Thompson accuses govt of shifting millions in financial reports without explanation

Shadow Minister of Finance Kwasi Thompson has accused the government of producing financial reports with sudden shifts, often in the tens of millions of dollars, without providing the Bahamian people with clear or timely explanations. “The most recent example is particularly troubling. In the final fiscal report of the year, we see the government slashing its reported spending numbers downward by some $30 million, just enough to appear close to meeting budget targets. This conveniently timed revision raises serious concerns about transparency and accountability. Yet, the Bahamian people were offered no proactive explanation.” Thompson was responding to reports in The Tribune that the Ministry of Finance had not justified the removal of $37.3 million from spending and deficits incurred between July and November 2024. That report also said that the Ministry of Finance, when it unveiled the government’s fiscal performance for June and the full budget year, revealed that the fiscal deficit only exceeded initial projections by 13 percent to close at $78.9 million compared to the originally-targeted $69.8m. However, a closer inspection of the figures – particularly a comparison of the Ministry of Finance’s May and June fiscal reports – discloses that the government only came so close to its target because of last-minute changes to monthly expenditure and deficit figures for the first five months of the 2024-2025 fiscal year. Thompson also said: “While the Davis Administration continues to pat itself on the back for allegedly meeting fiscal targets and impressing international agencies, the daily reality for Bahamians tells a very different story, one of rising hardship, insecurity, and growing frustration. “Yet this government continues to speak in press conferences and spreadsheets, parading numbers that do not reflect the lived reality of Bahamians. This government continues to confuse fiscal public relations with economic reality. “The Davis Administration conveniently avoids talking about the crisis of 65,000 Bahamians who they have admitted are underemployed, forced to work part-time when they need full-time work. Economic recovery means nothing if it doesn’t reach everyone, and this government has done nothing to ensure that it does. “The wealth gap is growing. The cost of living is exploding, and this administration has forgotten the people who elected them. This government has failed to address the human crisis behind the numbers.”