The Bahamas still has a long way to go in improving its ease of doing business score, Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday, adding that the ease of doing business in the country is far better than it was when the Free National Movement (FNM) entered office in 2017.
Turnquest, who spoke to reporters before the weekly Cabinet meeting at the Churchill Building, said there are still specific issues that affect businesses that the government continues to work on, but he contended significant progress has been made through the recommendations of the Ease of Doing Business Committee, which focused on the main issues stagnating businesses.
“For the most part we believe we have addressed most of the significant points that can be addressed from a policy point of view, so now it’s a matter of working through some of the operational issues to see how we can smoothen those out, to see how we can move forward with the implementation of our technology solutions, to remove some of the human elements that provide some of the sticking points and move ourselves up the ease of doing business ranking,” said Turnquest.
“As the chairman of the Ease of Doing Business Committee would have said, we’re making significant progress, we believe it is certainly easier today than it was when we came in and we recognize that we still have some ways to go and we’re working on addressing those issues.”
The issue of the ease of doing business was recently at the forefront after the owner of Compass Point resort challenged the government in a newspaper ad to improve the ease of doing business. He also asked to be part of a committee that would help to make some of those improvements.
Turnquest said businesses like Compass Point have unique concerns and issues related to investment that they want addressed.