By LEANDRA ROLLE

Tribune Chief Reporter

lrolle@tribunemedia.net

A LOCAL pastor and a university professor have dismissed politicians’ public financial disclosures as ‘useless’ and ‘worthless’ without independent verification, warning that the lack of oversight is fuelling public mistrust.

Reverend Philip Stubbs and Professor Dr Ian Strachan spoke to The Tribune following the publication of financial disclosures showing that more than 50 millionaires are seeking public office.

Rev Stubbs said public reaction has been largely sceptical, with many questioning the credibility of the disclosures.

“This common sentiment is concerning,” he said. “If the financial disclosures are not verified by a competent third party who can be held legally accountable a reasonable conclusion is this: the disclosures are useless.”

He added that sharp increases in politicians’ reported net worth — in some cases “200 to 300” percent over five years — have contributed to frustration and distrust.

“Cynicism and apathy deepen every five years because of diminished trust amongst the public,” he said, adding that the sentiment is particularly evident among people aged 30 or younger. He urged Bahamians to reject apathy and participate in the electoral process.

The disclosures showed several Progressive Liberal Party candidates reporting higher net worth, including Chester Cooper, Keith Bell, Kirk Cornish, Myles Laroda, Pia Glover-Rolle, Glenys Hanna-Martin, McKell Bonaby, Wayne Munroe and Jobeth Coleby Davis, among others. Some candidates have attributed the increases to business activity, investments and personal circumstances.

However, the law does not require the declarations to be audited or certified, meaning they are not independently verified before publication. In the lead-up to the 2021 general election, the PLP promised a new Public Disclosure Act to enhance transparency in public office. The Davis administration failed to follow through with that pledge. The FNM has now promised to enhance the law.

Dr Strachan described the disclosures as “worthless” in their current form and argued that broader reforms are needed to improve accountability.

“Our amateurism enables kleptocracy,” he said. “The Prime Minister can investigate but who can investigate the Prime Minister? We obviously need to scrutinise not just politicians but all high ranking public officials. We need FOIA. We need an Integrity Commission.”

“We need real time balance sheets for public enterprises and real time publishing of procurement. We need a civic anti-corruption watchdog group as well. We simply can't survive this level of corruption. Our country will fall into crisis if we don't clean up our act.”

He added that given the country’s debt levels, cost of living pressures and vulnerability to external shocks, fiscal mismanagement and corruption pose serious risks.