Who Runs Bahamas’s Economy, the Key Players in 2026

BAHAMAS · ECONOMY

The Bahamas economy matters to Americans because most visitors are American and the currency is tied to the dollar.

A small group of ministers, resort owners, cruise lines and banks decides how that money moves. This guide names them as of October 2026.

The Bahamas Economy at a Glance

Tourism and financial services together make up about 85% of output in the Bahamas economy, says the US State Department’s 2026 investment report. The Bahamas recorded more than 12.5 million visitors in 2025, and about 85% of them were American.

The International Monetary Fund (IMF) says real growth was 3.4% in 2024 and about 2.8% in 2025. It projects 2.2% for 2026, in its February 2026 Article IV report.

The IMF puts unemployment at 9.3% in the second quarter of 2025 and expects average inflation of 1.2% in 2026. The Central Bank of The Bahamas reported inflation of 2.06% in April 2026.

The Bahamian dollar is fixed at one to one with the US dollar, so every figure here is the same in both. The Central Bank held reserves of US$3.1 billion in August 2026, and private credit stood at US$6.1 billion.

The Government and the Central Bank

Philip Davis, the Prime Minister, named his cabinet after the May 2026 general election. The Cabinet Office list of 21 May 2026 names Michael Halkitis Minister of Finance and Glenys Hanna Martin Minister of Tourism.

Halkitis is the Finance Minister, according to The Tribune in September 2026, and Hanna Martin is the first woman in the tourism post. She named Jackson Weech, a hotel executive, Director General of Tourism on 28 September 2026.

What the Finance Ministry Controls

The finance portfolio covers the budget, customs, inland revenue and business licences. The 19 May 2026 gazette also puts banks, trust companies, the Central Bank, the Development Bank and the National Investment Fund under it.

Jerome Fitzgerald is Minister of Economic Affairs, and JoBeth Coleby-Davis holds energy, utilities and aviation. Ginger Moxey is the Minister for Grand Bahama, the island that holds Freeport.

The Budget and the Debt

Halkitis tabled the 2026/27 budget on 27 May 2026, projecting a surplus of US$223.1 million. Recurrent revenue is forecast at US$4.36 billion, up from US$4.08 billion.

The budget amends the 15% minimum tax on large multinational firms. It also raises the business licence rate for firms with over US$175 million in revenue from 1.25% to 1.5%.

The government expects debt to fall to 59.9% of output. The IMF measures central government debt at about 74% in 2025, on its own basis.

Moody’s, the credit rating agency, lifted the Bahamas from B1 to Ba3 in 2026, citing sustained fiscal consolidation and lower liquidity risk.

Who Runs the Central Bank

John Rolle was reappointed Governor of the Central Bank for two years from 1 January 2026. The bank sets the 4% discount rate, as of August 2026, and defends the dollar peg.

Who Owns the Big Resorts

Brookfield Asset Management of Toronto owns Atlantis on Paradise Island, a resort at the heart of the private Bahamas economy. It took control in late 2011 in a debt-for-equity deal with the resort’s former owner, Kerzner.

Audrey Oswell, the resort’s president, told The Tribune in September 2026 that Atlantis was not for sale and had another record year. Baha Mar is another large resort complex.

Chow Tai Fook Enterprises of Hong Kong bought Baha Mar in 2016, as then Prime Minister Perry Christie announced. He did not disclose the price.

New Projects on the Family Islands

On south Eleuthera, the Colombian billionaire Luis Carlos Sarmiento leads the Ritz-Carlton Reserve development, according to The Tribune in January 2026. Disney’s Lighthouse Point cruise destination sits nearby.

Sir Franklyn Wilson, a leading Bahamian businessman, chairs the Jack’s Bay project on south Eleuthera. The Tribune reported that it had generated almost US$59 million in real estate sales since April 2023.

Cruise Ports and Freeport

The Nassau Cruise Port handled about 6.1 million cruise passengers in 2025, the biggest group of visitors in the Bahamas economy. The State Department says Global Ports Holdings of the UK runs it under a 25-year lease worth US$250 million, signed in 2019.

The Ministry of Tourism says over 10.6 million of the 12.5 million visitors in 2025 came by sea, against nearly 1.7 million by air. Cruise made up 86.5% of arrivals, and over 1.8 million visitors were stopover guests who stayed overnight.

Grand Bahama and the Freeport Zone

Freeport covers 233 square miles on Grand Bahama and is overseen by the Grand Bahama Port Authority, a private body. The Hawksbill Creek Agreement of 1955 guarantees the zone until 2054.

A dispute over the agreement went to arbitration in 2024, with a partial award in February 2026, the State Department says. The Tribune has reported a US$357 million claim in the same dispute.

The MSC Plans and the Grand Lucayan

Concord Wilshire Capital, a Miami developer, owns the Grand Lucayan resort. Caribbean Journal reported in May 2026 that MSC’s cruise arm agreed to take over 20 acres of it for a beach club.

MSC has announced a US$450 million terminal project. The report puts its total investment in the Bahamas at nearly US$1.5 billion, which includes the Freeport Harbour expansion.

Banks and the Stock Exchange

Banks carry the finance half of the Bahamas economy. The Central Bank’s list of 9 October 2026 names ten resident banks, including RBC Royal Bank, Scotiabank and CIBC Caribbean.

The list also includes Citibank, Commonwealth Bank, Fidelity Bank and Bank of The Bahamas. The State Department says non-Bahamians may own at most 49% of a bank or trust company.

The Central Bank is the regulator of all of them. The IMF judged systemic financial risks to be moderate in February 2026.

The Bahamas International Securities Exchange

The Bahamas International Securities Exchange (BISX) lists 20 companies. They include FOCOL Holdings, Commonwealth Bank, Fidelity Bank, Cable Bahamas, AML Foods and Doctors’ Hospital Health System.

The BISX All Share Index stood at 3,277.27 on 21 October 2026. Its 20 listed companies range from banks and insurers to a brewery and a waste firm.

Energy and Retail Names on the Exchange

FOCOL Holdings, the fuel distributor, is chaired by Sir Franklyn Wilson, who is also its largest shareholder, according to The Tribune. The paper says it supplies baseload power on New Providence.

Sir Franklyn also chairs Arawak Homes and Sunshine Holdings. Emera, the Canadian utility, has shares on BISX, but it sold its Grand Bahama power business in May 2026.

State-Owned Companies and Utilities

The State Department counts 25 state-owned enterprises in the Bahamas economy. The best known are Bahamasair Holdings, Bahamas Power and Light, the Water and Sewerage Corporation and the Hotel Corporation.

The government sold 49% of the telephone company BTC to Cable & Wireless in 2011 and kept the other 51%. Bank of The Bahamas also appears on that state list.

The Takeover of Grand Bahama Power

On 6 May 2026 the government bought Grand Bahama Power Company from Emera through a new company, Grand Bahama Electricity Company. A loan guaranteed by the government, from Standard Chartered and Scotiabank, paid for the deal.

Prime Minister Davis said the move could cut bills by an average of 37% for more than 17,000 households on Grand Bahama. The purchase price has not been published.

Foreign Owners and Business Families

Foreign money shapes the Bahamas economy more than any local family, from Brookfield and Sarmiento to MSC. Chow Tai Fook bought Baha Mar in 2016, and Sir Franklyn Wilson leads among Bahamian business figures through FOCOL, Arawak Homes and Sunshine Holdings.

The 2026/27 budget also changes the real property tax thresholds for owner-occupied homes. Foreign buyers should read the new rules before they sign.

How the Rules Treat Outsiders

A separate guide for foreign buyers explains property, funds and the zero-tax frame in detail. For the wider picture, see the Bahamas explained and the National Investment Fund.

What It Means for US Readers

Americans are the customers behind the Bahamas economy, and prices are quoted in US dollars. The peg removes exchange risk for American visitors and investors.

Cruise lines, Atlantis and Baha Mar set the pace for jobs and prices, so a US slowdown reaches Nassau quickly. For daily costs, see the cost of living in Nassau, and for tourism trends see the record visitor numbers.

The minimum tax matters to US multinationals that book profits in the Bahamas. The budget amends the 15% rules that apply to them.

What Is Not Known

The price the government paid for Grand Bahama Power has not been published. Neither has the final outcome of the Freeport arbitration, where only a partial award exists.

Atlantis’s president says the resort is not on the market, though 2023 reports said Brookfield sought about US$2.5 billion. The 2016 Baha Mar sale price was not disclosed.

The government aims for debt of 59.9% of output, while the IMF measured about 74% in 2025. The IMF expects growth to slow to 2.2% in 2026.

Whether cruise growth can continue without more beds and better ports is an open question. For the wider picture, see the regional context.

Frequently Asked Questions

Who runs the Bahamas economy?

The Bahamas economy answers to Prime Minister Philip Davis’s cabinet, which sets policy, with Michael Halkitis as Minister of Finance and Glenys Hanna Martin as Minister of Tourism. Atlantis, Baha Mar, the cruise lines, the banks and 25 state companies carry most of the activity.

What are the biggest industries in the Bahamas?

The biggest industries in the Bahamas economy are tourism and financial services, which together account for about 85% of output, according to the US State Department. About 12.5 million people visited in 2025, and about 85% were American.

Who owns Atlantis and Baha Mar?

Brookfield Asset Management of Toronto has owned Atlantis since late 2011. Chow Tai Fook Enterprises of Hong Kong bought Baha Mar, as then Prime Minister Perry Christie confirmed in December 2016.

Which banks operate in the Bahamas?

The Central Bank lists ten resident banks authorised to deal in foreign currency, including RBC Royal Bank, Scotiabank, CIBC Caribbean, Citibank and Commonwealth Bank. Fidelity Bank and Bank of The Bahamas are also on the list.

Is the Bahamian dollar tied to the US dollar?

Yes, the Bahamas economy runs on a Bahamian dollar fixed at one to one with the US dollar. The Central Bank held reserves of US$3.1 billion in August 2026 to defend the peg.

How much debt does the Bahamas have?

The IMF measured central government debt at about 74% of output in 2025. The 2026/27 budget aims to bring the government’s own measure down to 59.9%.

Sources: Cabinet Office, Order of Precedence for Cabinet Ministers, 21 May 2026; Extraordinary Gazette, Allocation of Portfolios, 19 May 2026; Central Bank of The Bahamas, key indicators and supervised financial institutions list, October 2026; Central Bank of The Bahamas, reappointment of Governor John Rolle, 2 January 2026; International Monetary Fund, 2025 Article IV press release 26/031, February 2026; US State Department, 2026 Investment Climate Statement: The Bahamas, 2026; Bahamas Institute of Chartered Accountants, 2026/27 budget communication summary, August 2026; Bahamas Ministry of Tourism, record 12.5 million visitors in 2025, 28 January 2026; Bahamas International Securities Exchange, market summary and listed companies, 21 October 2026; The Tribune, Atlantis not on the market following record 2026, 16 September 2026; The Tribune, Jackson Weech appointed new Director General of Tourism, 28 September 2026; The Tribune, Finance Minister on the cost of the royal visit, 17 September 2026; The Tribune, government buys Grand Bahama Power, 6 May 2026; The Tribune, pockets of the Bahamas set for best year in history, 23 January 2026; The Tribune, PM confirms Baha Mar sale to Chow Tai Fook Enterprises, 12 December 2016; Caribbean Journal, Grand Lucayan and MSC, 25 May 2026; Central Bank of The Bahamas, Supervised Financial Institutions list, 9 October 2026; The Tribune, Minister Coleby-Davis on the LNG fuel switch, 19 October 2026; The Tribune, Economic Affairs Minister Jerome Fitzgerald on rental reform, 22 September 2026; The Tribune, Minister for Grand Bahama Ginger Moxey and cruise visits to Port Lucaya, 8 October 2026; Caribbean News Network, Bahamas projects US$223 million budget surplus, 29 May 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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