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Turnquest highlights importance of GB economy

Opening the 12th Annual Northern Conference of The Bahamas Association of Compliance Officers in Freeport yesterday, Deputy Prime Minister and Minister of Finance Peter Turnquest said that the strength of Grand Bahama’s economy is vital to the nation’s overall growth. 

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TheBahamasInvestor.com
Thursday, October 26, 2017
Thursday, October 26, 2017

Turnquest

Pictured: Deputy Prime Minister and Minister of Finance Peter Turnquest addresses delegates at the 12th Annual Northern Conference of The Bahamas Association of Compliance Officers (BACO) one-day conference, October 25, 2017 at Pelican Bay Resort. (BIS Photo/Lisa Davis)

Opening the 12th Annual Northern Conference of The Bahamas Association of Compliance Officers (BACO) in Freeport yesterday, Deputy Prime Minister and Minister of Finance Peter Turnquest said that the strength of Grand Bahama’s economy is vital to the nation’s overall growth.

“People don’t necessarily understand how important Grand Bahama is to the entire health of this country, because it is still the second largest economy,” he said.

“If (Grand Bahama’s economy) fails, it will cause enormous pressure on the rest of the country,” added the Minister.

In his address to compliance officers, Minister Turnquest said his government feels it has an obligation to do what it can to ensure that Grand Bahama succeeds.


He said that is just the first step in delivering on the commitments the government has made to the people of Grand Bahama and for the people of The Bahamas.

“The economic transformation of Grand Bahama requires growth,” he said.

“According to the International Monetary Fund‘s World outlook, The Bahamas is forecasted to grow by 1.8 per cent in 2017 and by 2.5 per cent in 2018. However, that growth will not happen and be sustained if the government does not do its part to facilitate economic transformation.”

“These reforms are critical to achieve better living standards, moderate inflation, low inflationary concerns and high growth rates.”

“We have an obligation and we have a commitment to make the improvements, to make the changes that we need to make in order to ensure that we keep pace, at a minimum. But I challenge my people every day to make a quantum leap to ensure that we get ahead.”

Industry leaders gathered this morning to discuss the changing compliance landscape and its implications for The Bahamas, with Attorney General Carl Bethel warning: "The demands [of compliance] are expanding and we are going to have to really change the way we do business if we are to succeed."

The Bahamas Ministry of Tourism is gearing up to launch its newest romance competition Say Yes in The Bahamas Wedding Proposal.

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