NASSAU, The Bahamas — During her Speech from the Throne on October 4, 2023, Governor General Her Excellency the Most Hon. Cynthia Pratt said that survey results from 2020 confirm that The Bahamas remains one of the top 10 most expensive countries in the world.
“The high cost of living is a major cause of financial stress and psychological distress in the country,” Her Excellency said during the Opening of the New Session of Parliament in Parliament Square.
Her Excellency said her Government does not wish to overburden any section of the community, but does seek to make the economy fairer.
She explained that to provide a better framework for businesses and consumers, her Government will introduce the following measures:
• A new Registrar General Bill to re-organize the operations of the Registrar General’s Office. This will help to ease the burden of doing business in The Bahamas.
• A new online company registry portal which will help to make the process of registration more efficient.
• A new online civil platform, to provide efficient and transparent services to Bahamians.
Her Excellency said her Government is also mindful of the need to provide for greater protection of consumers, and will therefore introduce Consumer Protection legislation.
“As the cost of energy is a significant driver of high costs in the country, My Government will undertake a ‘root and branch’ review of the energy sector, and has recently established a Ministry of Energy to implement effective, long-lasting solutions.
“My Government has already launched programmes to install 100 megawatts of solar energy in Nassau, and new blended power facilities incorporating a minimum of 50 per cent solar generation in 16 locations throughout the Family Islands.
“The introduction of renewable energy is a fundamental component of our promise to drive down the cost of electricity.”
Her Excellency said her Government remains especially committed to implementing clean energy in New Providence, by moving to sources of renewable energy, and becoming less dependent on fossil fuels.
“Building on these efforts, my Government will therefore introduce the following legislation:
• A new Renewable Energy Bill that will provide a legislative and regulatory framework for the expansion of renewable energy generation.
• A new Liquid Natural Gas Bill that will provide a legislative and regulatory framework for development of LNG generation – which will produce lower carbon emissions than the current system – along with the regulation of bunkering and blending LNG facilities in The Bahamas.” (BIS Photos/Eric Rose)
