Ladies and gentlemen,
Good afternoon,
It is a pleasure to join you as we celebrate the opening of your new offices and another milestone in J.P. Morgan’s long history in The Bahamas.
A move like this is a statement of confidence. It reflects a belief in the future, and today it sends a clear message: J.P. Morgan continues to believe in The Bahamas.
For more than four decades, your institution has been part of our financial services industry, building relationships that have stood the test of time. The relationship between J.P. Morgan and The Bahamas is one that has endured, and I am grateful for the confidence you have continued to place in our country.
On a personal note, I cannot stand here today without remembering that my brother, Don, was once part of your family. His time with you gave me an appreciation for the professionalism and culture that have come to define this organization, making today’s occasion especially meaningful for me.
Friends,
Success is often built on partnership. As a government, our responsibility is to create the conditions for investment through sound fiscal policy and a stable economic environment.
The private sector’s role is to seize those opportunities, create value, and contribute to national development.
Together, that partnership drives The Bahamas forward.
From the very beginning, that has been the focus of my administration.
When we assumed office in 2021, we inherited an economy under significant strain. From day one, we pursued disciplined fiscal management and implemented policies designed to restore confidence and strengthen the foundation of our economy.
Today, the results speak for themselves.
We have significantly reduced our debt-to-GDP ratio, moved from deficits to surplus, and strengthened government revenues through improved compliance. And, after years of downgrades, my administration has secured credit upgrades that recognize the progress The Bahamas has made.
These achievements reaffirm that our economy is moving in the right direction.
We have also continued strengthening our regulatory framework. For many years, The Bahamas, like other international financial centres, has had to navigate evolving global standards and the threat of being blacklisted – impacting investor confidence in our jurisdiction.
While these challenges are not always within our control, our response has always been clear: to meet and exceed the highest standards.
Today, The Bahamas stands among a select group of jurisdictions to achieve compliance or largely compliant ratings across all forty of the Financial Action Task Force’s Recommendations – a reflection of the collaborative work of government, regulators, and the financial services industry.
At the same time, we have shown that fiscal responsibility and innovation can exist together.
Our internationally recognized Debt-for-Nature transaction demonstrated that The Bahamas can pioneer financial solutions that strengthen both fiscal resilience and environmental stewardship.
My friends,
These achievements are not ends unto themselves. They are about creating the confidence that allows institutions like J.P. Morgan to succeed here.
So, as you celebrate this new chapter, I offer both congratulations and an invitation.
Continue investing in The Bahamas – but also invest in Bahamians.
We have talented young people here.
And the only difference between Bahamians and anyone else is opportunity.
Mentor them. Train them. Develop them.
Give them the opportunity to become the next generation of financial trust professionals and leaders in this industry.
I also invite you to partner with us as we expand opportunities in blue finance and carbon markets. Together, we can position The Bahamas as a leader in the next generation of global financial innovation.
Today’s celebration is about confidence in our shared future.
You can count on a government that will continue doing its part by providing responsible fiscal management and a stable regulatory environment.
And, I know that I can count on J.P. Morgan to continue doing yours by investing in our people and helping us build an even stronger international financial centre here.
Congratulations once again, and may your new home be a place where partnerships deepen and success continues for many years to come.
Thank you, and may God continue to bless the Commonwealth of The Bahamas.
