The recent findings of Standard’s and Poor’s (S&P) on the state of the Bahamian economy and its report on the nation’s sovereign credit rating is disturbing and entirely vexing.

Specifically, the International Rating agency has concluded that this Government’s policies on taking office in May, 2007 inclusive of the stopping of the construction of the Straw Market and some $80 to $90 million worth of public sector construction disrupted the economy’s growth momentum, affected investor confidence and brought substantial disruption to contractor’s activity.

These observations must be viewed very seriously; they support the concerns repeatedly expressed by the Progressive Liberal Party and observers both locally and internationally as to the highly unusual and questionable stance taken by the Free National Movement Government in refusing to honour agreements it met in place on taking office. Consequently investor confidence has been affected, and the economy stultified in the midst of an economic downturn of unprecedented proportions.

It could be argued that injudicious economic policies and a petty, narrow political orientation have weakened our country’s standing and caused loss to many small businesses in this country that had linked their economic fates to the fulfilment of stalled and cancelled contracts. At this stage when already a high price might have been paid by our people, we can only hope that lessons have been learned for this and successive governments and we trust that these questionable decisions have not caused permanent harm to our country.

We use the opportunity to remind our people of the careful and prudent policies of the Progressive Liberal party between 2002 to 2007 under the leadership of the Rt. Hon. Perry Christie, reasoned policies, which stimulated investor confidence, both local and foreign. These advances ought to have inured to the benefit of our people but have instead been squandered.