New Providence
Economic Recovery Committee publishes mandate as 7-week consultation commences
By Central Communications Unit, Ministry of Finance
May 17, 2020 - 8:20:39 PM


‘PM to ERC: Present a bold vision for a modern Bahamian economy’

The Economic Recovery Committee (ERC) announced the start of a seven-week period of public engagement to seek sector specific recommendations and input for the ten key sectors that fall under its mandate.

The ERC has a mandate to collaborate and consult with stakeholders and to deliver a position statement to the Government on the current state of the economy, inclusive of immediate fixes and mitigation initiatives.

“The Prime Minister requested the ERC provide specific policy ideas that are tailored made for the key sectors under our mandate. The PM challenged us to put together recommendations that will represent a bold vision for a modern Bahamian economy - that is stronger, resilient, diversified, future driven and fully integrated. A Bahamas with robust free enterprise, entrepreneurial opportunities, highly skilled labor, adequate job opportunities, and sufficient social safely protection mechanisms for the disadvantaged and marginalized,” said Ken Kerr, Committee Co-Chairperson.

The subcommittees appointed by the Prime Minister earlier this week will facilitate public and stakeholder engagement over the next seven weeks via direct meetings, virtual town hall meetings, and presentations.

In a statement published by the Committee, the new Bahamian economy is envisioned as one which is “resilient, dynamic, inclusive, and sustainable”. Resilience speaks to strategies that would enable a quick recovery after economic shocks, and sizeable national savings to smooth out economic downturns. For the Committee, dynamism is anchored in innovation and the embracing of technology, employing strategies for growth and improved ease of doing business. The inclusive economy is built on equal opportunity, broad based Bahamian ownership and the appropriate valuing of all spheres of productive human endeavor.

Lastly, the Committee describes the sustainable economy as one that one that provides safeguards which protect the physical environment from degradation and destruction; invests in human, cultural and social capital; cultivates and builds inter-generational wealth, and proactively promotes business continuity.

“Our scope is broad, but it is also well defined. We will be taking the time to explain it to the Bahamian people so we can maximize everyone’s participation as we chart a way forward for our economic recovery. With our sub-committee structure, we have created a simple entry point for the public to engage with us, and to provide their feedback and recommendations. These sub-committees will also have additional persons appointed to them from the broader Bahamian civil society,” said co-chairperson, Marlon Johnson.

ERC Sub-Committees Include:

•     Structural Reform
•     Financial Services
•     Digitization & The Conceptual Economy
•     Tourism & The Orange Economy
•     Healthcare & Social Capital
•     Commerce, Entrepreneurship, & Next Generation (Youth) Engagement
•     Agriculture, Fisheries & Manufacturing
•     Family Islands Development
•     Energy & Environmental Stewardship
•     Labour & Education

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