NASSAU, Bahamas, February 7, 2024 — Bahamasair is expected to continue relying less on subventions from the Ministry of Finance in the upcoming fiscal period, as the airline moves toward financial independence, Deputy Director General of the Ministry of Tourism, Investments and Aviation, and Director of Aviation Dr. Kenneth Romer said during the opening of Bahamasair’s newest ticket office, The Nassau Guardian reported today in an article written by Senior Business Reporter Chester Robards.
Romer praised the airline for producing a business plan that is moving it out of the red, and releasing the central government from the financial burden of keeping the airline afloat.
He said the goal to make Bahamasair financially resilient meant implementing innovative thinking and revisiting the airline’s business plan in order to “strategically wean Bahamasair off the public purse”.
“And they are on their way,” he said.
“I understand you’re [Bahamasair executives] receiving less government subventions in the new fiscal period. And that there was less contention when you went and presented your business strategy to the financial secretary.
“Because even If you said to them that we are $1 million less dependent on the public purse, it speaks to the fact that you are moving in the right direction, for the first time in this airline’s history, moving towards where you are not in the red, but you are now breaking even, and you are now moving towards profitability.”
Romer said part of the airline’s financial resilience will come from strengthening the existing markets it flies to, and considering new markets to open up.
According to Romer, Bahamasair’s operation is becoming leaner, thanks to the development of a business model that has restructured the airline into a true business and not a burden on taxpayers.
“It’s a business model that will serve as an example, not just for an airline, but other regions that are looking again at national airlines and debunking the myth that national airlines are nothing more than a burden on the public purse,” he said.
BAHAMAS CHRONICLE EDITOR’S NOTE: According to a BAHAMAS PRESS article on Monday, February 5, The grand opening took place on Friday, February 2, 2024, at the new office spaces in the Southwest Plaza.
BAHAMAS PRESS quoted Dr. Romer as saying, “Bahamasair continues to prove to be one of our greatest assets. I assure you of our support and that of the Deputy Prime Minister (the Hon. Chester Cooper),” while also stating that the move is aligned with some of the big-ticket items reflected in the National Aviation Strategic Plan.
One is, strengthening financial resilience by innovating Bahamasair’s business model, growing existing markets, and exploring new routes to underserved and emerging markets. More so, it speaks to the airline pursuing additional sources of revenue and lessening its dependence on the public purse to fund operations.
Two, operational efficiency to which Dr. Romer noted that Bahamasair has been enhancing its strategic planning exercises to ensure a leaner and more efficient operation.
He added that the recent partnership with Qatar Airways, through a consultative exchange, would undertake a comprehensive overview of all aspects of operations and develop a business plan that will become the model for the region.
Another area is that of service excellence – people are at the center of what is being done at Bahamasair
“Nobody could do it like Bahamians and nobody does it better than Bahamasair,” said Dr. Romer, who also acknowledged that, “We must explore ways to do it better and be better, by putting a greater emphasis on customer satellite satisfaction and the urgency in resolving problems that will arise. Customers must remain the priority, alongside safety.”
A final plan is enhancing human capital development. According to Dr. Romer, “Bahamasair will play an integral role in advancing our strategy to develop existing and emerging aviators, succession planning, advancing the role of women, and creating a system of mentorship that includes using retired professionals as mentors.”
