The Minister for Finance, Dr Mohammed Amin Adam, has indicated that significant private sector financing is needed to drive the continent’s transformation.
According to him, the imperative to mobilize private sector financing was so clear, particularly at the time when public finances across the continent have been impacted by multiple crises.
Speaking on the theme "Mobilizing the Private Sector to Accelerate Africa’s Transformation” at the Governors’ Dialogue at the ongoing 2024 African Development Bank Annual General Meetings, the MP for Karaga noted that, the United Nations estimated that approximately US$1.3 trillion would be required annually to meet Africa’s sustainable development needs by 2030.
“In 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’s renewable energy goals” he said.
The Minister revealed that, the situation had aggravated for most African countries owing to their increasing vulnerability to Climate and unmet climate financing pledges prompting them to dedicate scarce public resources to climate action.
“Therefore, private finance is essential for plugging the gap, and for further mobilizing additional resources to meet ever-increasing needs. Private Finance certainly has a critical role. We must focus on how to do this at scale and speed,” he stated.
The private financing, Dr Amin revealed rested on factors such as macroeconomic fundamentals, political risk and quality of infrastructure and the ability to harness the potential of the sector would ensure adequate revenue mobilization.
The Minister disclosed that, for governments to attract sufficient private capital for development, it was important to provide incentives and conditions to catalyze private investments, including formulating and implementing, significantly improve the low technical, human, and institutional capacity, which limits the continent’s overall ability to secure private finance and Strengthen domestic and continental financial institutions to leverage more private capital across the globe
Citing Ghana’s case, he stated the country’s aggressive pursuit of a bolstering and vibrant Small and Medium Enterprises to stimulate economy recovery and ensure sustainable growth.
He also touched on the Ghana Mutual Programme Dialogue Framework which is a Public-Private partnership aimed at attracting foreign and local investment by promoting shared growth.
Latest Stories
-
Pope Francis’ critic excommunicated by the Vatican
4 hours -
Biden vows to stay in race and beat Trump in defiant speech
4 hours -
2024 Kosmos Innovation Center AgricTech Challenge classic commences
4 hours -
Tullow announces leadership changes in Ghana
5 hours -
Commitments from 2022 Global Citizen Festival: Accra lead to over 1 million Ghanaian children vaccinated
5 hours -
Trust in Electoral Commission, courts, and police hit all-time low – Afrobarometer Reports
5 hours -
Kumasi High defeats OLAG SHS to clinch the ultimate at 6th LUV FM High School Debate
5 hours -
Euro 2024: Cristiano Ronaldo and Portugal crash out as France make semis
5 hours -
NIA Board rejects petition to remove Prof Attafuah
5 hours -
NSMQ2024: KSTS silences Okuapemman; Benkum march over Saviour, Kwahu Tafo and Abetifi Presby
6 hours -
National Security didn’t demolish wall around Prison Service land – Interior Minister
6 hours -
Bawumia calls for Pan-African digital payment system to boost trade
7 hours -
What is Agriculture Ministry, and others doing in Accra? – Okyenhene quizzes
7 hours -
Mas-Ud Didi Dramani highlights impact of fan influence on scouting decisions
8 hours -
Ghanaian musician Cee Levelz to release new video ‘Commotion’ on July 6
8 hours