business@tribunemedia.net
Tuesday, April 21, 2026
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Nassau grid manager exits from BPL deal
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Small hotels lasting ‘50 years or more’ five times greater than large resorts
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday demanded that the Government provide “clarity and transparency” over the future of New Providence’s energy grid after the management firm overseeing $130m in upgrades and long-term reforms suddenly exited the deal. Michael Pintard told Tribune Business that much of the Davis administration’s energy reform plans “rely substantially” on overhauling New Providence’s transmission and distribution (T&D) network as he reacted to confirmation that Island Grid, the management firm for Bahamas Grid Company, has withdrawn from the arrangement with effect from yesterday. Bahamas Grid Company, which is 40 percent owned by Bahamas Power & Light (BPL), in an official statement also revealed that Eric Pike, Island Grid’s principal, and fellow executive, Mei Shibata, have also “stepped down” from their Board positions and roles. It described Mr Pike as a “former chairman”, with that post now taken by Anthony Ferguson, the CFAL chief who helped devise the financial structuring and capital raising for the Bahamas Grid Company transaction. The Government, in a statement last night responding to Tribune Business inquiries, sought to reassure that the departures of Island Grid and Mr Pike will have no impact on ongoing investment and upgrades
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‘Definite correlation’ between Out Island rooms and longevity Flawed anchor property strategy in development ‘hangover’ Briland developer: 70-80% local buying kept money here MICHAEL PINTARD
JOBETH COLEBY-DAVIS
Eric Pike-led Island Grid ‘concludes’ tie-up after less than two years
and confidence in its leadership, capacity and ability to deliver on its commitments.” The Bahamas Grid Company release led on the appointments of Dareo McKenzie and Gladys Fernander as its chief executive and chief financial officer, respectively, hailing this as “marking the company’s transition to a fully independent, all-Bahamian-led operating model”. However, the way the release was structured appeared designed to draw attention away, and distract from, the departure of Island Grid, Mr Pike and his colleague less than two years after they signed - and are still a party to - the June 3, 2024, Heads of Agreement signed with the Government for the Bahamas Grid Company T&D takeover on New Providence. Tribune Business had been hearing suggestions for several weeks that the Island Grid deal was in difficulties, and that the company and Mr
Pintard demands ‘clarity and transparency’ on future of grid reforms Gov’t asserts ‘full faith’ in all-Bahamian leadership of Bahamas Grid to New Providence T&D infrastructure that fall under Bahamas Grid Company. “The management agreement has come to an end. The investment is ongoing and continues to progress as planned,” a statement issued by Latrae Rahming, the Prime Minister’s communications director, asserted. “The company is now Bahamian-led, and we have full faith
Gov’ts borrowing costs fluctuate but rate stable BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE CENTRAL Bank is maintaining an accommodative monetary policy stance of relatively low Discount and Prime interest rates, its Governor affirmed yesterday, in a bid to support lending and private sector JOHN ROLLE activity while the Government’s local borrowing costs will be set by the market. Speaking at the Central Bank’s Financial Literacy Seminar yesterday, John Rolle addressed concerns over the gap between the Central Bank’s unchanged interest rates and the Government’s rising borrowing costs as The Bahamas works to reduce elevated debt levels amid increasing expense pressures. Mr Rolle explained that Central Bank does not set the discount rate just based on the Government’s debt levels or borrowing costs alone. Instead, it looks at the overall condition of the economy and, more importantly, whether the financial system is stable and the Bahamian dollar is secure. “When we look at the discount rate and what it means for the economy as a whole, it is set in relation to the economy generally,” said Mr Rolle. “But we also focus on other factors that go into the stability of the financial system, and our focus is always on the value of the Bahamian dollar and ensuring that we have adequate support for the value of the currency.” Mr Rolle said the regulator continues to prioritise access to credit, particularly for businesses and consumers. “Beyond the discount rate, we focus on the ease of access to credit or borrowing for the private sector, because the private sector fits into that space, and we’re still in an accommodating environment insofar as allowing persons to borrow
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BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS is suffering from “a hangover” caused by the flawed ‘anchor property’ strategy, a resort entrepreneur argued yesterday, asserting that research shows the number of small boutique hotels in existence for 50 years or more is five times’ greater than those with upwards of 50 rooms. Ben Simmons, founder of the Briland-centred Little Island Hotels group, now three properties strong with a fourth under development at The Current, told Tribune Business that Internet research he conducted, assisted by artificial intelligence (AI), revealed a direct “correlation” between Family Island resort longevity and the
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for Housing PPPs ‘win-win’ as opportunities urban transforis being IDB readying $50m project mation’, worked on in partBY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A DEVELOPER has hailed both major political parties’ pledges to partner with the private sector in solving The Bahamas’ housing shortage as a “win-win” for all including home buyers as the Government readies a $50m project with the Inter-American Development Bank (IDB) to tackle the crisis. Franon Wilson, Arawka Homes president, told
Tribune Business that properly structured public-private partnerships (PPPs) for the construction of lower-cost affordable housing, which is more accessible to middle and lower income Bahamian purchasers, would enable the Government “to stretch the money it does have” while mobilising private sector resources, capital and expertise to tackle this challenge. He spoke as the IDB revealed that a $50m project, branded ‘Sustainable housing
DEVELOPMENT concerns have not been “heard to the level that we thought was satisfactory”, an Exuma tour operator argued yesterday, as he called for The Bahamas to fully implement the Escazu Agreement’s provisions. The call came as Bahamian environmental and civic organisations urged the Government to make “Escazu real in The Bahamas”. The regional treaty for Latin America and the Caribbean, which The Bahamas signed on to in June 2025, requires access to environmental information, public participation in environmental decision-making and access to justice in environmental matters. Eric Carey, former executive director of the Bahamas National Trust (BNT), now chief executive of ONE Consultants, said: “They are legal, binding obligations
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an attractive public-private partnership (PPP) window and more nership with the sustainable housBahamian goving finance,” the ernment in a bid IDB disclosed in a to address the document seen by affordable homes Tribune Business. crisis that both the Other objectives Progressive Libinvolve “improving FRANON WILSON eral Party (PLP) the development and Free National attractiveness of Movement (FNM) vacant land tracts and derhave identified as central cam- elict properties, expanding paign themes ahead of the the capacity and useful life May 12 general election. of the existing housing stock “The programme aims to [and] reforming the regimprove the supply and sus- ulatory environment for tainability of housing for low mixed‐use development, and middle‐income households through developing SOLUTION - See Page B4
Make environment disclosure treaty ‘real for The Bahamas’ BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
number of guest rooms they offer with smaller properties faring better. The entrepreneur, whose The Farm resort was just *included among Travel + Leisure magazine’s 100 best new hotels in the world, said he had focused on the connection “between room size and years in operation” when conducting his research into the resort development model that is best-suited for the Family Islands. “There’s definitely a correlation between the two, particularly in the Family Islands,” Mr Simmons told this newspaper. “The threshold for rooms is 20-30 rooms, which seems to be an important tipping point. Below this room count, the property can plug into existing infrastructure, access
under the treaty.” He also urged the Government to “establish clear, enforceable standards for access to information, public participation and access to justice in all environmental decision making. “Require public disclosure of environmental impact assessments (EIAs), environmental management plans (EMPs) and compliance frameworks before approvals are given with formal definitions of disclosure before approvals and granted,” Mr Carey added. “Establish standards for environmental impact assessments, environmental management plans and compliance management that can be measured when enforced, eliminate conflicts of interest in the environmental review process. “No firm should design a project, assess its impacts and oversee its own compliance. Empower communities
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