Category: CANA News

The Bahamas economy maintained its ‘moderated pace of growth’ in October, relative to the same period last year, with economic indicators trending closer to their medium-term potential, the Central Bank of the Bahamas (CBB) has reported.

In its Monthly Economic and Financial Developments (MEFD) October 2025 report, the central bank said that tourism output, while at healthy levels, tapered vis-à-vis the previous year, as the high value-added stopover segment remained constrained by capacity limitations and reduced demand from the United States market.

‘Nonetheless, earnings from the cruise segment continued to register strong gains. In monetary developments, banking sector liquidity declined, despite the reduction in domestic credit, which outpaced the falloff in the deposit base,’ the CBB said, noting however that externa reserves grew underpinned by net foreign currency inflows through the public and private sectors.

The CBB said that monthly data suggest that gains in tourism output continued to be paced by more tempered activity in the stopover segment, as a result of capacity constraints and lowered demand from US visitors. Nevertheless, the healthy growth in the cruise category was sustained.

Recent data from the Nassau Airport Development Company Limited (NAD) revealed that total departures edged up by 0.1 per cent to 91,022 in October relative to the comparative period in the previous year.

Specifically, non-US international departures increased by 2.8 per cent to 16,159 compared to the same period of 2024. However, US departures fell by 0.4 per cent to 74,863.

The central bank said that on a year-to-date basis, total outbound traffic declined by 2.4 per cent to 1.3 million, owing primarily to a 3.5 per cent reduction in US departures to 1.2 million. Providing some offset, non-US international departures rose by 4.4 percent to 0.2 million.

In the short-term vacation rental market, data provided by AirDNA showed that room nights sold increased by 4.6 per cent to 36,124 vis-à-vis the same period in 2024. Correspondingly, the occupancy rate for entire place listing edged up to 39.8 per cent from 39.6per cent and hotel comparable listings, to 43.3per cent from 41.2 per cent.

The average daily room rate (ADR) reduced for entire place listings by 10.6 per cent to US$284.87 relative to the same period of 2024. Similarly, the corresponding ADR for hotel comparable listings fell by 4.3 per cent to US$136.56 in comparison to the previous year.

On a year-to-date basis, total room nights sold rose by 3.1 per cent, and the average daily rates for both entire place and hotel comparable listings increased by 20.9 per cent and three per cent respectively.

The CBB said that monetary sector developments for October featured a contraction in banking sector liquidity, despite the reduction in domestic credit, which outpaced the decline in the deposit base.

It said underlying to this outturn, excess reserves-a narrow measure of liquidity-decreased by US$90 million, exceeding the US$61.1 million falloff in the comparative 2024 period. Similarly, excess liquid assets-a broad measure of liquidity- contracted by US$76.6 million, extending the US$66.9 million retrenchment last year.

During the month of October, external reserves grew by US$123 million to US$2,929.8 million, a reversal from the US$9.3 million decline in the preceding year, owing in part to the receipt of net proceeds from the Government’s external borrowing activities.

The central bank said reflective of this development, its net foreign currency purchase from the public sector expanded to US$165.7 million, from US$18.6 million in the prior year. Conversely, the Bank’s net sales to commercial banks increased to US$43.8 million, from US$34.6 million in the previous year. Further, commercial banks’ net foreign currency outflows through customers advanced to US$45.3 million, from US$31.9 million the year earlier.

In its outlook for the domestic economy, the CBB said that projections are that the pace of growth in the domestic economy will moderate in 2025, relative to 2024, as economic indicators continue to approach their medium-term potential.

It said in particular, growth prospects are anticipated to remain significantly linked to developments in the tourism sector.

‘Although a less dominant weight in tourism earnings, the cruise sector is poised to register robust gains. However, growth in the stopover segment-which remains dependent on trends in the U.S. market-is expected to be more tempered, reflecting accommodation constraints and more subdued consumer confidence in the United States.

‘Beyond tourism, new and ongoing foreign investment projects, particularly those focused on onshore cruise-related attractions, are expected to support the continued expansion in the construction sector.’

The CBB said nevertheless, downside risks to the outlook have increased, against the backdrop of heightened tariffs on international trade and uncertainties surrounding major economies’ trade policies, both of which could dampen tourism demand and constrain global economic growth.

‘In addition, external risks remain relevant, such as the direct and indirect effects of escalating geopolitical tensions and elevated global oil prices,’ it noted.

Haiti moved towards holding presidential elections since 2016, after the country’s transitional government adopted the long-awaited electoral law that political commentators say will set in motion the process for restoring democratic rule in the French-speaking Caribbean Community (CARICOM) country.

Frinel Joseph, one of the two observers on the Transitional Presidential Council (TPC) in a post on the social platform X on Monday, said the adoption of the law by the panel and Council of Ministers ‘marks a decisive turning point in the transition’.

The nine-member TPC, established in April 2024 to govern Haiti until new elections are held, has as its main responsibility appointing a prime minister, forming a government, and guiding the country toward elections, which are currently scheduled for February 2026.

The council was created in response to a political vacuum and a surge in gang violence, and it is tasked with improving security and restoring order.

Some TPC members have been attempting to use the law and its proposed date for elections as leverage to extend their tenure in office beyond February, and to oust Prime Minister Alix Didier Fils-Aimé.

Three of the TPC’s seven voting members were absent from the meeting in what political observers say was designed to prevent the adoption of the law, which now has to be published in the official gazette to be legal.

But, despite their absence, the law was adopted anyway.

The last presidential election was held in Haiti in 2016 when Jovenel Moise won, defeating 26 other candidates. But he was assassinated in July 2021 when gunmen stormed his private residence overlooking the capital. His wife was also injured in the attack.

Several former Colombian soldiers have been arrested in connection with the killing, and even while several people have appeared in courts in the United States, no one has appeared in a local court in connection with the murder.

Political observers say Monday’s decision, while clearing a procedural hurdle, still doesn’t offer a clear path to free and fair elections and that it remains rife with challenges.

A draft law that was sent by the Provisional Electoral Council ahead of Monday’s vote was heavily criticized by some human rights advocates over its lack of safeguards on eligibility.

Joseph said the TPC and government ‘are providing the country with the necessary legal and political framework for holding elections that will allow citizens to choose their representatives in accordance with the Constitution, democratic principles, and the Agreement of April 3, 2024.’

Police say they are investigating the cause of an accident that led to the death of a 53-year-old pastor who was on his way to his son’s wedding last weekend.

Assistant Superintendent of Police, Stacy Smith, said that the accident occurred during the early hours of Saturday morning when Pastor Julian Bol, of Maya Mopan Village in the Stann Creek District in the south east region of Belize.

She said that the officers who responded to the report of the accident, found on their arrival ‘a damaged wooden house that had become dislodged from a trailer that was transporting it and some eight hundred feet away in a pine ridge, a blue in color passenger van that also exhibited extensive damage..

‘Onboard the blue passenger van was Julian Bol who appeared to have died on impact and a 13-year-old minor who suffered no injury,’ she said, adding that the initial investigation reveals that a convoy consisting of the trailer with the house affixed was travelling south bound heading towards Independence Village when the driver of the lead vehicle observed another vehicle traveling in the opposite direction.

The driver of the lead vehicle said that he sought to signal the driver of the oncoming vehicle by blinking his lights, however the vehicle continued to proceed and he heard a collision. ‘Certainly as a part of the investigative course of actions, checks will be made as to whether the condition within the vehicle was being transported complied with the terms of the wide load permit that was issue,’ ASP Smith added.

Media reports said that the pastor had left the Maya Mopan Village to pick up cooks for the wedding and that his van slammed into the wooden house.

West Indies trail New Zealand by 163 runs after reaching 68 for two at lunch on the second day of the opening Test here at Hagley Oval on Tuesday.

NEW ZEALAND 231 in 70.3 overs (Kane Williamson 52, Michael Bracewell 47, Tom Blundell 29, Tom Latham 24, Nathan Smith 23, Will Young 14; Ojay Shields 2-34, Justin Greaves 2-35, Jayden Seales 2-44, Kemar Roach 2-47).

WEST INDIES 68-2 in 29 overs (Shai Hope 33 not out, Tagenarine Chanderpaul 25 not out).

Antigua and Barbuda is hosting a weeklong regional conference aimed at strengthening nuclear material inventory reporting under the modified Small Quantities Protocol.

The Protocol is an agreement that simplifies the implementation of safeguards for states with little or no nuclear material. It is a protocol to a comprehensive safeguards agreement with the International Atomic Energy Agency (IAEA) that suspends most reporting and inspection requirements while the state remains below specific nuclear material thresholds.

A revised version of the SQP, developed in 2005, strengthens the system by making key reporting and inspection provisions operative.

The conference has brought together delegates from St Kitts and Nevis, St Vincent and the Grenadines, St Lucia, Suriname, the Bahamas, Grenada, Belize and the host country.

It is organised in partnership with the US Department of Energy, the National Nuclear Security Administration, the International Nuclear Safeguards Engagement Programme and the IAEA.

Permanent Secretary in the Ministry of Foreign Affairs, Ambassador Dr. Clarence Pilgrim, said the conference is ‘timely and essential,’ adding noting that even states with little or no nuclear material must meet international non-proliferation obligations.

He said the sessions will help countries develop the technical skills needed to produce accurate nuclear inventories and submit reports to the IAEA.

The organisers said the training will support the region’s efforts to meet the requirements of the Comprehensive Safeguards Agreement and Additional Protocol, which underpin global nuclear security.

Finance Minister Dennis Cornwall says Grenada’s economic performance this year is ‘nothing short of remarkable’ estimating that real gross domestic product (GDP) will reach 6.2 per cent.

Cornwall, delivering the EC$1.9 billion (One EC dollar =US$0.37 cents) budget to Parliament on Monday, said that the International Monetary Fund (IMF) estimates that real GDP growth will accelerate to 4.4 per cent in 2025, and moderate to 3.2 per cent in 2026, ‘positioning us among the fastest growing economies in the Caribbean’.

But he told legislators ‘we are more optimistic about our macroeconomic developments and prospects.

‘We estimate that real GDP will reach 6.2 per cent in 2025, driven by robust construction activity underpin by both public and private sector investments, sustained strength in the manufacturing, wholesale and retail, transport and storage sectors, and a rebound in the agriculture and fisheries sectors.

‘In 2026, growth is projected to moderate slightly to 4.1 per cent, signalling a winding down of Hurricane Beryl reconstruction activities and a return to the core strategic focus of Government’s transformative agenda and the expansion and diversification of our productive base,’ he added.

Cornwall said that inflationary pressures continued to ease in 2025, following the high global price volatility of recent years.

He said the government’s continued efforts to contain the cost of living, through targeted subsidies on electricity and petroleum products, and the removal of VAT on basic food and essential items, helped to cushion vulnerable households.

Cornwall said as a result, headline or overall inflation declined to an estimated 0.7 per cent in 2025, with food inflation, though higher than headline inflation, trending downward.

He said over the medium term, period-average inflation is expected to remain low and stable, at around one per cent during the period 2026-2028, preserving purchasing power and supporting real income growth.

The finance minister said that from an unemployment rate of 16.6 per cent at the end of the second quarter of 2021, Grenada witnessed a transformative improvement in labour market conditions.

‘By the end of October 2025, the unemployment rate had fallen to 7.5 per cent, the lowest level in our modern economic history. Youth unemployment experienced an equally transformative improvement, dropping from 42 per cent to 20.2 per cent, a fall of 21.8 percentage points or more than half over the same period.’

Cornwall said that continued economic expansion in 2026 combined with intense skills-training are expected to bring further improvements in employment opportunities, particularly for our youth and women.

Cornwall said that the fiscal position in 2025 is estimated to be much stronger than expected, reflecting greater revenue collections and contained recurrent spending, despite higher capital outlays related to Hurricane Beryl’s recovery.

He said a primary deficit of EC$126.4 million, equivalent to 3.1 per cent of GDP was realised, significantly better than the budgeted primary deficit of EC$208.6 million or 5.2 per cent of GDP.

‘Likewise, the overall deficit, which was budgeted at EC$337.4 million or 8.3 percent of GDP, is projected at EC$279.1 million, $58.3 million more favourable than originally envisaged and roughly 6.9 percent of GDP,’ Cornwall said, adding this confirms the fiscal management prowess of this administration and strength of the Grenadian economy.

He said looking ahead in 2026, the fiscal position is projected to improve relative to the 2025 budget and largely unchanged relative to the estimated outturn, signalling as planned, a gradual return to the fiscal rules and targets under the Fiscal Resilience Act in 2027.

‘Mr. Speaker, the financial sector remains sound and well-capitalized. Non-performing loans have continued to decline, liquidity levels are healthy, and the sector’s profitability – though reduced – is still strong.

‘External stability also remains well anchored, with gross international reserves estimated to exceed three months of import cover at the end of 2025. Looking ahead, financial and external sector conditions are expected to remain stable, providing a firm foundation for continued growth,’ Cornwall told legislators.

The leader of the main opposition United Workers Party (UWP), Allen Chastanet Tuesday said the defeat of the party in Monday’s general election ‘is not the end of our fight for a better St. Lucia’.

Chastanet, 65, who served as prime minister here from from 2016 to 2021, had hoped to reverse the 15-2 defeat the party suffered in the July 2021 general election.

But the preliminary results of the December 1, poll, showed that the UWP had suffered an even greater defeat, with only Chastanet being able to win a seat in the 17-member Parliament.

The ruling St. Lucia Labour Party (SLP) won 14 of the 15 seats it had contested, while the two ‘independent’ candidates, former prime minister Stephenson King and Richard Frederick, who served as governments in the last Pierre administration, winning their seats comfortably.

In a statement, Chastanet, who won the Micoud South seat, said that ‘while the results were not what we hoped for, I accept them with humility, respect and an unwavering love for our country.

‘I extend congratulations to Prime Minister Pierre and his team,’ he said, adding that he also wanted to ‘thank every candidate who stood boldly under the UWP banner and every supporter who gave their time, energy and heart to this campaign.

‘You lifted our message, you stood firm in difficult moments and you reminded our nation what hope looks like,’ he said, thanking also the supporters of Micoud South who I consider my extended family thank you.

‘Your trust, your encouragement and your steadfast support over the years have been one of the greatest honours of my life. I will always be grateful.

‘It is not the end of our fight for a better Saint Lucia. It is simply a new chapter one that calls for reflection, resilience and a renewed commitment to the values we share: fairness, opportunity, unity and dignity for every St. Lucian.’

Chastanet said that while the UWP ‘ may not have won this election.have not lost our purpose.

‘We will get back up, we will keep working and we will keep believing in the promise of this beautiful island we all call home,’ he added.

A defiant 52-run partnership between Michael Bracewell and Nathan Smith rescued New Zealand from a mid-innings collapse, steering the hosts to 231 for 9 on a rain-ravaged and dramatic first day of the first Test against the West Indies here Tuesday.

After West Indies captain Roston Chase won an important toss and elected to bowl under heavy clouds, his decision was immediately vindicated.

Veteran seamer Kemar Roach, playing his first Test in over a year, struck with just his third delivery, removing Devon Conway caught at slip by a diving Justin Greaves.

The weather then became the primary bowler, with two separate showers limiting play to just 10.3 overs before lunch, with New Zealand crawling to 17 for 1, with Kane Williamson on 13 and Tom Latham 1.

Williamson emerged after the break to counter-attack on a seaming Hagley Oval pitch, grafting his way to a classy 52, which came off 102 balls and included six fours.

He demonstrated his trademark technique, playing late and with soft hands to survive the persistent threat. However, his departure triggered an alarming collapse of 5 for 96, as the disciplined seam bowling of Justin Greaves, who bagged 2-35, removed both Williamson and Tom Latham.

Debutant Ojay Shields overcame a nervous start, which included a no-ball that reprieved Williamson, to claim two crucial wickets, including Tom Blundell for 29.

At 148 for 6, New Zealand risked being dismissed cheaply; however, they dug deep to ensure that they had at least a respectable first innings score to kick-start the series.

Enter Bracewell and Smith. The pair combined for a vital 52-run seventh-wicket stand, with Bracewell going on to get 47, playing the aggressor and Smith offering resolute defence.

Their resistance pushed the total towards respectability before the off-break of Chase broke the stand, dismissing Smith for 25.

Bracewell’s attempt to farm the tail ended when he miscued a pull shot off Shields, who finished with 2-34.

The day concluded in concerning fashion when the last man, Jacob Duffy, was struck on the helmet by a Roach bouncer, prompting the umpires to offer the light with New Zealand nine down.

Only 70 overs were possible on a day defined by weather; however, the visitors’ bowling coach,

Scoreboard of the first day of the first Test between New Zealand and West Indies here on Tuesday.

NEW ZEALAND

Tom Latham (c) c Imlach b Greaves 24

Devon Conway c Greavess b Roach 0

Kane Williamson c Athanaze b Greaves 52

Rachin Ravindra b Seales 3

Will Young c Graeves b Layne 14

Tom Blundell + b Shields 29

Michael Bracewell c Chanderpaul b Shields 47

Nathan Smith c Campbell b Chase 23

Zak Foulkes not out 4

Matt Henry c Seales b Roach 8

Jacob Duffy not out 4

Extras (b 4, lb7, nb 6, w6) 23

TOTAL (nine wickets; 70 overs) 231

Fall of wickets: 1-1, 2-94, 3-95, 4-103, 5-120, 6-148, 7-200, 8-215, 9-227

Bowling: Roach 17-6-47-2, Seales 15-3-44-1, Layne 11-1-47-1, Shields 9-2-34-2, Greaves 10-3-35-2, Chase 8-2-13-1.

Toss: West Indies elected to field

Umpires: Alex Wharf, Paul Reiffel

TV Umpire: Allahuddien Paleker

Reserve Umpire: Kim Cotton

Match Referee: Javagal Srinath

The Guyana government has warned that motorists who fail to comply with new tint regulations will face a fine of GUY$75,000 (One Guyana dollar=US$0.004 cents).

Home Affairs Minister Oneidge Walrond said that the measure is part of the efforts to standardise the use of tinted windows on motor vehicles, allowing all owners to apply 35 per cent tint on side windows and 70 per cent tint on front windscreens.

‘On my first day, I was greeted with a large stack of tint wavers and also with the request or people reaching out asking what the process is.Clearly, this confusion lends itself to lots of unscrupulous persons manipulating the system for their own benefit, taking advantage of citizens who are unclear in how to access this waiver,’ Walrond said, adding that this will eliminate the longstanding tint waiver system and ease public frustration while ensuring fairness and transparency.

‘We drafted the amendment based on the policy that everyone should have access to a tinted vehicle. Removing the whole burden on the system that people have to seek to get a waiver, and hence making the process transparent and predictable,’ Walrond said.

She said before drafting the amendment, there had been consultation with the Guyana Police Force (GPF), examining longstanding restrictions, finding no evidence linking tinted vehicles to increased criminal activity.

‘There was no basis to continue withholding permission for citizens to have tint, and the public clearly expressed they wanted this protection,’ she said, noting that UV exposure, climate considerations and strong public sentiment all supported easing the rules.

The amended legislation will be taken to Parliament soon and will outline compliance measures, exemption categories and enforcement procedures.