The MoneyHatch Newsletter, Edition 17

What This Means for Your Finances:

If it sounds too good to be true, it probably is. This is a big promise with a big price tag, and it deserves a healthy dose of skepticism.

This could be huge for Grand Bahama. If it actually happens.

What’s been signed is a Heads of Agreement, which is a non-binding letter of intent. It outlines what the developers say they plan to do, but it is not a legally enforceable commitment. Until the financing is finalized, approvals are granted, and construction begins, this remains a well-worded promise. Nothing more. But if this one goes the distance, it could mean real jobs, new business activity, and a long-overdue boost for Freeport.

The plan includes everything from a hotel and casino to a cruise port, marina, golf course, and full integration with Port Lucaya. If built as promised, it could function as an entire economic hub. That would create real opportunity for workers, contractors, and small businesses.

But it’s an election year, and election years are full of promises. What matters is what happens after the votes are counted. And with a project of this size, stretched over several years, a lot can change before it’s finished.

Even if it succeeds, it doesn’t fix our long-term problem. Tourism cannot be the only pillar of our economy. A resort is a boost, not a strategy.

For now, don’t expect this to change your finances unless you’re directly involved in early demolition or construction. Watch what gets built, not just what gets announced.

What This Means for Your Finances:

If you live on a Family Island, this could be a genuine help. Basic banking services are becoming harder to access outside New Providence and Grand Bahama. Agency banking could finally bring everyday financial tools back to your community without having to wait on a full branch.

This won’t replace full-service banking. But it could make a real difference for deposits, withdrawals, bill payments, and keeping your financial life moving without needing to travel or depend on someone else.

It also opens the door for local businesses to become financial service points, potentially adding new income streams and giving residents more reason to shop locally. That said, it could also give multinational banks an excuse to scale back services even further, even on the main islands, all in the name of cutting costs and maximizing profits. So tread carefully.

For everyone else, the bigger takeaway is that banking is changing. If this framework goes forward, expect more partnerships between banks and non-bank entities. Not all of them will benefit the average Bahamian. Yes, it might bring access. But it also adds complexity, risk, and the potential for banks to move even more operations offshore. Ask questions. Read the fine print. And speak up. The Central Bank is asking for feedback, so use your voice while it still matters.

What This Means for Your Finances: 

BOB is growing. That’s good for stability and confidence, especially given where the bank was a few years ago. Hitting a billion in assets and posting strong profits shows the institution is back in a solid position.

It’s also good for stakeholders. Investors, government officials, and regulators can point to this as a turnaround success. For them, it’s a win.

But for everyday customers, it’s a different story. This kind of profitability makes sense when you factor in high loan rates, multiple service fees, and the general cost of borrowing in The Bahamas. Most of these gains are not being passed down to consumers. Fees remain high, interest rates remain steep, and access to affordable credit is still a challenge.

BOB may be a private company, but it is also a state-owned enterprise. That means it has a public role to play, and strong profits should come with a conversation about how to return value to the people it serves: not just its boardroom.

If you bank with them, keep your eyes open. There may be new promotions or loan products worth looking at, but don’t assume better rates or lower fees will come automatically. You’ll still have to advocate for yourself.

Overall, while this is good news for the institution and its stakeholders it’s not really relevant for your personal finances right now.

What This Means for Your Finances: 

This is a big win for Exuma on paper. A $260 million luxury resort with a global brand like Aman brings jobs, construction work, and some entrepreneurial opportunities. If you’re in Exuma and in hospitality, construction, or logistics, this could mean real short-term income and long-term job openings.

But like most ultra-luxury projects, the direct benefit will be limited. These developments are built for exclusivity: the kind of places where most Bahamians will never stay, and where most of the spending happens inside the gates. That makes it harder for local businesses to benefit unless they are brought in intentionally and early.

The government is celebrating the project’s eco-friendly credentials and job projections. That’s good. But this doesn’t change the fact that our economy still leans heavily on foreign-led resort development. High-end tourism may bring headlines, but it won’t build a middle class on its own.

For now, unless you live in Exuma or work in a related industry, this won’t change your financial reality. Similar to the grand Lucayan project watch what actually gets built, who gets hired, and how much local ownership is involved

What This Means for Your Finances: 

If you live in South Andros, this could be a meaningful improvement. More reliable water means fewer outages, fewer trips to buy bottled water, and more stability for households, farmers, and small businesses.

But let’s not get ahead of ourselves. This is a signed contract, not a finished pipeline. And in The Bahamas, there’s often a long road between what gets announced and what actually gets done. Skepticism is warranted until you see boots on the ground and pipes in the dirt.

For everyone else, this is a reminder that real development isn’t always flashy. Water, roads, and power may not grab headlines, but they are what make life work. The Family Islands deserve infrastructure that’s reliable, and this is a step in that direction.

No change to your finances yet — but if they follow through, it’s a win for the people who live there.