This man makes eminent good sense. The tide has gone out and we are left swimming naked. Liberalizing this economy and opening up to foreign investment without the ridiculous hurdles, red tape and waiting games that scare good capital away would benefit every tier of this country, and it would cost us nothing. It was the obvious answer years ago, now it's the only one. We will either sink or swim depending on decisions being made now.

Very good Dr. Rodgers. Agree completely. It is time that we, as a people, grew up and joined the rest of the world. It is much more difficult to do business in The Bahamas compared to other countries.

We are scared of change insted of imprasing it and moveing forward. The rest of the world is leaving us behind.

Insted of folowing the Cayman Island,s to success and low unemployment, we are folowing Haiti, to failure and high unemployment.

Sorry to disagree, but, the last thing Bahamians need are more high-net worth individuals who contribute little in the way of economic activity and true investment.in the future of this country.
"Economic activity" is not a good unto itself. So long as many people share in the economic pie, all is good. But, the world has been rallying the stock market and other superfluous metrics while the vast, vast majority of people are left behind. "Otherwise, he warned, the country will "wake up from this nightmare and find we're in hell" said Dr. Rogers, according to the Tribune. What percentage of Dr. Rogers friends could say that, and how many Bhaamians in general can say that? "Dr Rodgers argued that The Bahamas' monetary dilemma stemmed not from the fixed exchange rate peg, but the fact that at all times before the COVID-19 pandemic hit it was attracting insufficient US dollar inflows to provide the necessary foreign reserves buffer." Really, a small country like The Bahamas having billions of dollars flowing through it, but we want to argue for more, instead of trying to capture a larger share of that for our own economy. Sell citizenship? Honestly.
Dr. Rogers wants change. I wonder how Dr. Rogers mindset has changed over the years? What should be clear to any thinking person is that the present system isn't working. Nibble away at the edges with fiscal and monetary policy, or use the large brains we were endowed with to radically change the entire way of doing business. The gatekeepers, of which most people quoted in the papers are, want nothing to really change. They can't even imagine it.

What would you do to get us out of the situation we are in?

Dawes, first let's define "the situation we are in:" I like to start at the top. This country has had billions of dollars a year flow through this country. The envy of any developing country. Yet, for decades now, we have failed to make sure that our "people" had any real security. Money security, health security, job security, educational security. We did not insure that a rising tide lifts all boats. It hasn't, That is clear here, as it is around the world. So, if I was looking at solutions that help humanity, not just a restoration of business as it was, I would have to propose radically new ways of doing business. Otherwise, why bother to resurrect a failed paradigm. Presently, we have no representatives who actually work for and empathize with the poor and marginalized, nor the working person. Those people, most people, who do not have a minute to comment on this article, as you and I do. I am speaking as someone who is not religious, yet believes that the Christian message is a pretty good one. Imagine if. With that said, capitalism, full throated, and Christianity cannot truly coexist. Personally, I think we need a world view that focuses on governments providing the greatest good for the greatest number. Instead of worshiping and rewarding short term profits and money alone. Our incentive structure needs to be radically changed. Is this an opening for us to do so? If the thought process was mature enough and educated, which it is not, we would see a new way of leverage to attract a more locally multiplying dollar that is equally beneficial to both the government coffers, as well as, to incentivize, local entrepreneurship. This has never happened, and we know why.

"High net worth individuals contribute little". This is a trope of the variety Dr. Johnson makes reference to. It seems rooted in anti foreign sentiment, or, at best, a rose-colored view of this country which ignores its very real limitations in a globally competitive landscape. Atlantis, Baha Mar, entire service industries, construction etc all stem from the high net worth individuals and FDI some seem intent to shrug off as though this small and indebted nation runs off straw market sales. We do have clear examples in the Caribbean of nations that have opened up and benefited immensely, and those who have doubled down on nationalistic policies to nowhere fast. There need not be any tension between opening up and safeguarding what is cherished about this beautiful land. But odes to socialism at this time do us little good.

The Bahamas is a natural and national Disney World. You do realize this, don't you? I have spent some time traveling. The Bahamas has many, many reasons to visit and to live. We don't need to give away the farm. We need to tax these people much more. We need to get this regressive taxation off of our Bahamian backs and right where it belongs, included in our business model. Customs is an absolutely archaic disaster. Start taxing real property. Remember, supply and demand. They ain't making anymore Bahamasland. Disney World ain't free, and neither should visiting and living in The Bahamas. Quit making concessions for people who don't need them, nor deserve them. We continue to sell ourselves short. Our natural resources, and our human resources. Start a wholesale program that stimulates partnerships between foreign investors and local entrepreneurs. However, you are asking for those who have profited from and been educated by, a thoroughly flawed and failed system for allocating the scarce resources of this beautiful earth fairly and equitably among all. There is little humane about this economic and political system we presently have. I know more than I speak. We are not any nearer our human potential than we have been in our lifetimes. This does not suggest that we who have had the floor, have any reason to demand it any further. We have not succeeded. The metrics confirming this abound. The precipitous decline of our living world should be enough for others to demand the reigns from here on out. Nothing short of a revolution means diddly. Now, who comfortable among us is ready for that?

Nobody is talking about 'giving away the farm'. Making investment easier does not mean giving anything away. It still entails capital and risk, and it still employs Bahamians and contributes to the commonwealth. Making it inviting to do so here vs. Turks or Cayman (or anywhere else) is not giving away anything. On the contrary, it enriches our nation. The notion that investors are clamoring to come to our 'Disneyland' or would stay if we over taxed them is simply false. If only that were so.

Many of the commentators here have it right. Rodgers assumes that all one has to do it, is "open it up" and dollars will flow in. Not true. Before I left the Nassau banking scene, my job in wealth management was to assist high net worth individuals move their money out of Nassau -- largely because of their business interests. That's when I saw the writing on the wall, after a second billionaire client of the bank repatriated his wealth.
The Bahamas has a black eye in the wealth management field for many reasons, including anonymous IBCs, a totally incompetent regulator who let the likes of Benchmark, Montaque etc use client money without any punitive damages to the principals who did it, a useless, moribund, non-liquid stock exchange, KYC rules that punish Bahamians but give a pass to High Net Worth Individuals, lawyers who tout a system of fair laws, yet there is zero degrees of separation between judges, state, business and lawyers. It was the US who brought Nygard down, Perry and the PLPs welcomed him. ... I could go on.
You have to have economic activity to induce influx of capital. US Dollars/capital is the fuel of economic activity. What's the point of having fuel without an engine.
So the quick answer is to let foreigners come in to do business. The quick rebuttal to that is that the ease of doing business eats into profits and is unsound. Who wants to wait 3 months for a $15,000 work permit, or 6 months for business approvals, or ... this is the stupid one ... paying your business tax up front based on turnover, when you haven't turned it over yet. We are retards in the entire business field.
Bottom line, we are fooked. We don't have a massive cadre of educated human capital, and that situation is exacerbated by the brain drain. We don't have a friendly business environment. We have onerous hoops to jump through for legislation and permits, and we have a populace that is largely unenlightened and suspicious of technology and globalization.

It is the FDI business investor that we need.

Not only those like Atlantis, but also the businesses like Buckeye, PharmaChem, GB Shipyard, Bradford Marine, Polymers, etc. all of which invested tens of millions of dollars and are the ones who provide the only real employment in Grand Bahama.

In addition, these foreigners all pay well and provide good benefits.

But you will see that these are industries that came when we were less xenaphobic than we are today.

How about we get rid of government's local investor xenophobia while we are at it. The government does more to stifle this countries growth than anything else. Covid and hurricanes like Dorian are a joke compared to the economic and GDP damage done by the civil serive of this country