NASSAU, BAHAMAS — Opposition finance spokesman and East Grand Bahama MP Kwasi Thompson yesterday asserted that the budget presented by prime minister Philip Davis "lacks vision" and is "out of touch" with the challenges of everyday Bahamians.
Thompson expressed his disappointment during his contribution to the 2023/2024 budget debate, stating: "Unfortunately, this budget fails to address the challenges faced by everyday Bahamians.
"It lacks the vision necessary to mitigate the severe effects of inflation and does nothing to alleviate high unemployment. Moreover, it offers no innovative ideas to promote ease of doing business and digitalization, instead making it more expensive and difficult to operate. This budget does not prioritize the needs of the people."
Thompson further argued that the budget is incomplete and fails to address the issue of rising food prices.
"Not only does it lack measures to assist individuals in dealing with inflation, but it also reduces expenditure on certain social services. This neglects the rising costs of essential goods and services, leaving many Bahamians struggling to make ends meet," he remarked.
Turning his attention to the Grand Bahama economy, Thompson emphasized the need for improvement.
"Grand Bahama deserves better. The facts speak for themselves. In 2022, Grand Bahama experienced an economic decline of nine percent, amounting to $154 million.
"Despite the absence of hurricanes and COVID-19, Grand Bahama suffered the most significant decline in the country. This is incredibly disheartening. Even without the impact of Hurricane Dorian and the pandemic, a nine percent decline occurred."
Thompson also was "perplexed" by the government's thought process as he disputed the government's claim of no new taxes.
"Budget communications should be clear and precise," he argued.
"The truth is, taxes have been increased, and new taxes and fees have been introduced. It's as simple as that.
"Harbor dues and Port Authority fees have been raised, resulting in over one million dollars in additional harbor dues. This will translate into higher shipping costs and increased import expenses. Consequently, Bahamians must pay more for basic necessities such as food, gasoline, and clothing."
Thompson pointed out that under the new Business License Act, hotels, international business companies (IBCs), and insurance companies will face higher costs, ultimately affecting Bahamian consumers.
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