ministeroffinance

After promising to appoint a minister to the post of finance minister since the resignation of Peter Turnquest, Prime Minister Hubert Minnis said he will continue to serve in the position for the remainder of the term.

Minnis was sworn in as interim minister of finance last week, saying he will make a substantive appointment. However, Sunday during the national address, Minnis says he will remain in the post for longer than expected but will be surrounded by a team of experts.

Minnis’ new post met with opposition by Philip Davis

Opposition Leader Philip Davis issued a statement following Minnis’ announcement on Sunday. Davis doubts that Minnis is suited for the post as minister of finance.

Davis said, “No one in the Bahamas believes that Hubert Minnis is qualified to act as Minister of Finance.

“He has admitted in private that he is no good at figures. The fact that he is choosing to remain as Minister of Finance is an admission that no FNM MP is qualified to occupy that vital position even as the nation faces an extremely serious economic and fiscal crisis,” Davis said.

Minnis to be assisted by a junior finance minister

PM Minnis will be assisted by a team including Senator Kwasi Thompson, who will be the Minister of State for Finance.

Over the past nearly four years Thompson has been Minister of State for Grand Bahama,  promoting digital technology and training.

Minnis said Thompson will now focus on the economic needs and recovery of Grand Bahama, Family Island development, and the ongoing digital transformation of the Bahamas and the government.

Thompson, in a statement, said his areas of focus are the Government’s Digital Transformation, Cashless Initiatives, Ease of Doing Business, Digitizing the Investment process, promoting the Digital Economy, and E-Commerce Development.

He said, “As the new Minister of State, we will continue to consult broadly with business stakeholders, civil society, consumer groups and the general public to ensure the policy positions of the Government reflect the realities on the ground and are responsive to the needs of our citizenry. The public can feel free to write the Ministry and to provide the policy feedback that will be vital as we move towards recovery.”

Featured Image: Bahamas Information Services

By now we are aware of Peter Turnquest’s resignation as Deputy Prime Minister and Minister as Finance following allegations of fraud when he served as a manager and director in two aviation companies. The writ filed in the Supreme Court does not name Turnquest as the defendant in the case, but mentions him in his role as manager of the company responsible for the “bogus loans” that totaled nearly $30 million.

Turnquest in his resignation letter maintains his innocence, calling the matters “unfounded” and “untrue.” However, in the court of public opinion, some have found him guilty. It is important to remember that these allegations are simply accusations that need to be proven by the court system.

However, Turnquest saw it necessary to resign considering his post as Minister of Finance, and determined that the allegations will distract the work of government as it seeks to maneuver the country’s economy through the pandemic.

Who will replace Peter Turnquest?

Turnquest was second in command to Prime Minister Hubert Minnis and rose to the position in 2014 when other party members opposed Minnis’ leadership. He eventually became finance minister in 2017 when the Free National Movement won at the election poll.

Under Turnquest’s watch, we have seen an increase of Vat from 7%– introduced by the Progressive Liberal Party, to 12% and a number of downgrades. But all in all, Turnquest has handled them decently, while remaining steady-handed and committed to public finance reform.

Minnis said he will become interim Finance Minister and will make an appointment in “due course.”

Scanning the Cabinet, Tourism Minister Dionisio D’Aguilar will make a superb minister of finance considering his background in accounts and the many successes he’s had in the country’s primary industry, tourism, and his shrewd business skills.

Agriculture Minister Michael Pintard is well suited for the position of Deputy Prime Minister. He is young, articulate, thorough, and well-liked. Pintard is a man of few words in the House of Assembly, but when he speaks, it’s substantive. In addition, heading into the 2022 general election, Pintard is best suited to go head-to-head with PLP’s Deputy Leader Chester Cooper, who may change voters’ minds at the polls if they reconsider Minnis as prime minister.

Pintard can be to Minnis what U.S Vice President Mike Pence is to President Donald Trump. Pintard balances Minnis in every way.

For now, it’s a waiting game to see what happens next.

Deputy Prime Minister Peter Turnquest is breaking his silence today outside of Cabinet. He spoke to reporters on the issue at hand, regarding allegations of fraud that was filed in the Supreme Court last week.

Turnquest said he remains resolute as minister of finance and is working to maneuver the country through the pandemic.

What Peter Turnquest said

“I’m focused on what I do. I am very disciplined on what I do.

“The matters that are circulating out there are unfortunate. They will be dealt with in the due cause of time.

“Again I am focused on working for the Bahamian people, while I have the opportunity to do so. That’s to ensure we get through this crisis.”

Why this matters

• A writ has been filed in the Supreme Court alleging “bogus loans” when Turnquest was director and manager of Sky Bahamas and Aviation Oversight, which was owned by a former business partner Randy Butler.
• Turnquest says the “several allegations” are “categorically false.”

State of play

The country awaits word from Prime Minister Hubert Minnis, who yesterday said Cabinet is deliberating on Turnquest’s dealings and future with the party after opposition leader Philip Davis called for Turnquest’s resignation.