NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that the prices of the worldwide inflation crisis have to be a “shared burden” that doesn’t fall totally on Bahamian families, while noting that government is mindful of the pressures impacting local businesses.
Davis, while making his contribution to the talk on the resolution to extend the country’s minimum wage said that while the $50 increase won’t eliminate the economic strain on families, it’s progress on the trail to a liveable wage.
“We were very careful to barter a minimum wage that may not decelerate job growth; we’re very mindful of pressures facing Bahamian businesses,” said Davis.
“Similarly, after we added diapers and more food items to our price control list, we’re signaling to businesses that we expect the savings from reduced customs duties to be passed on to Bahamians. Business owners will still make a profit, just a bit of lower than they’d otherwise. We have now listened to their concerns, and we’ve got been flexible about a few of the details.”
He added: “We’ll proceed to review the impact of price controls on each consumers and businesses but the underside line is, the prices of this global inflation crisis have to be a shared burden, not one which falls totally on Bahamian families working to get by.”
Davis noted that the new price controls on medications are in effect, pharmacies will remain open, and the federal government expects pharmacies to come back into full compliance in the approaching days.
Members of The Bahamas Pharmaceutical Association closed their doors on Tuesday, citing a scarcity of response to recommendations offered in response to the federal government’s decision to cut back the margin on price-controlled drugs. The Association met with the federal government to debate the problem yesterday.
Davis claimed that in raising the minimum wage and expanding price controls, his administration is holding firm in protecting the interests of the Bahamian people.
“We consider that this increase within the minimum wage will provide some measure of relief for working Bahamians, while a growing economy will allow businesses to regulate successfully,” said Davis.
