Tuesday, Nov 19, 2019
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New financial services minister focused on growth despite setbacks

The newly appointed Minister of Financial Services, Trade and Industry and Immigration Elsworth Johnson said on Thursday that he will focus on making The Bahamas a “distinctive niche service provider in global financial services”.

Johnson, whose first official role in his new post was to speak to the Association of International Banks & Trusts (AIBT), ensured them it is his intention to continue moving the country’s financial services sector towards growth, despite the setbacks caused by new, debilitating rules set by global financial services sector watchdogs.

“I wish to state from the outset that it is my intention and expectation that our efforts and deliberations – that is, that of my ministry and the private sector – toward sustaining and advancing our financial services sector will continue to be both rewarding and beneficial toward a better Bahamas,” Johnson said.

“I am optimistic that we will be able to move with some alacrity, even though we have an agenda that covers a range of comprehensive issues.

“As the minister of financial services, I am particularly concerned with the importance of creating an agenda which, in my opinion, should be focused and concise and in following with that of my predecessor. One that is aimed at engendering strategic evaluation, analysis and solutions with the aim of moving beyond rhetoric, towards results-oriented decisions and through to implementation.”

Johnson explained that The Bahamas must position itself to adapt to and embrace the changes brought about by international pressures and rapid technological advancement.

He added that The Bahamas’ financial services sector has traditionally proven resilient in the face of change.

“Financial services is integral to the sustainability of the Bahamian economy, and I can assure you that the government of The Bahamas is committed to maintaining its reputation and position as a leader in the region for delivering financial services in a responsible, well-resourced, compliant manner,” Johnson said.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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