Strengthen Private, Public Partnership - Two Financial Gurus

The African Development Bank (AfDB) Group President, Donald Kaberuka, and the United States Treasury Secretary, Henry Paulson, have called for intensified Public, Private Partnerships (PPPs) in the development of infrastructure in Africa.

Messrs Kaberuka and Paulson made the call at the Ghana Stock Exchange in Accra during a panel discussion with a cross section of the banking, finance and private sector executives.

The two emphasised the need for African countries to promote PPPs to sustain current levels of economic growth and highlighted how African governments, the private sector and donors could accelerate the financial sector's development.

Both noted that the economic reforms had paid off in Africa , and called for more resources to sustain the development of infrastructure.

President Kaberuka further emphasised the Bank Group's role in the area of infrastructure and expressed the need to use Diaspora remittances as sources of financing for the continent.

At the Akosombo Hydropower Station, which provides about 68 per cent of Ghana's electricity requirements, President Kaberuka and Secretary Paulson held round table discussions with government authorities led by the Finance and Planning Minister, Kwadwo Baah-Wiredu, on infrastructure financing.

Africa 's development hinges on infrastructure as such there is the need to mobilise more resources and ensure the effective implementation of projects, they said.

At the press conference, the US Treasury Secretary highlighted the significant change and progress made by Africa in economic reforms and development.

He also emphasised, with satisfaction, the catalytic role played by the African Development Bank in this process. During the visit, Secretary Paulson and President Kaberuka paid a courtesy call on President Kufuor and empathised with him over a recent accident in which the Ghanaian President escaped unharmed.

They commended Ghana 's achievements in the areas of poverty reduction, investments and infrastructure.
President Kaberuka later held discussions with the Finance Minister on a host of bilateral and current issues, including the need to speed up project implementation, public and private sector collaboration as well as infrastructure development.

Credit African Development Bank