Nassau, Bahamas: From January 2007 it was clear that there was slowing up of the economy, and for the last eight months The Bahamas has seen declining tourist arrival figures. We have seen reduced staff levels at Atlantis and Colina not to mention the government’s dismissal of over 1,200 temporary workers. And since January last year we in The Bahamas have seen the close down of many companies. Some offshore banks have closed their doors, as well as Bacardi and most recently, 13 stores of Price Busters just to name a few. And still nobody is concluding that we are in a recession.
Just to add here, some 700 mortgagees with mortgages with the Mortgage Corporation are facing possible foreclosure on their homes, this is a telling sign. And then there are the many private banks publishing foreclosures right here in The Bahamas. Bahamas Press has seen facts of this sudden downturn and can now report that it is clear, a HARD RECESSION has hit The Bahamas!
Anyone questioning this should just pick up a copy of your morning daily and you would discover that fact. In last Thursday’s morning newspaper, banks published four full pages of property and homes under the titles; ‘MUST SELL’. This reminds us of hard times back in 1992. Hubert Ingraham back in 1992 spoke to that recession year, as he attacked Sir Lynden and Lady Pindling for the bad economy. Here is what Ingraham said;
“Our homes are being auctioned off. Cars are being repossessed and sold. School fees can’t get paid. Lights are turned off. Babies pampers can’t be bought and babies crying for food. Things are tough and they ask us look at me? Yeah we looking at you.
“We looking at you but instead of looking at you thousands of other Bahamians are waiting and praying and expecting that your husband who helped to bring on THIS MISERABLE way of life will soon be gone from the countenance of our country,” Hubert Ingraham said.
We at Bahamas Press wonder, now that Hubert Ingraham is running the country and is in charge, who can he blame today now that he stopped in 2007 some $90 million in capital development projects earmarked for the country. He fired scores of government workers and at the same time raced away Bah Mar partners. Prime Minister Ingraham STOPPED and CANCELLED in his reckless review policy other developments. And to send shock waves throughout the business community, his government has levied the HIGHEST TAX INCREASE ON THE BAHAMIAN PEOPLE IN THE HISTORY OF THE COUNTRY! To use a line from a member of Parliament, “How far back in the bush does Hubert Ingraham wants to take us?” Our photos here shows four full pages of distressed properties, a clear sign that the Bahamian families are having a hard time.