A part from the country’s dismal economy, record unemployment and labour unrest, former Prime Minister and Free National Movement (FNM) Leader Hubert Ingraham acknowledged that the FNM’s lack of finances also played a key role in the party’s crushing defeat in the May 7 General Elections.

In fact, Mr. Ingraham declared that the party was “financially challenged” during the campaign season.

The party did not begin airing its election television campaigns as early as the Progressive Liberal Party (PLP) and according to Mr. Ingraham, it was all because it simply could not afford it.

“We needed more money to run a more effective campaign this year,” Mr. Ingraham said.

“We finished the campaign carrying about $1 million in debt which our new leadership team will need to address and settle moving forward.”

He continued, “You will know that our party does not accept all offers of financial support for its election campaigns. It has always been critically important to the Free National Movement that its funding come from reputable sources and further that financial support not compromise the hand of the government should it assume office as government.”

The FNM raised some $131,000 from its online fund-raising campaign, through contributions from 363 individuals.

Mr. Ingraham’s address came during the morning session of the party’s one-day convention, held on Saturday at the Holy Trinity Activities Centre.

There he thanked supporters for allowing him to lead the FNM into four general elections – three of which it won in 1992, 1997, 2007.

While he was not able to deliver a fourth win, he accepted responsibility for the party’s loss at the polls earlier this month.

“The Bahamian people in their majority have now determined that it is time for me to go. I accept their decision. And I thank them for the confidence they previously reposed in me for 15 years as Prime Minister of The Bahamas. Indeed, I thank the Bahamian people for having me for a longer period of time than I desired or expected,” Mr. Ingraham said.

He confessed that he was happy to go.

The former FNM leader then recounted his party’s legacy of achievements and accomplishments, which he said spans every segment of life in the country, from education to healthcare, social development to professionalising the public service and modernising the country’s infrastructure.

Yet despite the party’s numerous accomplishments he acknowledged two major disappointments.

“The failure to achieve full equality for women with men under our national constitution and the still unresolved dilemma of the status and position of children born in The Bahamas to illegal immigrants,” he said.

Mr. Ingraham urged FNM members to remain vigilant and hold the governing party accountable to all its promises.

But he also said that the FNM’s focus must be on returning to government.