<P> Modern political development began after the Second World War . The first political parties were formed in the 1950s . The British Parliament authorised the islands as internally self - governing in 1964, with Sir Roland Symonette, of the United Bahamian Party, as the first Premier . </P> <P> A new constitution granting the Bahamas internal autonomy went into effect on 7 January 1964 . In 1967, Lynden Pindling of the Progressive Liberal Party, became the first native born Premier of the majority native Bahamian colony; in 1968 the title of the position was changed to Prime Minister . In 1968, Pindling announced that the Bahamas would seek full independence . A new constitution giving the Bahamas increased control over its own affairs was adopted in 1968 . </P> <P> The British House of Lords voted to give the Bahamas its independence on 22 June 1973 . Prince Charles delivered the official documents to Prime Minister Lynden Pindling, officially declaring the Bahamas a fully independent nation on 10 July 1973 . It joined the Commonwealth of Nations on the same day . Sir Milo Butler was appointed the first Governor - General of the Bahamas (the official representative of Queen Elizabeth II) shortly after independence . The Bahamas joined the International Monetary Fund and the World Bank on 22 August 1973, and it joined the United Nations on 18 September 1973 . </P> <P> Based on the twin pillars of tourism and offshore finance, the Bahamian economy has prospered since the 1950s . Significant challenges in areas such as education, health care, housing, international narcotics trafficking and illegal immigration from Haiti continue to be issues . </P>

Why is the bahamas called a commonwealth sovereign nation
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