The Bahamas Chamber of Commerce held its first State of the Economy Report 2017 as an initiative for Bahamians to have a transparent view of the fiscal year.
Chairman of the Chamber, Edison Sumner said the objective of the first report was to also give Bahamians an opportunity to share thoughts and ask questions first handedly to those who implemented the rules of the country’s wealth.
“It was intended to bring in the technocrats who have a direct input into how the economy is being managed.”
“It was important for us to do this, not from a political perspective, but looking at it from those who actually advise the policy makers on how the economy ought to function.” Mr. Sumner said.
Key note speakers included Governor of the Central Bank of The Bahamas John A. Rolle, Executive Director for the Caribbean Inter-American Development Bank Jerry Christopher Butler, Financial Secretary of Ministry of Finance Simon Wilson, Mission Chief to the Bahamas International Monetary Fund.
The forum was the first report of the Chamber of Commerce, where they promised to push some of the suggestions and reports back to the government for advisement.
“This one is intended to be more engaging, its intended to create a report so that we are able to make recommendations to the government.”
The agenda is now being held a year after the release of the International Monetary Fund report on The Bahamas economic growth potential being down by 50 percent.
“This year we wanted to focus on the IMF because just weeks ago they gave a report on the country, you heard about the downgrade in standard and pause.”
Mr. Sumner suggests due to a good first turnout the chamber plans on making the agenda an annual event.
“Next year we already thinking about this but we are looking to invite other multi-lateral agencies to come in and talk to us.” Mr. Sumner said.
“It’s important for Bahamians to be here business people especially because anything that happens in the economy has a direct impact on their business and if your concerned about how your business grows,” Mr. Sumner continued.
The Conference was held yesterday morning in the Prince of Wales Ballroom at the Atlantis Resort.