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In terms of gross domestic product per capita, the Bahamas is one of the richest countries in the Americas (following the United States and Canada), with an economy based on tourism and finance. [1] Tourism alone provides an estimated 45% of the gross domestic product (GDP) and employs about half the Bahamian workforce.
Wallace Groves (20 March 1900 – 30 January 1988) was an American financier and fraudster. After release from federal prison in 1944, he moved to the Bahamas where he founded and operated a free trade zone, resort, and casino development at what would become Freeport, Grand Bahama.
Freeport is a city, district and free trade zone on the island of Grand Bahama of the northwest part of The Bahamas.In 1955, Wallace Groves, a Virginian financier with lumber interests in Grand Bahama, was granted 20,000 hectares (50,000 acres) of pineyard with substantial areas of swamp and scrubland by the Bahamian government with a mandate to economically develop the area.
The Grand Bahama Port Authority [1] ( GBPA or "Port Authority") is a privately held corporation that also acts as the municipal authority for Freeport, Grand Bahama Island, The Bahamas. The GBPA was created by the Hawksbill Creek Agreement .
Grand Bahama is the northernmost of the islands of The Bahamas.It is the third largest island in The Bahamas island chain of approximately 700 islands and 2,400 cays. The island is roughly 530 square miles (1,400 km 2) in area and approximately 153 kilometres (95 miles) long west to east and 24 kilometres (15 miles) at its widest point north to south.
Bimini got wireless telegraphy in 1920 and Grand Bahama opened its first Telegraph Station in West End in 1925. [3] On December 16, 1933, the first telephone service to the United States from the Bahamas was introduced. After World War II, the Telecommunications Department, of The Bahamas began to make steady progress in its development.
The Bahamian economy is almost entirely dependent on tourism and financial services to generate foreign exchange earnings. The Gross Domestic Product (GDP) of the Bahamas is approximately $5.7 billion with tourism accounting for 50%, financial services nearly 20% and the balance spread among retail and wholesale trade, fishing, light manufacturing and agriculture. [9]
Nassau Container Port is a major container port in Nassau, The Bahamas. 20% of Nassau Container Port port is owned by 11,000 members of the Bahamian public, 40% of the port is owned by the government of The Bahamas, and 40% is held by Arawak Cay Port Development Holdings Limited, a consortium of private investors from the shipping industry. [1]