EDITOR, The Tribune.

To: Esteemed Members of Parliament,

I am writing in response to a recent letter to the editor that attempts to justify an increase in your salary. I wholeheartedly reject this argument as misguided at best.

A comparative study of the economic trajectories of Singapore and The Bahamas since independence reveals significant differences in outcomes, stemming from strategic choices, governance effectiveness, and institutional integrity. While both nations began as small, resource-constrained territories, Singapore’s remarkable ascent highlights areas where The Bahamas has fallen short in achieving sustainable prosperity for its citizens. This divergence is not merely coincidental; it is a consequence of deliberate policy, execution, and ownership.

Singapore’s success is rooted in a state-led, disciplined strategy focused on diversification, value creation, and citizen empowerment. Notably, Singapore owns its key economic sectors.

Manufacturing & Technology: Developed globally competitive semiconductor, biotech, and chemical industries.

Finance & Trade: Established sovereign-controlled entities (Temasek, GIC) alongside stringent regulations.

Housing & Infrastructure: Approximately 90% of its citizens own homes built by the state-driven Housing Development Board (HDB).

In contrast, The Bahamas remains overwhelmingly dependent on foreign-controlled sectors.

Tourism: Roughly 70% of resorts are foreign-owned, with profits largely repatriated.

Banking & Insurance: Dominated by international institutions, with minimal local equity or control.

Critical Infrastructure: Ports, energy, and telecommunications rely heavily on foreign ownership and investment.

As a result, The Bahamas does not truly “own” its economy—it merely hosts it. This dependence limits wealth retention, stifles local entrepreneurship, and exposes the nation to external shocks.

Now let’s address the systemic failures in housing, business opportunities, and citizen equity:

Housing

- Singapore achieved 90% home ownership through state-subsidized HDB flats, fostering integrated communities with schools and clinics.

- The Bahamas faces chronic shortages, unaffordable pricing, and inadequate planning, with over 20% living in informal settlements (i.e., shanty towns).

Business Development & Ownership

- Singapore’s small and medium enterprises (SMEs) contribute 48% of GDP, supported by state grants, R&D funding, and global market access.

- The Bahamas’ local businesses struggle with high costs, limited financing, and competition from foreign entities, with Bahamians holding minority stakes in key sectors.

Citizen Wealth Creation

- Singapore’s citizens benefit from national wealth through CPF pensions, asset appreciation (HDB), and dividends from state-owned enterprises (e.g., Temasek).

- The Bahamas’ wealth is concentrated in foreign hands; citizens lack equity in tourism and finance assets.

Now, let’s discuss Governance and Political Accountability regarding salary justification. Singapore’s political leaders are among the highest-paid globally (e.g., PM salary: ~S$2.2M annually), justified by demonstrable outcomes:

Meritocracy- Leaders are selected based on competency.

Zero Tolerance for Corruption- The country ranks 3rd on the Corruption Perceptions Index (CPI) compared to The Bahamas’ 65th.

Tangible Results- GDP per capita rose from $500 (1965) to $88,000 (2024), with a poverty rate of less than 1%.

In contrast, Bahamian politicians preside over an economy where growth stagnates at approximately 1% annually (pre-pandemic). Youth unemployment exceeds 25% and citizens lack ownership in core industries.

If the issue of political salaries was never discussed in Parliament, it should be noted that salaries reflect responsibility and results. Singapore’s leaders earn their compensation by delivering transformative governance that uplifts every citizen. The Bahamas cannot justify comparable remuneration without achieving similar outcomes.

I have voiced criticisms, but I also propose a path forward, aligning with Mr. Bastian’s inquiry, through performance-linked progress. I suggest you sign a clear covenant with the Bahamian people:

Adopt Singaporean governance principles by establishing a Bahamian Sovereign Development Fund to invest in local infrastructure, startups, and strategic industries. Mandate Bahamian majority ownership in new tourism and finance ventures, and create a national housing program with rent-to-own schemes.

Tie political salaries to tangible metrics, with increases contingent upon The Bahamas achieving 60% Bahamian ownership in tourism, insurance, and finance; reducing the housing deficit to 10% or less; maintaining GDP growth above 5% for five consecutive years; and achieving a ranking in the top 20 of the Corruption Perceptions Index.

In conclusion, Singapore demonstrates that visionary leadership, institutional integrity, and citizen-centric policies can transform limitations into strengths. The Bahamas has relied on geographic luck and foreign capital, failing to build an inclusive, resilient economy. Your mandate is not merely to govern but to build a nation owned by Bahamians. When you achieve this, the Bahamian people will support remuneration that reflects the success of Singapore. Until then, the focus must remain on governance, accountability, and the welfare of our citizens.

B AZZAN JOHNSON

Freeport, Grand Bahama

June 3, 2025.