By LEANDRA ROLLE

Tribune Chief Reporter

lrolle@tribunemedia.net

PRIME Minister Philip “Brave” Davis has criticised banks for creating barriers to progress, highlighting inefficiencies in their processes and calling for immediate modernisation to support economic growth.

Speaking at the 34th annual Bahamas Business Outlook, Mr Davis shared the story of a young man whose business opportunity was derailed by delays in opening a bank account.

“What we see here is not just inefficiency, it’s a barrier to progress,” Mr Davis said. “And I’ll tell you now — it cannot continue.”

The prime minister urged banks and the private sector to step up, saying their unwillingness to provide funding to key sectors like farming and fishing is holding back the country’s economic diversification.

“Right now, Bahamians do not have credible access to funding outside of consumer loans and mortgages,” he said. “There’s no real, widespread support for entrepreneurs to build businesses or for everyday people to grow wealth. Local banks are unwilling to provide funding to our farmers, fishers, and so they are holding back our ability to diversify the economy.”

Mr Davis also questioned the distribution of wealth in The Bahamas, urging citizens to ask, “Who truly benefits from the wealth of this nation?”

He expressed concern that while companies and banks report record profits annually, much of this wealth does not flow back into the local economy to benefit Bahamians.

The prime minister emphasised his administration’s commitment to improving the ease of doing business in the country. He called on the business community to collaborate with the government in identifying and removing roadblocks that hinder entrepreneurial success.

“I want to hear directly from the business community about the frustrations you face, the roadblocks that slow you down, and the changes you believe are necessary to move us forward,” he said.

Mr Davis noted that it takes only six hours to obtain a business licence in Rwanda, contrasting this with The Bahamas’ inefficiencies. “If there are policies or systems we’ve put in place that are not working as intended, I want to know. My door is open to rethinking and improving our approach,” he said.

He announced plans to meet with the Bahamas Chamber of Commerce to discuss further improvements, adding that the Department of Inland Revenue has been directed to create an environment where entrepreneurs feel supported rather than stifled.

“Long lines and endless paperwork belong in the past,” he said. “We’re creating a digital-first government where services are available online, 24/7, so businesses can spend less time.”

Mr Davis also outlined steps his administration has taken to close financial gaps for entrepreneurs, including the recent $30m capitalisation of the Bahamas Development Bank. He highlighted initiatives to support women-owned businesses, entrepreneurs with disabilities, and men seeking to grow their enterprises through grants provided by the Small Business Development Centre (SBDC).

“Together, we can identify these issues and take decisive steps to remove the barriers standing in the way of Bahamian entrepreneurs and businesses,” Mr Davis said, urging collective action to move the country forward.