Bahamas News
12-06-04, - 01:49 PM
PRESS CONFERENCE
December 6, 2004
Statement read by Paul D. Moss
As you are aware, this conference was called as a result of the Financial Services Consultative Forum’s report of the effect of the Bahamianization Policy on Financial Services in the Country.
We are of the view that the report is fundamentally flawed, biased, and factually incorrect and designed to put forth the view of lobbyist who wish to remain anonymous. We wish to state that the Policy which as been abused, must now be reinforced. The continued abuse is allowing Bahamians to be displaced from the sector.
Joining me today are men who will tell you their own stories of their efforts to find work in the industry only to be rebuffed by the abuse of the Policy. A policy which was intended to lift the Bahamian Spirit, but now it is being stalked under the threat of death by the Forum, the Bahamas Financial Services Board (BFSB) and moneyed interest groups.
Personally, I have been blitzed with phone calls denouncing this biased report. Many of the callers are Bahamians who work in the industry but are too afraid to voice their view because of reprisals. Many of them have told me how they would have trained the ‘work permit guy’ and how the new guy makes twice their salary notwithstanding that he is not as qualified or experienced. Today, we speak for those who cannot speak for themselves. But I invite those persons, to write directly to the Prime Minister so that he has the honest unadulterated view of Bahamians and not just those of the Forum.
In theory, the policy works as it allows for work permits to be issued if there are no Bahamians qualified or available for the job. In practice, there are many ways around this. One such way is to require fluency or proficiency in a foreign language. However, the Policy also requires that a Bahamian is trained to take the job, but this is not done, in contravention of the policy. So you see that the rule is already in place and the only thing the report is really advocating, is the total abandonment of the Policy.
We are calling for the immediate reinforcement of the Policy so that the abuses that have been associated with it are minimized. A part of the reinforcement is the creation of a Financial Services College separate and apart from C.O.B. with foreign languages as a part of the curriculum. This college should be fully funded by financial services companies especially since they make their money in or from the Bahamas in a tax free environment.
But we go even further. As it relates to financial services, there are few Bahamians with equity positions in the companies they work for. And this is the real problem. All we have in the industry are jobs with no real level of ownership. The time has now come for “Bahamian Affirmative Action” to facilitate Bahamian ownership in the industry.
We should have more players in the sector given the vast experience of workers and the fact that it is Bahamians that really run the industry. So why can’t government design policies to allow Bahamians to own banks, trust and investment fund companies? I submit that they have the skill level…it is the lack of capital and political will in empowering Bahamians that has always seemed to be the obstacle. But by this Bahamian Affirmative Action, this can be dispensed with.
By doing this, we too can live the Bahamian Dream. A Dream where you do not have to be an Expat to enjoy the finer life in the Bahamas. A Dream where parents enjoy seeing the fruit of their labor excelling in the industry. A Dream where workers are treated as equals and are given the same perks and bonuses as their foreign colleagues. A Dream where Bahamians are treated as first class citizens instead of mere inconveniences.
Until that day, the Bahamian financial sector will not know growth. Because growth is predicated and enhanced by equity and fair play. Not by increasing work permits and treating your own citizens with contempt.
December 6, 2004
Statement read by Paul D. Moss
As you are aware, this conference was called as a result of the Financial Services Consultative Forum’s report of the effect of the Bahamianization Policy on Financial Services in the Country.
We are of the view that the report is fundamentally flawed, biased, and factually incorrect and designed to put forth the view of lobbyist who wish to remain anonymous. We wish to state that the Policy which as been abused, must now be reinforced. The continued abuse is allowing Bahamians to be displaced from the sector.
Joining me today are men who will tell you their own stories of their efforts to find work in the industry only to be rebuffed by the abuse of the Policy. A policy which was intended to lift the Bahamian Spirit, but now it is being stalked under the threat of death by the Forum, the Bahamas Financial Services Board (BFSB) and moneyed interest groups.
Personally, I have been blitzed with phone calls denouncing this biased report. Many of the callers are Bahamians who work in the industry but are too afraid to voice their view because of reprisals. Many of them have told me how they would have trained the ‘work permit guy’ and how the new guy makes twice their salary notwithstanding that he is not as qualified or experienced. Today, we speak for those who cannot speak for themselves. But I invite those persons, to write directly to the Prime Minister so that he has the honest unadulterated view of Bahamians and not just those of the Forum.
In theory, the policy works as it allows for work permits to be issued if there are no Bahamians qualified or available for the job. In practice, there are many ways around this. One such way is to require fluency or proficiency in a foreign language. However, the Policy also requires that a Bahamian is trained to take the job, but this is not done, in contravention of the policy. So you see that the rule is already in place and the only thing the report is really advocating, is the total abandonment of the Policy.
We are calling for the immediate reinforcement of the Policy so that the abuses that have been associated with it are minimized. A part of the reinforcement is the creation of a Financial Services College separate and apart from C.O.B. with foreign languages as a part of the curriculum. This college should be fully funded by financial services companies especially since they make their money in or from the Bahamas in a tax free environment.
But we go even further. As it relates to financial services, there are few Bahamians with equity positions in the companies they work for. And this is the real problem. All we have in the industry are jobs with no real level of ownership. The time has now come for “Bahamian Affirmative Action” to facilitate Bahamian ownership in the industry.
We should have more players in the sector given the vast experience of workers and the fact that it is Bahamians that really run the industry. So why can’t government design policies to allow Bahamians to own banks, trust and investment fund companies? I submit that they have the skill level…it is the lack of capital and political will in empowering Bahamians that has always seemed to be the obstacle. But by this Bahamian Affirmative Action, this can be dispensed with.
By doing this, we too can live the Bahamian Dream. A Dream where you do not have to be an Expat to enjoy the finer life in the Bahamas. A Dream where parents enjoy seeing the fruit of their labor excelling in the industry. A Dream where workers are treated as equals and are given the same perks and bonuses as their foreign colleagues. A Dream where Bahamians are treated as first class citizens instead of mere inconveniences.
Until that day, the Bahamian financial sector will not know growth. Because growth is predicated and enhanced by equity and fair play. Not by increasing work permits and treating your own citizens with contempt.