Published by Youri Kemp, Nassau Guardian, January 20th, 2025
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) said there are variables to consider before moving forward with legislation and an app related to fair competition, mentioned by Prime Minister Philip Davis during Bahamas Business Outlook on Thursday last week.
Dr. Leo Rolle, executive director of the BCCEC, told Guardian Business via Whatsapp: “The BCCEC notes the proposal of a fair competition app and subsequent legislation, and believes this may be beneficial to both consumers and businesses, but we believe more information and clarity is required to understand the specifics and its impact.
“While on one hand, it may provide a level playing field for cost comparison, on the other hand, we note that there are several variables that must be considered with the price of similar goods and services across providers.”
Davis said during Bahamas Business Outlook: “We all share in the view that the system of our economy is not structured for the average Bahamian, nor is the economic model conducive for new entrepreneurial endeavors to succeed. That is the hard truth, and it is one I refuse to ignore.
“For too long, we’ve lived in a system where hard work doesn’t guarantee progress, where opportunities are blocked, and where it feels that the wealth of this nation belongs to a few, when we need it to be available for all who want to achieve it. This is a multi-generational legacy issue for us.”
Davis added: “We are putting in place strong anti-competition laws to ensure that prices to the consumer are more fair, and artificial barriers to entry are dismantled.
“No more unfair practices that crush small businesses before they even have a chance to grow and get established.
“And we’re bringing technology into the hands of the people. Through a new price comparison app, consumers will have the power to find the best prices and make informed decisions. “
Rolle said, however: “This highlights the concerns around business pricing models, as some businesses may use premium pricing rather than competitor pricing, so marketing and value propositions will be key to ensure that they are not unduly disenfranchised. Additionally, for participating businesses, we need to ensure that the information is in real-time, so that there is no customer confusion and business frustration, where costs may not be accurate to the date.
“We welcome the opportunity to be intricately involved in the process of app creation, semantics and legislation drafting, to ensure that the concerns of the business community are adequately addressed.”
Rolle also said: “The BCCEC is elated to hear that the PM would like to meet with us to discuss matters relative to the business community, including the ease of doing business and unfair business practices, among many other things.
“Many of these issues relate to interactions with government agencies, or are influenced by government agencies. We are hoping for a fruitful engagement as we represent the interests of the business community, in an effort to improve the ease of doing business for businesses and members of the public.”
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