Opinion | Three Questions the Government Must Answer—And One Legal Solution We Can No Longer Avoid

Turks and Caicos stands today in the middle of the largest development wave in its history. Airports, ports, resorts, cruise expansions, marinas, retail complexes—more than US$3 billion in projects are in motion or under negotiation. Cabinet speeches celebrate progress.

Ministers announce timelines. Developers promise transformation.

But the ordinary Turks Islander still asks the same question every month: Why does my rent rise faster than my wages? Why do my bills grow while the country boasts of billion‑dollar development?

The answer is simple: we have no national mechanism to capture the value of development and return it to the people. And until we build one, the math will never make sense.

Today, I ask the Government three questions—plain, direct, unavoidable. And I offer one legal solution that would finally align development with dignity.

The First Question: Where Is the Sovereign Wealth Fund?

The Government speaks often of “retaining more value at home.” It is a noble phrase. But value is not retained by speeches—it is retained by law.

Right now, Turks and Caicos has no sovereign wealth fund, no national investment vehicle, no legally protected account into which development profits, airport revenues, cruise fees, or concession payments are deposited for the long‑term benefit of Turks and Caicos Islanders.

Other small nations have done this.

• Bermuda uses a sinking fund to stabilize debt.

• Cayman uses a national reserve fund.

• The Falklands use a sovereign wealth fund to capture fishing revenues.

• Norway built the world’s largest fund from oil, ensuring future generations inherit more than depletion.

We have billion‑dollar development but no national savings mechanism.

So I ask plainly:

What portion of the profits, fees, concessions, or tax revenues from this US$3 billion development pipeline is being placed into a sovereign wealth fund earmarked for Turks and Caicos Islanders?

If the answer is “none,” then the Government must say so openly. If the answer is “some,” then show us the fund, the law, the balance sheet, and the audited accounts.

Until then, “value at home” is a slogan, not a policy.

 The Second Question: Where Is the National Project Register?

Every modern government with large infrastructure programmes maintains a public project register. It is the backbone of transparency.

It answers five basic questions for every project:

1. Who won the contract?

2. How much does it cost?

3. What is the funding source—loan, grant, or recurrent budget?

4. When does it start and finish?

5. What is the measurable benefit to the people and the country?

Right now, Turks and Caicos has no such register.

We have announcements. We have speeches. We have ribbon‑cuttings. We have “ahead of schedule” and “on track” and “progress continues.”

But we do not have the one document that allows citizens to see the truth.

So I ask plainly:

Where is the national project register that lists every airport, port, road, resort, marina, and public works project with its contractor, cost, timeline, funding source, and benefit statement?

Without this, accountability is impossible. Without this, cost overruns hide in silence. Without this, delays become political fog. Without this, the people cannot judge the stewardship of their own money.

We have a Statistics Department. We have a Ministry of Finance. We have InvestTCI. We have Cabinet. We have the Auditor General.

Yet we do not have the one tool that binds them together in public view.

This is not good governance. This is governance by press release.

The Third Question: Where Are the Cost‑of‑Living Guarantees?

The Government proudly announces:

• US$500 million airport programme

• US$1.18 billion Cabinet‑approved developments

• US$2.57 billion under construction

• Cruise expansions

• Resort expansions

• Marina developments

• Retail complexes

• Heritage Islander incentives

• MSME support

• Family Island investment

But the ordinary Turks Islander still asks:

How does any of this help me pay rent? How does any of this lower my electricity bill? How does any of this reduce the cost of food? How does any of this make my life better?

The truth is hard but simple:

There is no legal link between development approvals and cost‑of‑living improvements.

Developers are not required to contribute to affordable housing. No law requires a percentage of project revenue to fund utility stabilization. No statute ties development concessions to wage growth. No regulation mandates local price impact assessments. No policy guarantees that infrastructure expansion will reduce household costs.

So I ask plainly:

Where are the cost‑of‑living guarantees that ensure development improves the daily life of Turks and Caicos Islanders?

If development does not reduce the burden on households, then it is not development—it is extraction.

One Thoughtful Legal Solution: The Turks and Caicos National Prosperity Act

We cannot continue with billion‑dollar development and zero‑dollar accountability.

So, I propose one legal instrument for consideration: (I am convinced that this would start a debate and a better TI solution will be created, but for now here is this to begin with!)

The Turks and Caicos National Prosperity Act

A single piece of legislation that creates:

1. The Turks and Caicos Sovereign Wealth & Infrastructure Fund (SWIF)

• Capitalised by:

  • 5–10% of all development concession fees

  • A fixed percentage of airport and cruise passenger charges

  • A share of stamp duty from major developments

  • Dividends from public infrastructure assets

• Legally protected from political interference

• Audited annually

• Dedicated to:

  • Affordable housing

  • Utility stabilization

  • Education and training

  • Disaster resilience

  • Long‑term national savings

2. The National Project Register (NPR)

A mandatory public database listing:

• Contractor

• Total cost

• Funding source

• Start and completion dates

• Change orders

• Benefit statements

• Environmental and social impact summaries

• Local employment and training commitments

Updated quarterly. Failure to update triggers automatic review by the Auditor General.

3. Cost‑of‑Living Impact Assessments (CLIA)

Before any major development is approved:

• Government must publish a cost‑of‑living impact assessment.

• Developers must contribute to a Cost‑of‑Living Mitigation Fund if the project increases pressure on housing, utilities, or transport.

• Concessions cannot be granted without a mitigation plan.

4. Local Value Guarantees (LVG)

Every major development must include:

• Minimum local employment thresholds

• Mandatory training programmes

• Local supplier quotas

• Heritage Islander equity participation where feasible

• Annual public reporting

5. Parliamentary Oversight Committee on National Prosperity (OCNP)

A bipartisan committee empowered to:

• Review SWIF performance

• Audit the NPR

• Monitor cost‑of‑living impacts

• Summon ministers and agencies for questioning

• Publish annual “State of National Prosperity” reports

Courage Is the Price of Prosperity

Turks and Caicos does not lack development. It lacks architecture—the legal architecture that ensures development becomes prosperity.

We do not need more announcements. We need laws.

We do not need more speeches. We need structures.

We do not need more promises. We need guarantees.

The National Prosperity Act would not solve every problem. But it would solve the most important one: the absence of a national mechanism that captures value and returns it to the people.

This is the work. This is the courage. This is good governance at its best.

And until these three questions are answered— Where is the sovereign wealth fund? Where is the project register? Where are the cost‑of‑living guarantees?— the people of Turks and Caicos will continue to live in a country where development rises but dignity does not.

It is time to change that.