Govt to work harder on ease of doing business
The Ministry of Finance is spearheading an inter-agency working group working that will aggressively push forward ease of doing business initiatives in the wake of the World Bank’s revelation that this country’s ease of doing business score improved by one point this year.
A press release issued by the Ministry of Finance yesterday explained that government hopes to move The Bahamas’ score by 15 points in the next few years.
“The incremental move in the latest World Bank Ease of Doing Business ranking is a welcomed sign that the government’s initiatives are reaping benefits,” the release said.
“The assessment undertaken by the World Bank is conducted every year based on 10 focus areas that affect the life of a business. The specific indices that are tracked and scored by the World Bank include the following: starting a business, dealing with construction permits, getting electricity, registering property, having an effective credit rating and tracking system, protecting minority investors, paying taxes easily, trading across borders, enforcing contracts and resolving insolvency.”
Deputy Prime Minister and Minister of Finance Peter Turnquest said this issue has the “support and attention” of executives at the highest levels of government.
According to the release, the inter-agency working group comprises representatives from the Ministry of Finance, the Office of the Prime Minister, the Office of the Attorney General, the Department of Inland Revenue, the Customs Department, the Department of Public Works, the Central Bank of the Bahamas, the Registrar General’s Office and the Securities Commission.
“The ultimate test is whether people feel the impact of the changes on the things that matter most to them, but we are also using the global ranking as a benchmark because it uses objective and quantifiable measures of progress and it assess our performance against 190 economies across the world. Internally, our working group is employing a data-driven approach to tracking progress and decision making, modeling this best management practice for government,” said Turnquest.
“We started this project several months ago. And as the new year unfolds, we will be rolling out a number of significant initiatives that will have a positive impact on the daily lives of businesses and help us to continue our climb on the global ranking list.”