In this article, RUPERT HAYWARD looks to the future of Grand Bahama - and considers how we can reinvigorate and revitalise all parts of the community.

I was not asked to speak at this year’s Grand Bahama Business Outlook on the future of Grand Bahama but if I had been, this is what I would have said:

The time has come to get back to fundamentals, reinvigorate Grand Bahama and reimagine what the island could and should become. We need to think outside the box and come up with a bold new plan – one which, after many years of setbacks and struggle, will finally allow us to take full advantage of the potential of this sleeping economic giant, for the benefit of ALL Bahamians and future generations.

This plan must welcome and bring together everyone with a vested interest in Grand Bahama’s success, from local Freeport businesses and big foreign investors, to the Grand Bahama Port Authority (GPBA) and the residents of every community on our island, and perhaps most importantly, the Government of The Bahamas.

I believe such a plan must have six key pillars:

1 Back to basics

The City of Freeport was originally designed as a special partnership between a private company and the Government of The Bahamas unlike anything that ever existed anywhere before. The idea was to create an open and accessible climate for international investment and an economic engine that would be of massive benefit not just for the island, but also The Bahamas as a whole. Although this link has sadly weakened considerably over the years, the visionary idea remains sound, and we must use it as the foundation of our new plan for the future. This time, we need a true public-private partnership between the GBPA, private company licensees and Government, one that fairly represents all concerned and functions on a basis of mutual trust and deep collaboration for the benefit of Grand Bahamians and the nation as a whole.

For this to happen, the GBPA must grow into a world-class institution, a genuine big player on the international stage that is able to attract major foreign investment and bring new and exciting industries to the island. It must have a progressive and inclusive board of directors supported by a highly qualified and professional management team.

The partnership between Government and GBPA must become more responsive to investors and the wider community – including private company licensees and GB residents from east to west – and more active in standing up for the rights and interests of all stakeholders in a fair and reasonable manner.

2 A population explosion

This new partnership between Government and GBPA must create a regulatory framework capable of attracting new large investments and generating countless employment and entrepreneurial opportunities for the island. This abundance of new jobs and opportunities would draw thousands of Grand Bahamians currently living away back home, in turn reversing the notorious “brain-drain” that has cost the island so much in terms of lost skills and initiative. It would also bring many skilled, talented and ambitious professionals, craftsmen, scientists, technicians, artisans and creatives from Nassau and other islands, as well as internationally, to take advantage of the new and more diverse employment opportunities, and training and skills development in new industries.

A larger population would mean more people to share the cost of running the island, meaning lower fees and taxes for all. This would attract even more new businesses and licensees, residents and large developments, leading to even more jobs for workers and more tax revenue for the island, not to mention a vibrant marketplace for Grand Bahamian products and services, in a self-reinforcing loop of ever-increasing prosperity and opportunity.

3 A new modern city

The increased government tax revenues could be invested in new top-notch schools, modern and affordable climate-resilient housing, cutting-edge public medical facilities and provide subsidies for renewable energy that would drive down the cost of electricity for households, among countless other utilities and amenities to support a new thriving metropolis on Grand Bahama, not to mention the increase in GBPA revenues that can be invested into the development and beautification of our city and the wider Port Area.

This vision incudes nothing less than the creation, through well thought out master-planning, of a brand-new modern city that will be home to hundreds of businesses and tens of thousands of new residents pursuing careers in exciting and rewarding industries. This new city could make Grand Bahama a world-class business center, maritime hub and innovation destination that is unequalled anywhere in the region.

Training and employment opportunities would become available in a greatly expanded tourism product including the thriving high-end ecotourism market, as well as in a number of industries new to the island like the blue and green economy, sustainable aquaculture, clean hydrogen energy and crucially, climate resilient construction solutions.

4 A sustainable future

Building long-term resilience for our communities in the face of stronger storms, more violent floods and the destruction of our marine ecosystem is the biggest challenge facing The Bahamas today. The climate crisis is already hitting small island nations first and hardest, as we recognize only too well in the aftermath of Hurricane Dorian. At the same time, an abundance of career opportunities aimed at helping coastal communities defend against climate threats are just waiting to be claimed.

A new vision for Grand Bahama must allow us to take full advantage of this virtually untapped reservoir of employment and entrepreneurial possibilities, developing a whole new cadre of skilled local professionals, and Bahamian businesses, and placing them at the forefront of an emerging new sector that is likely to become one of the most important economic engines of the global economy in coming decades. This will not just accelerate the climate solutions that The Bahamas needs most to attract investment and keep our communities safe; it will also establish the country as global leader in this field.

5 A change in attitude

GBPA must come to see itself as part of a larger whole, in the same boat as the other stakeholders and winning or losing according to how the collective tide rises or falls. In particular, we must find a way to work closely with the Government in the spirit of constructive partnership. Crucially, there must be no thought of sacrificing the rights and interests of either Freeport licensees, or the wider Grand Bahama public.

For its part, Government must come to view GBPA as a true partner on the road to success and prosperity for the entire nation. GBPA and Government must collaborate closely to create an updated, globally competitive regulatory framework that facilitates a standard of ease of doing business unrivaled in the region and which subsequently attracts largescale investment both from Nassau but critically, also from abroad.

As regards licensees and Grand Bahama residents, what is required is a spirit of open-mindedness and willingness to look forward not back in the name of writing an ambitious new chapter together. This chapter must be written so that the benefits of a successful Grand Bahama are felt and enjoyed not just by Grand Bahamians, but by all Bahamians in our wonderful country.

6 Coming to the table

If Government and a reinvigorated GBPA can work together, then I firmly believe an extremely bright future is within our reach. Change inevitably takes time (and I’m aware that patience is not something we should be asking of Grand Bahamians, given the frustrating years of waiting for much-needed growth on the island) and it could be several years before it comes to full fruition. But under the right plan, Grand Bahama residents and businesses could start seeing material benefits almost immediately.

The time has come for an open and frank discussion about the future of Grand Bahama in which all stakeholders have a voice. The Hayward Family, as Bahamians, are invested in the long-term term future of Grand Bahama. It is therefore my sincere hope that the Government and other stakeholders share our view that deep collaboration is desperately required for Grand Bahama to thrive, and will agree to come to the table and create an official plan that can usher in the brightest possible future for Grand Bahama, its people, and The Bahamas as a whole.

We all need to work hard together to make this a reality.