Fidelity Bank Chief Executive Officer, Gowon Bowe shared his surprise at the increased unemployment rate on Wednesday.
The latest unemployment numbers increased to 10.8% in the first quarter of 2025 compared to 8.7% in the first and second quarters of last year. Bowe said, “before there is any, what I’m gonna call, overreaction to the good or bad news there needs to be a very clear articulation as to whether or not there were changes in methodology. There needs to be a very clear articulation in terms of the quality of data and whether the previously reported information was without the best data or whether the current information is it some data limitation.”
Unemployment also increased in Grand Bahama from 10.4% to 12.8%. The Fidelity CEO said he found the numbers surprising given the ongoing going projects in the country and that there has been no major closures to account for the increased numbers.
“The general sentiment has been there are a number of projects that have come on stream in Grand Bahama with Carnival, Disney in Eleuthera. We’ve seen a number of signings for properties in Abaco and boutique resorts, number of initiatives in New Providence with the Royal Beach Club etc. So the general mood has been there is increased activity and employment,” Bowe said.
According to Bowe politicians in the country are too quick to praise or discount numbers. He said, “our political leaders need to know they’re dealing with the lives of real individuals. And so we have to be careful about the words we use and be more deliberate in terms of having an analysis. And let’s be clear that we understand the general trend that’s taking place in terms of employment opportunities and persons seeking employment.”
