AfDB President and US Treasury Secretary Call for Intensified Public Private Partnerships in Africa
Accra, 22 November 2007 – 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 on Monday at the Ghana Stock Exchange in Accra during a panel discussion with a cross section of the banking, finance and private sector executives.
They emphasized 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. Noting that the economic reforms had paid off in Africa, the two called for more resources to sustain the development of infrastructure.
President Kaberuka further emphasized the Bank Group’s role in the area of infrastructure. He also expressed the need to use Diaspora remittances as source of financing for the continent.
At the Akosombo Hydropower Station, which provides about 68% 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 and there is a need to mobilize 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 emphasized, 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 empathized 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.