Interestingly NO one in the press has interviewed the researcher on the report! BP WONDERS WHY?
The Office of The Prime Minister is currently reviewing a recent report by the University of The Bahamas highlighting the challenges Bahamians face with the rising cost of living. These challenges are not new—they are deeply rooted in longstanding structural issues in our economy that have been building over many years.
From limited competition in essential industries to high shipping costs, monopolized sectors, and a housing market affected by high demand from vacation rentals, the cost of living has remained persistently high in The Bahamas. In fact, The Bahamas ranks among the top six most expensive places in the world, a reflection of these entrenched issues.
Monopolies and a lack of competition in key areas mean that Bahamians often have limited choices and pay higher prices for goods and services. Additionally, the growth of the short-term rental market has squeezed rental inventory, making it more challenging and costly for Bahamians to find affordable housing.
These structural issues require a committed approach, not just for short-term relief, but for long-term, lasting change. That’s why, building on the work we’ve already started, the Davis administration is moving forward with bold actions to tackle these issues head-on.
This government is committed to building a fairer, more competitive economy that puts Bahamians first. Here’s what we’re doing to address these challenges:
- Addressing the Lack of Competition
We are taking active steps to break down barriers and increase competition within monopolized sectors. By encouraging a more competitive environment, we aim to give Bahamians more choices and lower prices. Trade diversification and working with Bahamian businesses, especially in logistics, are priorities as we build a stronger economy.
- Increasing Consumer Protection
Protecting Bahamian consumers is essential. To ensure that businesses serve the people fairly, we’ve appointed Randy Rolle to lead the Consumer Protection Commission. His work will be crucial in strengthening our consumer protection framework, giving Bahamians a voice in the marketplace, and addressing unfair practices swiftly and effectively.
- Putting Money Back in Bahamian Pockets
From the outset, we raised the national minimum wage, provided public sector employees with much-needed promotions and pay adjustments, and reduce the duties on a number of imported items by Bahamian families. These changes are part of a phased approach to improve wages across the board, helping Bahamians earn a fair, livable income.
- Energy Sector Reforms to Reduce Costs
We know how much energy costs impact the cost of living. We’re pushing forward with transformative energy reforms, including solar energy projects, to bring down electricity bills for households and businesses. Lower energy costs will have a ripple effect, helping to reduce prices across the board.
- Support for Families and Students
We’re making meaningful investments in our people. By providing free Wi-Fi in public parks, offering hot breakfasts to schoolchildren, and supporting access to educational resources, we’re working to relieve some of the everyday costs that Bahamian families face.
- Expanding Local Food Production
To ease food prices, we’re investing in local agriculture to decrease our reliance on imports and reduce food costs. By boosting local food production, we’re also creating jobs and increasing food security, making our economy less vulnerable to global disruptions.
- Increasing Access to Affordable Housing
The rising cost of housing has been a significant burden on Bahamian families, particularly with the impact of the short-term rental market on available housing. We’re actively expanding access to affordable housing, ensuring that Bahamians can find secure, stable homes at fair prices.
- Trade Diversification and Partnerships
To strengthen our economy, we’re working closely with Bahamian businesses, logistics providers, and other key players to diversify trade. By opening up new opportunities and fostering stronger partnerships, we aim to improve supply chains and bring down the cost of essential goods.
The challenges we face are complex and requires bold action, and we know that structural change takes time. But this government is committed to a fairer, more competitive economy that works for every Bahamian. We’ll keep pushing for solutions that address these long-standing issues and build a foundation for lasting progress.
This administration will continue to listen, take action, and build a path toward a more affordable Bahamas for all.
