Director of communications in the Office of the Prime Minister Latrae Rahming. (File photo)
By FAY SIMMONS
TRIBUNE Business Reporter
jsimmons@tribunemedia.net
THE DAVIS administration has pledged to protect existing contractual rights and investor interests as it moves to overhaul Freeport's governance framework, promising that changes will be made lawfully and not applied retroactively.
Latrae Rahming, director of communications in the Office of the Prime Minister, said the Government had given five assurances in Philip Davis KC's address outlining plans to reform Freeport's governance, including that licence holders' lawful rights would be identified, recorded and respected.
“First, change will be lawful. It will come through Parliament and other legal steps that the law requires, and only after consultation,” Mr Rahming said.
“Second, nothing will be done retrospectively. BVested rights, contracts, and the protection of investors' investments will be properly addressed. Third, licence holders' lawful rights will be identified, recorded and respected. Licence holders will have a full say in how any change is made.”
Mr Rahming said the Government was also promising certainty for investors through clear and published laws, transparent decisions and lawful procedures open to everyone. “As the Prime Minister put it, certainty is the strongest incentive any country can offer,” he added.
The Government has proposed amendments to the Hawksbill Creek Agreement, which governs Freeport, and the introduction of a new Grand Bahama Development Act as part of a wider effort to change how the island is governed and developed.
The Grand Bahama Port Authority (GBPA) has insisted that its rights and those of its licensees under the agreement must be respected, saying any proposal to relinquish or vary those rights must be approached through agreement and demonstrate clear benefits for the local stakeholders whose interests they protect.
In its response to Mr Davis's address, the GBPA also said it had not been given advance notice of substantial information contained in the proposals and would need time to review them before providing a fully-informed response.
Mr Rahming said the Government was committed to an orderly transition, with services continuing throughout and the necessary responsibilities, staff, funding and systems in place before any functions were moved. “The Port Authority staff, many of them Grand Bahamians, will be needed,” he said.
The Government has said consultation on the proposed reforms will run from November 1, 2026, to April 30, 2027. A white paper is expected by July 1, 2027, with draft legislation targeted for completion by December 31, 2027, and passage via Parliament targeted for the 2028 first quarter.
Mr Rahming said the Government was open to discussion about the pace and final shape of the reforms, although it had ruled out maintaining the existing governance arrangements unchanged. “Change is settled. How that change will look and the pace of it are open,” he added.
He urged GBPA licensees, investors, workers, residents and the Port Authority to participate in the consultation process, saying every timely submission would be considered.