Former Financial Secretary: “We Haven’t Been Given the Very Basic Information”

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NASSAU, BAHAMAS – It’s a story that’s dominated headlines for weeks now – the National Investment Fund, its purpose, and questions surrounding how it has been managed.

Those in opposition are calling not only for an explanation of the funds moved into and out of the fund, but also for answers on who approved those transactions.

The fund is the government’s investment vehicle, created under the National Investment Funds Act of 2022.

It is designed to help finance national infrastructure and public improvement projects, support development in the blue, green, and orange economies, and manage certain national assets and resources for the benefit of Bahamians.

However, accusations of mismanagement have also been raised, including questions about the fund’s board of directors and whether one has been established.

Former Acting Financial Secretary Marlon Johnson says the legislation provides for an independent board of about four or five representatives.

The reason given for the removal of over $200 million was to fund family island airport construction.

Marlon Johnson – Former Acting financial secretary

“But then they would need to receive a business case to show you how the fees, the rent from the airport. These things will actually contribute to create positive net income that will then payback, you give returns on the investment to the fund, and that is established on commercial terms as understanding if there is a default if something happens, this is the state fund [we] would have.”

However, the question remains, were all protocols observed, and did government follow the rules? Johnson says that remains unclear.

Marlon Johnson – Former Acting financial secretary

“In fact, the legislation requires the fund to have a website where all these decisions and information is to be known, and I think the answers we don’t know it could be, but we haven’t been given. I think from the very basic information that would allow the public to be confident.”