News Report: BCCEC Meeting with PM, business leaders was fruitful

Published by Youri Kemp, May 02, 2025

Bahamas Chamber of Commerce (BCCEC) Executive Director Dr. Leo Rolle said a recent meeting business leaders had with Prime Minister Philip Davis and other government officials was not a public relations exercise, but rather there were some tangible items that came out of it as a result, like concessions for family island businesses and an amendment of the Family Island Development Act.

Rolle told Guardian Business: “We heard from the financial secretary, and there was a clear outline of where the government is and where it intends to go, where the shortfalls were, and where the gaps are.

“We heard from the minister of economic affairs with some of the trade diversification aspects. We also heard from the governor of the Central Bank relative to some of the challenges that we’re having.

“One of the businesses spoke about the challenges of opening a bank account. Gowon Bowe, who was the head of the Clearing Banks Association, spoke to that, he was able to provide clear evidence as to what it takes to open a commercial bank account.”

Prime Minister Philip Davis met with senior private sector executives, including bankers, real estate developers, and members of the BCCEC last week Thursday, in an attempt to assure the business community that the upcoming budget exercise slated for later this month will not be anti-business, but rather will be one that provides targeted tax incentives.

During the meeting, the prime minister mentioned customs duties reductions and no new taxes for businesses, Dr. Rolle noted. “He did mention some type of international taxes similar to the domestic top-up tax... it seemed, based on the commentary, that there would be more taxes on international organizations coming to The Bahamas and benefiting from our resources.”

Dr. Rolle said that business leaders asked for particular concessions for family island businesses.

“There were chambers of commerce from all the various Family Islands that were present and allowed to speak on behalf of family island affairs that the BCCEC may not be privy to all the time, because we’re in New Providence. And so, each family island was able to speak on what is happening, and the government heard it, and so I’m very hopeful, and we will be watching and reading to keep the prime minister true to his word that the new budget will not unduly disenfranchise the business sector.”

He continued: “One of the key areas was the Family Island Development Act. At present, it’s not available for business owners, it’s only available for private citizens. And so, the business community was lobbying to see if any consideration would be given to level the playing field, both for businesses and individuals.”

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