Giving his support to a resolution seeking government’s guarantee to refinance a $128 million loan from the Inter-Amercian Development Bank (IDB) for the Bahamas Electricity Corporation, Independent Member of Parliament for Bamboo Town, Tennyson Wells said government owned corporations which were proposed for privatization should be Bahamian owned.
Mr. Wells said he foreshadows that the privatization of the Bahamas Telecommunications Company (BTC) and the Bahamas Electricity Corporation would not be realized under the Progressive Liberal Party (PLP) administration.
During the announcement of the electrical rate reductions to all of the Bahamas Electricity Corporation’s customers throughout The Bahamas in September, Minister of Works and Utilities Bradley Roberts said a Government Guarantee was necessary for the refinancing of the $128 million IDB loan.
Mr. Wells said it was always his belief even under the former Free National Movement administration, that the privatization process for BEC and the BTC, were not being executed correctly.
He noted that the employees of BEC are some of the best paid workers in the country because of their unparalleled qualifications.
In fact he said, it is believed that managers at the government owned corporations have higher salaries than cabinet ministers.
He said the employees of these corporation deserve their salaries because of the services they provide the Bahamian people and for their experience.
Mr. Wells, said several weeks ago, the Minister of Works and U tilities announced a reduction in electricity rates.
“And now we are told that as a result of this refinancing package that you’re asking the Government to guarantee, that the Bahamas Electricity Corporation will save some $5 million per year. I believe that is a step in the right direction,” he said.
Mr. Wells said he would recommend that all other public corporations should try to follow suit.
With organization of the funding and finances of the corporations, he said, wherever they are failing, they can be revitalised.
With regard to the privatization of the BTC, he said that its rates compared to rates abroad are enormous, especially cell phone rates.
He noted the minister’s decision not to privatize the BTC at this time but “I never thought it could have been done in the first place – not the way in which they were doing it. I always believed that Batelco should be privatized but it must be in Bahamian hands.”
He said when the former FNM administration tried it in 1997, he was opposed to the idea then.
” I told them that they were headed in the wrong direction and it would not work” he said.
“If Batelco is privatized, it should be owned, managed and controlled by Bahamians. That has always been my position.”
Noting that it was his position that Bahamasair should have been the first government agency to be privatized.
By Vanessa Rolle, The Nassau Guardian
