and the business community on the fees associated with cheques versus other payment solutions, the time it took for final availability of funds across each payment method, and the processes involved to settle varying payment types." the Central Bank stated.

The regulator noted that based on the results of various surveys and discussion points raised at a domestic payments system retreat, the community communicated a general readiness, but noted that there was still a strong need for enhanced education on alternative payments and increased regulation related to cost.

"On the regulatory front, the Committee, through its Legal and Regulatory Working Group, is working closely with an external legal consultant to enable a reduction in cheque usage in The Bahamas. To-date, a legal opinion, which frames the best approach for effecting the regulatory changes required to support a reduction in cheque usage, has been drafted and more selective engagement on this matter is planned with stakeholders, such as the business community," the regular stated.

It was also noted that moving forward, the Steering Committee has endorsed a three-pronged strategy to strengthen the domestic payments environment, with concrete deliverables through 2026. A public education campaign will launch formally in May with a heavy emphasis on promoting greater use of digital payments and digital financial services. 

"On access to payments, alongside general stress on financial inclusion, the Central Bank will identify further scope to ease on-boarding rules for the opening of deposit accounts for individuals and businesses. The Bank will also consider tighter rules to govern minimum affordability of, and basic access to accounts for individuals; and ensure that all banks and credit unions provide universal access to the digital currency," the Central Bank.

The regulator added: "On payments system performance and cost, the Central Bank is committed to work with banks, credit unions and other payment services providers to develop a real-time, fast payments network, to allow instant settlements across both digital wallets and deposit accounts, including for inter-bank transfers. Strengthening this infrastructure is also geared towards ensuring that The Bahamas is sufficiently prepared to benefit from the G20 countries' roadmap, by 2027, to lower cost and improve speed, transparency and access to international payments. The payments system work will also identify targeted improvements in the environment around banking sector practices affecting the ease and transparency of cheque usage."

NASSAU, BAHAMAS — Cruise arrivals through the first quarter have exceeded 2023 numbers, according to Nassau Cruise Port Chief Executive, Michael Maura, noting that Royal Caribbean ia set to eclipse the 2.5 million visitors it has projected to bring to Nassau, underscoring the need for more experiences to offer visitors.

"Our numbers are exceeding those of 2023 for the same quarter, which obviously has blown the socks off the record year of 2019. Nassau has returned to being in a very strong demand position. We see it both in the hotels but also in the cruise segment. When you invest in infrastructure, it creates more opportunity for sea traffic coming in for us. We have got very firm commitments. Talking with Royal, they have been talking about 2.5 million visitors they are going to climb to and will eclipse that number," said Maura. The redeveloped Nassau Cruise Port opened last May. Some $300 million was invested into the redevelopment.

The government signed a Heads of Agreement for the Royal Caribbean beach club on Paradise Island on Monday, along with a groundbreaking ceremony. The beach club is expected to open in 2025.

Maura went on to state: "I'm excited and upbeat. I think the future is certainly bright. I think there are a lot of opportunities. We have to have more experiences. Let's say there are three million visitors from Royal Caribbean and another three and a half from everyone else. That's six million people. The future is very bright and exciting."