Freeport, Grand Bahama, November 4, 2020; The Grand Bahama Chamber of Commerce (GBCC) submitted its latest compilation of survey data to the Prime Minister’s office and the Grand Bahama Port Authority’s Chairman as it continues to advocate for the business community in Grand Bahama and its economic survival. The Chamber submitted both the survey’s aggregate findings, along with actual transcripts from all respondents (all identities remaining confidential).
The GBCC has conducted the several surveys and focus groups in the aftermath of Hurricane Dorian and throughout the COVID crisis to ensure that it was best positioned to put forth the issues that most affect businesses and offer recommendations to help mitigate the challenges while searching for ways to drive real and sustainable recovery for the island.
Attached (Chamber survey – COVID business survey #3 overview SUMMARY) is the overview of survey responses, which along with all of the data of the Chamber’s focus groups by sector, reveal no real surprises: an extremely battered economy, struggling for many years, showing unsustainable strains on businesses of all sizes. “The surveys and focus groups all reveal businesses who are struggling to meet their commitments, and some who are still not in operation. We see further erosion in employment levels which is very alarming and an overall and continued decline from most market segments other than those who provided essential goods or services,” explained Mr. Greg Laroda, GB Chamber President. “As far as the most pressing concerns go, businesses need to be able to safely operate to recover – not just from COVID but from Dorian – and we need enough people living and employed in Grand Bahama to support those businesses. There is very little left in the tank, so to speak, for many and we cannot stress how dire the situation is,” he added.
View the overview of the survey here: (Chamber survey – COVID business survey #3 overview SUMMARY)
The main things remain the main things:
“We need to remain open for business, of course with strict adherence to the safety protocols. However, despite the devastating impact of COVID on our economy, it really served to just kick us while we were down after Dorian. In Grand Bahama, we were already at a crossroads, with alarming unemployment, and in desperate need for a laser focus and collaborative effort to revive our economy. COVID has only exacerbated the pain points. What is very clear is that the main things have remained the main things, 14 months after Dorian: our airport, our hospital, potable water, resolution to our hotel strip and the real property tax exemptions, extending duty and VAT concessions so that post-Dorian recovery can continue, access to low cost funding, addressing the alarming increase in dilapidated buildings and eyesores throughout the island, the ease of doing business, the need for diversification and the lack of critical mass. These issues are reiterated over and over in our focus groups and surveys,” explained Mr. Laroda. “We understand the overwhelming burdens and domino effect from Dorian and now COVID – no doubt that this is an unprecedented time. However, we simply cannot wait any longer to arrest the decline of Grand Bahama. We believe that holds true not only for Grand Bahama – but in the interest of the country as a whole as our island has the development potential this country needs more than ever. The Grand Bahama Chamber of Commerce is calling on both the Government of The Bahamas and the Grand Bahama Port Authority to act with the greatest urgency to work together to address what we all know to be the challenges holding us back. It will take all stakeholders collaborating – with the same priorities, with all collective resources allocated to those priorities to reverse course for our economy and redirect it towards stability and sustainable growth for the benefit of all Bahamians.