Ministers focus on investment and financial services

PRIME MINISTER Perry Christie says The Bahamas faces “enormous challenges on a great many fronts”. He says these need to be tackled “aggressively” and to meet them he has restructured government ministries and formed what he describes as “a dynamic and broadly based” Cabinet team.
“I have sought to re-fashion and re-position pre-existing ministries to respond more directly and effectively to these national priorities,” says Mr. Christie.
He has declared the economy a major priority and has taken on the job of Minister of Finance personally.
The new government’s determination to attract investment is shown by the creation of a new Ministry of Financial Services and Investments. Headed by lawyer Allyson Maynard-Gibson, its primary objective is to ensure The Bahamas occupies the pre-eminent position as an international financial banking center.

Mr. Christie says: “This sends the strongest possible signal to the banking and business community and to foreign investors how fully committed we are to working in the spirit of partnership with them to spur economic growth and responsible management of our fiscal resources.”
The budget for financial services promotions is to be significantly increased.
The appointment as Minister of State within the Ministry of Finance of James Smith, a former governor of the Central Bank, who is well-known and respected in the financial services industry, has been seen as further reinforcing the government’s backing for the nation’s second most important sector.
Mr. Smith, a former governor of the Central Bank, has been given special responsibility for day-to-day fiscal affairs, budget planning and financial services.

The creation of another new ministry, the Ministry of Trade and Industry, to be headed by Leslie Miller, is aimed at encouraging the entrepreneurial spirit of Bahamians. Development of small businesses and local enterprises is regarded by the administration as vital to the economy.
Veteran lawyer Alfred Sears is the new Attorney General and Education Minister. He is expected to play a pivotal role in advancing the government’s agenda for law and constitutional reform. Ministers have pledged themselves to “the strictest code of ethics in the political life of the country,” Mr. Christie says. To reinforce the code, a new Public Integrity Act will be introduced.
Other ministers in the enlarged 16-member Cabinet include: Cynthia Pratt, Deputy Prime Minister and Minister of National Security; Fred Mitchell, Minister of Foreign Affairs and the Public Service; Obie Wilchombe, Minister of Tourism; and Vincent Peet, Minister of Labor and Immigration.