NASSAU, BAHAMAS – A nearly $40 million surplus was announced, but are the government’s numbers adding up? It’s something that former MP and accountant Reece Chipman wants to know.
Chipman is casting doubt on the government’s reported surplus for the 2025/2026 Fiscal Year, and questioning whether there’s enough independent scrutiny of the country’s finances.
His comments come as the Fiscal Responsibility Council recently flagged differences between government debt projections in official documents, and according to Chipman, it’s time for accountants to have a seat on that council.
Reece Chipman – Former MP, Free National Movement
“Maybe it said the system just can’t take the fact that we’re demanding such accountability and transparency, which is all in the public interest. And so I think that moving forward you know governments need to rate us.”
Chipman, a former president of the Bahamas Institute of Chartered Accountants (BICA), is calling for legislative changes to give the profession greater representation in fiscal oversight.
However, his position isn’t shared by everyone in the profession, as one BICA Council member tells Our News the institute does not share Chipman’s views.
Also, Finance Minister Michael Halkitis is rejecting any suggestion that accountants are being deliberately excluded.
Michael Halkitis – Minister, Finance
“I don’t wanna say it’s something we can look at because that would sound like I’m pandering to you but you know it’s not an indication of not rating banking, but the fact of the matter is that in putting it together…and it does not include representation from BICA..”
The bigger dispute may be over the government’s financial performance after Prime Minister Philip Davis announced last month that the government recorded a surplus of nearly $40 million for the last fiscal year – a claim that has since faced questions from the opposition, and now Chipman.
Reece Chipman – Former MP, Free National Movement
“If the organizations of which you put in that which you are saying is a part of this surplus, I’m not reporting if you know, I definitely question whether or not the surplus is real.”
With the government’s surplus still under scrutiny, the debate is now extending beyond the numbers.
