NASSAU, Bahamas — Instead of buying the Grand Lucayan hotel, the government should seek to purchase the Grand Bahama Port Authority as part of a more substantive plan to turn Grand Bahama’s economy around and place it on stable footing, former Prime Minister Hubert Ingraham contended yesterday.
“…I am of the view that the government should not purchase the Grand Lucayan hotel; instead it should purchase the Port from the Hayward and St. George families and also acquire their families’ 50 percent ownership interest in the DevCo, the Harbour Company, the Airport Company and other related entities,” Ingraham said.
“Grand Bahama needs a reset, and the ownership of the Port by the government with some other financially capable strategic partner(s), including Bahamian investors, could be that reset.
“The ownership of the port and 50 percent of the Port Group of Companies by the government (and its private sector partners) should establish a new entity heavily managed and directed by private experts.
“I suggest that the international airport and port in Freeport and the DevCo must be components of the new entity so that sensible costs can be structured to improve the attractiveness of travel to Grand Bahama given its proximity to the USA. https://thenassauguardian.com/2018/08/08/ingraham-govt-should-buy-the-port/
