\n
The Minister for Finance, Dr. Mohammed Amin Adam, has indicated that significant private sector financing is needed to drive the continent\u2019s transformation agenda.<\/p>\n
According to him, the imperative to mobilize private sector financing is clear, especially at a time when public finances across the continent have been impacted by multiple crises.<\/p>\n
Speaking on the theme \u201cMobilizing the Private Sector to Accelerate Africa\u2019s Transformation\u201d at the Governors\u2019 Dialogue during the ongoing 2024 African Development Bank Annual General Meetings, Dr. Amin Adam noted that the United Nations estimated that approximately US$1.3 trillion would be required annually to meet Africa\u2019s sustainable development needs by 2030.<\/p>\n
\u201cIn fact, a report by this Bank indicates that ensuring access to electricity in Africa by 2030 will require over US$35 billion annually, while around US$45 billion are needed per year to achieve Africa\u2019s renewable energy goals,\u201d he said.<\/p>\n
Ghana\u2019s finance minister revealed that the situation had worsened for most African countries due to their increasing vulnerability to climate change and unmet climate financing pledges, prompting them to allocate scarce public resources to climate action.<\/p>\n
\u201cTherefore, private finance is essential for filling the gap and mobilizing additional resources to meet ever-increasing needs. Private finance certainly plays a critical role. We must focus on how to do this at scale and speed,\u201d he stated.<\/p>\n
Dr. Amin mentioned that private financing rests on factors such as macroeconomic fundamentals, political risk, and quality of infrastructure adding that the ability to harness the potential of the sector would ensure adequate revenue mobilization.<\/p>\n
The Minister disclosed that, for governments to attract sufficient private capital for development, it is important to provide incentives and conditions to catalyze private investments.<\/p>\n
This, he explained includes formulating and implementing measures to significantly improve low technical, human, and institutional capacity, which limits the continent\u2019s overall ability to secure private finance.<\/p>\n
\u201cStrengthening domestic and continental financial institutions is also crucial to leverage more private capital globally,\u201d the finance minister added.<\/p>\n
Citing Ghana\u2019s case, Dr. Amin Adam mentioned the country\u2019s aggressive pursuit of bolstering vibrant Small and Medium Enterprises to stimulate economic recovery and ensure sustainable growth.<\/p>\n
He also touched on the Ghana Mutual Programme Dialogue Framework, a Public-Private partnership aimed at attracting foreign and local investment by promoting shared growth.<\/p>\n
MA<\/p>\n
Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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