Stuart: Critical for Bahamians to begin investing outside country

Wealth creation for the next generation of Bahamians will be found through investing outside of The Bahamas, businessman and political party leader Cassius Stuart said yesterday, adding that even with mega investments like Atlantis and Baha Mar, which represent the largest private employers, a majority of Bahamians continue to fail in their ability to amass savings, wealth and investments.

Stuart, who made the remarks during a Rotary Club of Nassau meeting, contended that the country’s present economic system is not 

sufficient to sustain Bahamians for the next 50 years.

He insisted that the next generation will be sustained by building their money outside of The Bahamas and then repatriating it.

According to Stuart, Bahamians have to become more than just consumers.

“The whole business model is we consume. I think, though, in order for us to become successful, for the next generation, the next model should be more about becoming investors,” said Stuart.

“After 50 years as an independent nation, as a democratic nation, all the investments we’ve had – Baha Mar, Atlantis, The Pointe – 90 percent of Bahamians have less than $500 in their bank accounts.

“So the question is, is the business model we have in The Bahamas working? Is it working for some, is it not working for the masses?

Stuart suggested that Bahamians begin to expand their outlook on wealth building. He pointed to Guyana as an example of a country in the region and as a CARICOM sister nation to The Bahamas, where Bahamians can look to invest given that Guyana’s economy is the fastest growing in the region, thanks to the discovery of a huge oil reserve. He called Guyana, which he said is positioned to become the Saudi Arabia of the region, “fertile ground for becoming an investor beyond our borders”.

“Very rarely you will see a Bahamian-based franchise beyond our borders. This is where the success lies,” Stuart said.

“The wealth of the next generation of The Bahamas is not necessarily in the Commonwealth of The Bahamas, but we have to position young Bahamians on how to go ahead and train and get that. Bahamians need to begin thinking globally.”

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Chester Robards

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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