“Bahamas total debt over 90% of GDP” – the Tribune, Business

Excerpt from this article; “The Bahamas was yesterday said to be ‘in a very, very dark position’ after the Central Bank revealed that total public sector debt was a mammoth $7.604 billion, a sum equivalent to more than 90 per cent of national economic output (GDP).”

I thought it best to open with where the country is economically while the questions are still being asked as to what is the true objective of Junkanoo-Carnival?

What economic model does it follow and is it economically feasible; spending these large amounts of monies at this particular time to push an ‘economic stimulus’ whose objective is not clear.

“Carnival organizer seek to clarify profitability comments” – The Tribune

Excerpt from this article; “The Bahamas National Festival Commission has clarified controversial statements made by its chairman, Paul Major, who on Tuesday told reporters that Bahamas Junkanoo Carnival was never deigned to be a ‘profit exercise’, stressing that it is focused on reducing government investment and increasing revenue.

A statement yesterday released by the BNFC yesterday said the commission’s mandate ‘has always been to significantly and positively impact, the country’s gross domestic product (GDP).”

My first question would be is Bahamas Junkanoo Carnival a profit exercise to reduce government investment and increasing revenue in what exactly?  To reduce it straight around the board or to reduce it in Junkanoo Carnival? Because, whatever the design, it seems to have been flawed as Junkanoo Carnival has failed in both these regards.

Indeed, if these had been the commission mandates, then they have failed despite the commission’s insistence of carnival being a success, as the question then becomes as success at what?

“The event was budgeted at $7 million, but the commission spent $9.8 million on carnival.”

Of that figure, the government provided $8.1 million for the event. [83%]

Last year’s inaugural carnival was budgeted at $9million, but cost $12.8 million.  Yesterday the commission insisted that its shortfall in profitability does not take away from the events impact on the economy and the small to medium sized businesses.

‘On every single meaningful economic measure the event has achieved success or is moving in the right direction, and achieving incremental growth,” the commissions said.

‘The investment that the commission makes is to stimulate consumer activity (local and tourist related) and entrepreneurship.”

The more this man talks about the true intent of Junkanoo Carnival, as he keeps ‘jumping the line’ in this regard from side to side; he does not realize he only highlights just how poorly he and the commission has done and how badly they have failed at their objectives.

“The commission said this year’s carnival generated an estimated $6.3 million in tax revenue, while the GDP impact was an estimated $70 million.

It remains to be seen whether the independent audit will validate these figures.”

The commission has failed to define the objective of Junkanoo-Carnival and have also failed to prove, in any substantive way, that it is has succeeded in achieving ‘on every single meaningful economic measure’; as the short term impact has not been substantive and the long term impact is non-existent.  So the commission has to explain just how they have concluded that Junkanoo-Carnival has been a success.

The Progressive Liberal Party fails for one reason, it is within their nature.

END