AGP Executive Report

India-Bahamas Ties: India and The Bahamas discussed expanding cooperation in the orange, green and blue economies, with a focus on sustainable growth. Grand Bahama Reform: Prime Minister Philip Davis proposed a new island-wide governance framework and a review of the Hawksbill Creek Agreement. Public consultation is due to begin November 1, but business leaders warn uncertainty could deter investment and threaten Freeport’s trade-zone model. Public Finance: The government completed a $1.1 billion, 13-year bond at a lower interest cost after investor demand exceeded the amount sought by more than three times. Financial Services: A bill would ban bearer shares, with a six-month transition for companies to replace existing instruments. Separately, U.S. prosecutors allege more than $36.9 million in crypto-scam funds passed through a Bahamas bank. Skills and Industry: Grand Bahama Shipyard welcomed 12 apprentices home from 18 weeks of technical training in Liverpool. Power and Technology: Senator Rick Fox says frequent outages must be fixed before the country can credibly pursue data sovereignty and an AI economy.

Skills Pipeline: Grand Bahama Shipyard welcomed 12 apprentices home after 18 weeks of technical training in Liverpool. They will continue their four-year programme in welding, fabrication, mechanical work and pipefitting. Financial Crime: U.S. prosecutors allege more than $36.9 million from 174 scam victims passed through a Bahamas bank before being converted to cryptocurrency and sent to Cambodia. A Chinese national has been extradited to face a money-laundering charge. Grand Bahama Reform: The government’s proposed overhaul of Freeport governance and the Hawksbill Creek Agreement has drawn calls from the Port Authority, business groups and the U.S. ambassador for consultation and investor certainty. A six-month public consultation is due to begin November 1. Public Finance: The Bahamas completed a US$1.1 billion, 13-year bond at a 7.70% yield after investor orders reached 3.2 times the amount offered; the refinancing is expected to cut scheduled repayments by at least US$331 million through 2029. Business Rules: Legislation to ban bearer shares would require existing instruments to be replaced or cancelled within six months, closing a company-ownership transparency gap. Power and Investment: Continuing outages are fuelling warnings that unreliable electricity could undermine ambitions for data centres and an AI economy.

Public Finance: The Bahamas completed a US$1.1 billion, 13-year bond at a 7.70% yield, with demand more than three times the amount offered. The refinancing is expected to cut at least US$331 million in scheduled repayments through 2029. Grand Bahama: Prime Minister Philip Davis has proposed a major overhaul of the island’s framework, including a review of the Hawksbill Creek Agreement. The GBPA is calling for meaningful consultation, while former Chamber president Dillon Knowles warns that changing the agreement could damage investor confidence. Tourism and Jobs: Scotiabank has signed a multi-year deal to become presenting sponsor and exclusive financial services partner of Baha Mar’s Culinary & Arts Festival, backing a platform for local hospitality and creative businesses. Wages and Pensions: The National Tripartite Council will develop a permanent minimum-wage setting mechanism and lead national discussions on a possible retirement-age increase. Power Supply: Outages continue on New Providence, with faults affecting several areas and adding to concerns about the reliability of electricity for residents and businesses.

Grand Bahama Reset: Prime Minister Philip Davis has proposed a major overhaul of Freeport’s governance and the Hawksbill Creek Agreement, arguing the island needs lasting change. The plan includes a development council, while the opposition is demanding firm details and timelines. Tourism Investment: MSC’s Grand Bahama projects are expected to generate a $14 million annual payroll. Plans include a beach club at Lucaya, targeted to open in 2028 alongside the first phase of its cruise development. Public Finance: The Bahamas has finalized a $1.1 billion bond at 7.7%, below last year’s 8.25% rate. The 13-year issue will refinance existing debt, including $332 million linked to Grand Bahama Power. Business Rules: The government plans to eliminate bearer shares, while an opposition MP says faster licensing and approvals are also needed to make it easier to do business. Cybersecurity: PwC Bahamas warns that AI is adding complexity to cyber threats, urging companies to treat cyber risk as a business-wide concern.

Grand Bahama Reform: Prime Minister Philip Davis says the government will amend the Hawksbill Creek Agreement and shift key public powers from the Grand Bahama Port Authority. A six-month consultation is set to begin November 1; the opposition says residents need firm timelines and delivery, not more promises. Corporate Transparency: A bill before Parliament would ban bearer shares under the Companies Act, bringing domestic company rules in line with international standards. Education Investment: The new BEST Foundation has secured $500,000 in pledges. Deputy Prime Minister Chester Cooper says about $300 million is needed for education infrastructure and technology. Tourism Links: Southwest plans to launch Austin–Nassau flights in June 2027, adding a new route from a major US market. Fuel Costs: Gas has reached $7.56 a gallon in New Providence and diesel is nearing $10, squeezing businesses and households as the government considers relief options.

Grand Bahama: Prime Minister Philip Davis says the government will amend the Hawksbill Creek Agreement after a comprehensive review, reconsider concessions and establish a development council. Plans also include work on the airport, harbour and Grand Lucayan Resort. Opposition Leader Michael Pintard says reforms should create opportunities without weakening Freeport’s economic model. Regional Investment: The United States announced a US$340 million Caribbean funding package for projects in energy, ports, critical minerals and digital infrastructure. The Bahamas took part in the talks, but no country-specific allocation was announced. Trade: The government is investigating a 75% year-on-year drop in exports to the US in July. Exports for January through July were down 2.8% from the same period last year. Business Costs: Eleuthera’s chamber chief says rising freight, fuel and other expenses are pushing some firms to consider closing. Fuel station operators are urging the government to consider tax relief. Energy: Bahamas Power & Light has revised parts of its grid code and is studying how utility-scale solar responds to disruptions as renewable generation grows.

Trade & Markets: The government is investigating a 75% year-on-year plunge in exports to the US in July, though exports were down just 2.8% over January–July. New trade ambassador Barry Griffin says economic diplomacy will focus on opening markets and attracting investment. Business Costs: Eleuthera’s Chamber chief says rising freight, taxes and fuel costs are pushing some businesses to consider closing; Tropical Shipping’s latest rate increase is about 11%. Fuel dealers are urging tax relief, noting government taxes make up roughly a quarter of the pump price. Grand Bahama: The government’s proposed framework would review the Hawksbill Creek Agreement, including possible changes or repeal, and consider a new development council. Energy: BPL has revised parts of its grid code and is studying how large solar systems respond to disturbances, aiming to reduce the risk of simultaneous disconnections destabilising the grid. Financial Services: Parliament is moving to ban bearer shares in domestic companies as The Bahamas faces a regional review of its anti-financial-crime safeguards.

Grand Bahama: Prime Minister Philip Davis is set to unveil a new framework for the island at Grand Bahama Shipyard, as debate grows over Freeport’s future and the Hawksbill Creek Agreement. Investment: The government plans tailored agreements for substantial foreign family offices, covering immigration, tax, licensing and exchange controls, while requiring meaningful investment and use of Bahamian services. Tourism: Officials are cautiously optimistic 2026 could be another banner year. Exuma has added a new draw with Baymahni, a beachfront bungalow resort on Stocking Island. Cost pressures: Gas prices in New Providence have climbed above $7.49 a gallon. Former minister Leslie Miller is urging a cut in fuel importers’ margins, while Bahamians also press for a minimum wage increase from $260 a week. Small businesses: Fort Fincastle vendors say their relocation to Fort Charlotte has dragged on for nearly two years, hurting sales and leaving them uncertain about their future. Economic diplomacy: Davis called for partnerships in trade, sustainable farming, clean energy and shipping, pitching the country as a regional logistics hub.

Fuel Costs: With New Providence gasoline above $7 a gallon, operators are urging the government to work with fuel suppliers on relief as motorists and businesses absorb rising costs. Tourism: Director General Jackson Weech says officials are cautiously optimistic 2026 could be another banner year, with visitor numbers still developing. Investment: The government plans special agreements for substantial international family offices, offering clearer terms on immigration, taxes, business licensing and exchange controls in return for investment and local professional services. Trade and Diplomacy: Prime Minister Philip Davis is pitching The Bahamas as a hub for shipping and logistics and seeking partners in clean energy, agriculture and food processing. Energy Transition: At a regional conference in Nassau, Energy Minister JoBeth Coleby-Davis said the country aims for renewables to supply 30% of electricity needs, citing fuel-price exposure and power affordability. Jobs and Skills: More than a quarter of the workforce has no formal qualifications, while underemployment rose by 2,890 people in the first quarter, Labour Minister Pia Glover-Rolle told Parliament. Grand Bahama Power: Opposition MPs are demanding more financial details on the government’s proposed $331.82 million refinancing tied to its acquisition of GB Power.

Regional Investment: The US says it will invest more than US$340 million across the Caribbean and Central America in connectivity, health, security and economic growth, following talks that included The Bahamas. Energy Costs: At a Nassau energy conference, Minister JoBeth Coleby-Davis said the country is targeting 30% renewable electricity by 2030, while LNG is a bridge away from costly imported fuels. Service station operators are also urging government, wholesalers and retailers to work together on relief as pump prices approach $8 a gallon. Grand Bahama Power: Opposition MPs are demanding details behind a proposed $331.8 million refinancing tied to the power company acquisition, questioning the long-term cost to taxpayers. Tourism Jobs: MSC’s proposed $400 million Grand Bahama cruise terminal could create 320 permanent jobs and 350 construction roles, with the first phase targeted for 2028. Household Costs and Work: Freight rates from the US and Canada are set to rise 11.1% from November 8, raising warnings of Christmas price increases. Government is also considering higher retirement ages and a minimum-wage increase; meanwhile, the Labour Minister says 27% of the workforce has no formal qualifications.

Energy: At the CARILEC conference in Nassau, Energy Minister JoBeth Coleby-Davis said LNG is a bridge to lower-cost power, not a retreat from renewables. The Government targets renewables for 30% of electricity by 2030, as outages and fuel-price exposure continue to trouble households and businesses. Grand Bahama Power: Opposition MPs are demanding more financial detail on a proposed $331.8 million refinancing tied to the utility’s acquisition, questioning the long-term cost to taxpayers. Business Costs: Freight rates from the US and Canada are set to rise by about 11.1% from November 8, raising fears of higher Christmas prices for consumers. Tourism Investment: MSC’s proposed $400 million Grand Bahama cruise terminal could create 320 permanent jobs and 350 construction jobs, with opening targeted for 2028 and completion in 2029. Jobs and Skills: The Labour Minister says 27% of the workforce has no formal qualifications, while union leader Obie Ferguson is urging a minimum-wage increase from $260 to $350 a week.

Tourism Trade: Anguilla’s tourism board secured new inquiries and bookings after meeting more than 70 luxury travel advisors at Baha Mar, while Royal Caribbean hosted travel advisors aboard Wonder of the Seas and showcased CocoCay. Infrastructure: Bahamas Striping says road projects in Eleuthera and Exuma are now its priority after emergency runway work at North Eleuthera airport. Public Finances: The government’s reported $39.3 million surplus remains contested, with critics pointing to National Insurance Fund spending and deferred payments; Parliament has also approved $331 million in borrowing for GB Power Company. Business Costs: Brent crude neared $110 a barrel as the government explores ways to ease fuel costs. AML Foods has opened a second Exuma store, citing shipping and tax pressures, while rising airfares are raising concerns about the Bahamas’ tourism competitiveness. Tourism Risks: An economist has warned that cruise-line private islands could weaken the wider tourism industry’s position, as weather-related itinerary changes again disrupt Bahamas cruise calls.

Tourism: Royal Caribbean rerouted an October 18 Oasis of the Seas sailing, cancelling calls at Nassau and CocoCay as storm conditions threatened the route. The change highlights how weather can disrupt cruise visits and tourism spending. Public Finances: The government announced a $39.3 million surplus, its first since independence, but opposition figures, economists and the Chamber questioned whether it reflects lasting gains, citing National Insurance Fund spending and deferred payments. Power and Fuel Costs: Parliament approved $331 million in borrowing for GBPC as the government seeks lower loan rates; critics warn of a larger potential burden for taxpayers. With oil near $110 a barrel, the Finance Ministry is exploring ways to ease fuel costs. Exuma Growth: The government says $1.5 billion in investments are progressing in Exuma, with the airport targeted for completion by mid-2027. AML Foods has also opened a second Exuma store, while flagging shipping and tax pressures.

Fuel Costs: Brent crude neared $110 a barrel as Middle East tensions drove prices higher, and the Ministry of Finance is exploring ways to ease the burden on Bahamian consumers. Fiscal Watch: The government’s claimed $39.3 million surplus faces scrutiny from the Opposition and business groups, who question the treatment of National Investment Fund spending and deferred payments. Power Finance: Parliament approved $331 million in borrowing for Grand Bahama Power Company as the government seeks lower rates on its debt. Exuma Growth: AML Foods opened its second Exuma store despite shipping and tax pressures, while officials say $1.5 billion in investments are progressing and stopover arrivals have risen 4%. Economic Outlook: The IMF forecasts 1.9% growth for The Bahamas, with higher energy costs and softer tourism and remittance flows weighing on small-island economies.

Energy Costs: Brent crude climbed above $109 a barrel, adding pressure on Bahamian households and businesses. The IMF projects 1.9% growth for The Bahamas in 2027 and warns that higher energy costs and weaker tourism could slow small-island economies. Fiscal Debate: The government’s announced $39.3 million surplus is facing scrutiny from the Opposition and the Chamber, with questions over National Investment Fund spending and whether delayed payments flatter the figures. Power and Transport: Parliament approved $331 million in borrowing for Grand Bahama Power Company, while officials are seeking lower loan rates and exploring ways to ease fuel costs. Separately, industry leaders warn rising air fares could price Exuma out of the tourism market. Business and Tourism: Buckeye Bahamas hired five marine pilots for its Freeport terminal. In Exuma, AML Foods opened a second store amid shipping and tax pressures, as airport upgrades and new investment move ahead.

Fiscal Debate: The government says it recorded a $39.3 million surplus for 2025–26, the first since independence. The opposition and business groups dispute the figures, citing National Investment Fund spending, state-company dividends and loans to agencies. Energy Finance: Parliament approved $331 million in borrowing for Grand Bahama Power Company, including refinancing existing debt, as the government seeks lower loan rates. Exuma Costs: Tourism leaders warn aviation fees could price visitors out, with a round trip to Staniel Cay nearing $1,000. AML Foods has opened a second Solomon’s store on Exuma but says shipping costs and VAT changes make lower grocery prices difficult. Jobs and Pensions: The government is considering raising retirement ages to 62 and 67, while a minimum-wage increase may also be on the horizon. Trade and Development: Diplomatic Week, starting October 18, will focus on trade and the blue, green and orange economies.