Minister of Agriculture and Marine Resources the Hon. V. Alfred Gray addresses the opening ceremony of “Accessing Investment Finance for Caribbean Agriculture – Innovate Methods” seminar at the British Colonial Hilton, Monday, November 30, 2015. (BIS Photo/Raymond Bethel)

NASSAU, Bahamas -- The Government of The Bahamas spoke of the need to develop the Agricultural Sector in the country prior to 2013, but took no real steps to do cultivate the sector, Minister of Agriculture and Marine Resources the Hon. V. Alfred Gray said.

As a result, in order to feed its citizens and visitors, The Bahamas has a food import bill of some US$900 million, Minister Gray said during the opening ceremony of the “Accessing Investment Finance for Caribbean Agriculture – Innovate Methods” seminar sponsored by the Inter-American Institute for Cooperation on Agriculture at the British Colonial Hilton, Monday, November 30, 2015.

“So there is a need for agricultural expansion and food production. We have to do more to feed ourselves and those who stay and/or visit with us.

“Thus the Government of The Bahamas is focused and is giving special attention to the development of the Agricultural Sector,” the Minister told delegates from across the Region and Canada who were in attendance at the seminar.

“The fact that we have started the agriculture and marine school in one of the Islands of The Bahamas called Andros would certainly indicate the thinking of the Government, as it relates to the development of the sector.”

The Minister explained that if the Bahamas could take off $100 million from its food import bill, there would still be a deficit of some $800 million floating out of the country. He said that it is his desire is to see the country’s import bill slashed by at least half.

Minister Gray also noted that the majority of people who are farming are growing “short-term crops,” which is anything that will bring money within weeks, but the real money is usually in those crops which are of longevity like limes, oranges and cucumbers.

The Minister said the Bahamas Government has more financial challenges than other nations in the region due to its archipelagic nature, so the money that the Government is able to put into agriculture is limited.

“We are here today to see whether or not there is any way that financing could be found outside the Government’s ability to do so for people who are involved, or who are willing to become involved in agriculture and agri-businesses.

He added, “Banks and lending institutions do not want to lend farmers and agri-business developers any money. Well I am praying that somebody will hear or listen, or at least pay some small attention to the need to support the development of our countries.”

The Minister said he is aware that other countries in the region are facing similar challenges obtaining funding. He told the delegates that he hoped that they would find a way to persuade lenders of the need to partner with governments in the development of their countries’ agriculture and agri-business sectors.

Minister Gray explained that The Bahamas Government previously had an agriculture guarantee programme where it signed a few guarantees. Due to the fact that no one who took part in the programme paid the banks back, the Government had to stop the programme. “However, I hope that you will be able to persuade private financiers and the governments of various countries to get involved. I am open to asking the Government for reconsideration if there could be some checks and balances put in place so that we could ensure that the people’s money is not squandered by the few.”

Bahamas Representative, (IICA), Manuel Messina said the seminar is about seeing what all can be done better within the industry, how they can join efforts regionally and how work can be done on both sides. “It is not simply about helping financial institutions find a way to bring money to farmers, producers or the processors, but it is also about what the productive part has to do to be able to receive that money and to make a productive product with it,” Mr. Messina said.

They discussed topics such as Access to international and regional organisations for donor-funded projects and financing and successful cases, and challenges of financing to small producers in the region.

Representatives from the Financial Alliance for Sustainable Trade from Canada, the Caribbean Agri-Business Association, Micro Finance Alliance Organisation in the Caribbean, the Bahamas Development Bank and the Bahamas Agriculture and Marine Science Institute were just some of the organisations in attendance for the seminar.