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All Systems Go for Public Procurement Legislation to Take Effect

Sept. 2, 2021

After months of preparation, and years of legislative reform, the Government’s landmark public procurement legislation took effect on September 1st.

The Public Procurement Act, 2021 has implications for all government entities and state owned enterprises, which have been undergoing training and orientation exercises over the last four months. The Public Procurement Department, located in the Ministry of Finance, is fully established. Mr. Carl Oliver is serving as Acting Chief Procurement Officer while the recruitment exercise of the head of the department remains ongoing.

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New legislation tackles barriers to business

Aug. 4, 2021

The Government of The Bahamas recently enacted the most progressive procurement legislation in the entire Caribbean region, and is proud of the steps being taken to implement the new provisions starting on September 1. While the Ministry of Finance acknowledges the 2021 Investment Climate report issued by the US State Department –the investor community can be reassured that this Government has not only taken concrete steps to improve the process, but the new Public Procurement Act (2021), is now a standard bearer of modern, progressive procurement standards.

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New Customs processing fee temporarily suspended

July 27, 2021

The Government has temporarily suspended the implementation of a Customs processing fee, approved during the 2021/22 budget exercise to allow for additional training and customer education.

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Bahamian FDI receipts lead global counterparts despite global pandemic

July 14, 2021

The Bahamas demonstrated the strongest level of Foreign Domestic Investment (FDI) receipts among Small Island Development States (SIDS) during what has been described the worst global economic downturn in nearly 100 years. The United Nations Commission on Trade and Development (UNCTAD) released its annual World Investment Report 2021 on June 21, reporting on global and regional FDI trends for the 2020 calendar year. 

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Changes at Ministry of Finance Signal Debt Management Act Now in Effect

July 8, 2021

The Ministry of Finance published its first Annual Borrowing Plan (ABP) in keeping with new guidelines set by the Public Debt Management Act, 2021, passed by Parliament in March. The new legislation puts teeth behind the government’s commitment to fiscal accountability, and to increasing transparency and borrowing predictability in debt operations.

     

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COMMUNICATION

June 22, 2021

It is indeed a privilege for me to commence the debate on the government’s fiscal year 2021/22 budget in this honourable chamber.

Just a few weeks ago Prime Minister, the Most Honourable Dr. Hubert Alexander Minnis tabled in the Lower House two of the most important documents produced by this government

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Small businesses capture larger share of the economic pie

June 20, 2021

The Minnis administration’s commitment to investing in private sector growth has been exhibiting positive results as the Ministry of Finance reports a 58% increase in small and medium-sized enterprises (SMEs) between 2017 and 2020.

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ACCELERATING RECOVERY: FROM RESTORATION TO GROWTH

June 17, 2021

I am grateful for the opportunity to stand before you today to open this administration’s 4th national budget press conference. I open by acknowledging God and pray for His continual wisdom and guidance in all our decisions.

Before I begin, I want to publicly acknowledge the highly skilled, competent and professional staff at the Ministry of Finance, particularly Acting Financial Secretary, Marlon Johnson, Economic Advisor in the Office of the Prime Minister and former Central Bank Governor, Wendy Craig, and the entire team for their tremendous work. I am proud to be a part of this truly extraordinary team.

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New budget to focus on continuing support and accelerating economic growth

May 25, 2021

On May 26, 2021, the government will present its 2021/2022 Budget Communication outlining new fiscal and economic measures that build upon the successes of the Resilient Bahamas Plan presented last year.

As part of its ongoing public education campaign, the Ministry of Finance will produce, alongside traditional budget publications, several supporting documents and visual tools to simplify the budget and improve public accessibility to understanding otherwise technical budget information. The Ministry invites the public to follow its social media pages and subscribe to its mailing list to receive useful aids that will break down the features of the 2021 …

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Revenue uptick continues as economy slowly opens

May 5, 2021

Third quarter fiscal results confirmed that the Bahamian economy, although still below pre- crisis performance, is steadily progressing along the path of recovery. The positive impact of the gradual relaxation of health and safety restrictions on domestic businesses was evidenced in improved revenue receipts, with aggregate revenue collection through the nine months review period positioning at nearly 70 percent of the annual budget.

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The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.