3rd Global Public Private Partnership conference held in Takoradi

The Minister for Finance and Economic Planning of Ghana, Mr. Seth Tekper at the opening of the 3rd Global PPP conference in Takoradi, said that the Public Private Partnership (PPP) initiative is to encourage and promote indigenous private sector participation in the delivery of public infrastructure and services. The theme of the conference was ‘Harnessing Local Opportunities, International Expertise and Resources to Accelerate Ghana`s PPP Agenda’. C-NERGY Global Holdings -- an investment advisory services firm -- and the Ministry of Finance and Economic Planning jointly organized the three-day conference. The objective of the conference was to recognize and convert local occasions into bankable PPP projects so as to promote economic and financial steadiness in the sub-region.   Also, it is to harness these prospects and interpret them into bankable project utilising and tapping the knowledge of professionals across the globe to attract both local and international capital. He said driving growth through PPP initiatives is key to creating employment, developing human capital, promoting local and foreign investment as well as raising the standard of living for the people. “PPP is a commercial arrangement between a public entity and a private sector party, with clear arrangements on shared objectives for the provision of public infrastructure and services supplied by the public sector,” he said. According to the minister, government is embarking on a fruitful infrastructure expansion agenda through the PPP. “Hitherto, government has been depending on its own revenue resources to finance infrastructure projects and services, making it difficult to expand and improve on those facilities” he said. He said it is assessed that the country will need at least US$1.5billion annually to close the country’s infrastructure gap and bring it to the suggested level for middle income status. He pointed out that the country has developed a national PPP policy framework that has been piloted with key infrastructural projects; such as the Boankra Inland Port in the Ashanti Region and Eastern Railway Line Project. He added that projects such as the Takoradi Port and Airport expansion projects, as well as various highway projects which are being delivered through PPP, are seen as models for development globally and government does not intend to re-invent the wheel. “It is our vision as the Ministry of Finance that the PPP arrangement will continue to offer government an additional tool to finance capital expenditures, grow the economy, increase employment opportunities, extend public services and reduce the burden on public finance,” he said.   Source: ghanaweb.com