APIA, Samoa, CMC -Bahamas Prime Minister Phillip Davis on Wednesday called on Commonwealth countries to work together to make wealth more common in the grouping of former British colonies.
“Too often, prosperity is concentrated, leaving many nations to face economic challenges alone. But we have the tools, the talent, and the will to change this,” Davis told the start of the two-day Commonwealth Business Forum, which forms part of the Commonwealth Heads of Government Meeting (CHOGM) being held here under the theme “One Resilient Common Future: Transforming our Commonwealth.”
Speaking on the topic “Access to Finance and the Scalability of Finance,” Prime Minister Davis told the delegates to imagine a network where talent flows freely, where an entrepreneur in Barbados can seamlessly connect with an investor in Kenya, or where a small business in Trinidad can find partners in India without barriers.
“By breaking down the obstacles that limit trade and innovation and fostering a culture of collaboration, we can ensure that opportunity and success are shared across all our member states.
“When we say “Commonwealth,” let it truly mean a community where wealth, knowledge, and opportunity are accessible to all. Imagine a Commonwealth that is not just united in name but also in purpose, driving forward a new era of inclusive economic growth.
“This is the Commonwealth I believe in, where every nation, regardless of size or wealth, can access the resources they need to thrive. This is the Commonwealth we can build together. Where the wealth is more common for us all,” Davis told the conference.
He said earlier this year, the Bahamas hosted the Afrexim Bank’s annual Board and General Meeting and the African Caribbean Trade Show.
“For the first time, this major African development finance institution held its gathering outside of Africa, choosing our capital, Nassau, as the venue. When we first discussed this possibility, there were skeptics. People wondered why an African bank would look to the Caribbean.
“But for us, it was clear: we saw an opportunity to create a new partnership chapter between Africa and the Caribbean, two regions with shared histories and dreams. The event for us held a more fundamental meaning than just a conference; it was a message to the world that the Commonwealth is more than a collection of nations; it’s a dynamic network capable of fostering collaboration and innovation across borders,” Davis said.
The event’s success reminded him of why the Commonwealth matters. It’s not just about economic transactions; it’s about the exchange of ideas, the sharing of expertise, and the building of lasting relationships.
“Our strength lies in our diversity and ability to draw from a rich human talent pool. From the financial hubs of London and Singapore to the emerging tech sectors in Kenya and Jamaica, the Commonwealth is brimming with creativity, innovation, and skill.”
But he said that in order to harness this potential, there is a need to address one of the most significant challenges facing countries in accessing finance.
Prime Minister Davis said financial barriers can be a significant hurdle for Small Island Developing States (SIDS) and emerging markets.
“Without adequate funding, how can we invest in the infrastructure, education, and healthcare essential for development? How can we support our entrepreneurs, innovators, and visionaries if they cannot access the capital they need to bring their ideas to life?
“Imagine the profound injustice of having to shoulder the burden of a climate crisis we did not create, a situation that threatens to swallow our coastlines, devastate our agriculture, and disrupt the very livelihoods of our people.
“Imagine the shockwaves of a global pandemic, knowing that while some nations had seamless access to life-saving vaccines, others faced hurdles that left millions vulnerable and unprotected. And consider the economic tremors that have shaken our economies, shocks set in motion far from our shores yet hit our nations the hardest. These are not just challenges but tests of our resilience and unity.”
But he said even in the face of these formidable challenges, the Commonwealth countries stand on the cusp of immense opportunity.
He said the combined gross domestic product (GDP) of Commonwealth countries in 2021 was US$13.1 trillion, and it is projected to surge to US$19.5 trillion by 2027, nearly doubling from $10.4 trillion in 2017.
“This isn’t just a statistic; it’s a testament to the potential of our shared strength. It’s a powerful reminder that, when united, the Commonwealth is more than the sum of its parts. We have the collective economic might, the human ingenuity, and the will to shape a future where every nation, regardless of its size, has the opportunity to thrive.”
Davis said that this is where the Commonwealth can make a difference, pointing out that the countries have the collective knowledge and resources to find new solutions to these challenges.
He noted that the Bahamas, for example, has seen how blended finance, combining public and private sector funding, can create opportunities where none existed before.
“We have seen the importance of building trust in our financial institutions, ensuring investors feel confident that their funds are secure and well-managed. This stability fosters an environment where businesses can grow, jobs can be created, and economies can thrive.
“I believe the Commonwealth has a critical role in this space. We can strengthen financial systems across our member states by facilitating conversations, sharing best practices, and providing technical support. We can create environments where large and small businesses can flourish,” he added.
Prime Minister Davis also spoke of the ongoing partnership between his country and Botswana, noting that a few years ago, Botswana faced challenges related to the Organisation for Economic Co-operation and Development (OECD) banking regulations.
“They were complex issues, and finding a solution wasn’t easy. But rather than facing these challenges alone, Botswana reached out to us. We shared our experiences, particularly our work in digital currency regulations.
“Through this partnership, we were able to help Botswana navigate its regulatory hurdles, and in the process, we both learned and grew. This collaboration wasn’t just a
“It was a perfect example of the Commonwealth’s power to connect, support, and elevate,” Davis said, adding that another example of how the Caribbean and Africa are strengthening ties is through the Pan African Payments and Settlements System (PAPSS). Davis noted that Afreximbank developed PAPSS to address a long-standing challenge in Africa’s complex and costly cross-border payments.
“Streamlining transactions made trade across African countries easier, faster, and more affordable. He added that Afreximbank is piloting this system in the Caribbean, recognizing the shared economic potential and aiming to create deeper integration between our regions,” he added.
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