The dynamism of the global interconnected economic structures through various trade and political affiliations have become a source major challenge to many nations, especially a small island country like The Bahamas and most Caribbean countries. Yesteryears was when nations vigorously protect its economy from foreign influence and participation, and businesses were able to use their clout to prevent foreign competition within its local economy and in some instances, in distance markets where bilateral agreements enable some form of discrimination. Also, gone are the days when countries around the world believe in economic development based on existing stock of natural resources endowed within its territory.
Most countries around the world are endowed with invaluable natural resources that can hardly be estimated in dollars terms, but still the presence of these resources does not assure the peace, development, and political and socio-economic transformation of the countries overall indexes. Why a country so endowed with abundant natural and human resources would fail to develop and exploits its resources? This raises fundamental questions regarding the key factors that nations must focus in the development of their country. Hence, it can be concluded that, irrespective of the availability of natural resources or the lack of it, for any nation to survive and achieve sustainable economic development, there must be conscious and determined effort by the government and citizen to transform the advantages and disadvantages of their existence into a benefit and an economic powerhouse.
Hence, in todayﾒs highly globalized and competitive environment, the wealth of nations depends largely on the knowledge, creativity and problem-solving abilities of its leaders; and the entrepreneurial spirit of the citizens. Knowledge, skills, innovation and entrepreneurship drive the global economic growth. The great United States of America utilizes it natural and human resources in addition to acquiring experts from the global community to develop itself into a wonderful nation of the 20th and the 21st century. Many nations are following the example of the United States, notwithstanding that the US has a debased moral and social environment which is firmly rooted in their unfettered freedom of speech, association, and so on granted by their constitution.
The Bahamas is blessed and have the ability to transform the tiny Islands that makes up the country into an economic fortress for future generation to come. But to achieve this, there is need for Bahamian innovativeness and creativity to be translated into reality by the leaders through the adoption of political, economic and social policies that would encourage and challenge the citizenry into becoming visionary entrepreneurs: entrepreneurs that would chart new economic directions and provide the bedrock on which we are certain to achieve industrial development.
Bahamians, in particular, the political leaders must adopt this pragmatic and result-oriented outlook in devising and implementing effective economic policies that would spur the rapid economic growth of the nation. Ours leaders and bureaucrats in the public service sector must work with open mind and constructive resulted-oriented philosophy with the business community to understand their needs and problems and share in their entrepreneurial vision to take our nation to the next level of development. Businesses and experts in the country do not need cynicism, mediocritic labeling, and policy procrastination that only destroy their genuine entrepreneurial spirit. We must not challenge or underscore the capability of Bahamians in the pursuit of business excellence in any sector within our national economic development. In addition, the government must start to consider giving legal immigrants the opportunities to bring to fruition their business and technological ideas without waiting for 10 or 20 years before applying and getting approval (when it is possible) for permanent residence status.
Towards this end, the government and its key officers must demonstrate the unhesitant willingness to provide technical and protocol support of entrepreneurs whether they are Bahamian or migrants so long as employment in the established business will be restricted to Bahamian first. This strategy will facilitate the development and or expansion of our traditional economic development focus, in addition to including new horizon of experts the development of the country.
The Central Bank and the Ministry of Finance must overhaul the monetary policies of the country to ensure that these policies promote new and existing business development. The current government has been doing a fine job at understanding the economy and in mitigating the global economy from negatively impacting our economy. It is hoped that in the shorted possible time, a blue print for the diversification of our economy aimed as creating significant level of economic self-sustenance would be unveiled which will focus on internal effort at economic development.
By: Kevina Alcena, The Bahama Journal
