Unlocking Ghana's potential through public-private partnerships

The quarterly Graphic Business/Stanbic Bank Breakfast meeting has become a foremost thought-leadership event in the country where opportunities for discussions on critical national issues are offered and solutions proffered.

Yesterday, some business analysts and investors, among others, converged on the platform to discuss the theme: “Public-Private Partnership, Financing Option for Sustainable Development,” with the Senior Country Partner of PwC Ghana leading the conversation.

A public-private partnership (PPP) is a collaborative agreement between a public entity (government or state-owned enterprise) and a private sector company to deliver a project or service that benefits the public.

PPPs combine the strengths of both sectors to achieve mutually beneficial outcomes.

Ghana, like many other developing countries, faces numerous challenges in its quest for sustainable development.

One of the most significant hurdles is the inadequate provision of essential public services such as health care, education and infrastructure.

PPPs are now seen generally as a vital means of funding for infrastructural requirements to become a middle-income country and reduce poverty.

However, through PPPs, the government can leverage the strengths of the public and private sectors to deliver critical services and drive development.

PPPs offer a unique opportunity for the government to tap into the expertise, technology and financing of the private sector. 

By partnering private companies, the government can deliver projects more efficiently, effectively and sustainably. PPPs also enable the government to share risks with the private sector, reducing the financial burden on the state.

The Daily Graphic holds the view that one of the most significant advantages of PPPs is their potential to improve the quality and accessibility of public services.

In the healthcare sector, for example, PPPs can facilitate the development of modern hospitals and healthcare facilities, providing citizens with access to quality medical care. 

Similarly, in the education sector, PPPs can support the development of modern schools and educational facilities, improving the quality of education and increasing access to educational opportunities.

PPPs can also play a critical role in driving the country’s economic development. By investing in critical infrastructure such as roads, ports and energy, PPPs can help stimulate economic activity, create jobs and increase access to markets.

This, in turn, can help reduce poverty, improve living standards and promote sustainable development.

However, to fully realise the benefits of PPPs, the government must introduce a robust regulatory framework.

This includes establishing clear policies and guidelines for PPPs, strengthening institutions and building capacity among public sector officials. 

The government must also ensure transparency and accountability in PPP project development and implementation to build trust and confidence among stakeholders.
PPPs offer a promising solution to the country’s development challenges.

Moreover, by partnering private sector companies, the government can leverage their expertise, technology and financing to deliver critical services and drive development.

The experts have stated that to fully realise the benefits of PPPs, Ghana must put in place a robust regulatory framework, including clear policies and guidelines, ensure transparency and accountability, and foster a favourable business environment.

On the way forward, the government needs to strengthen institutions build capacity among public sector officials, and ensure transparency and accountability in PPP project development and implementation.

There is also the need to foster a favourable business environment to attract private sector investment while aligning PPP projects with national development priorities and designing them to meet the needs of all stakeholders.

The Daily Graphic believes that Ghana can unlock the full potential of PPPs and drive sustainable development, especially in a situation where the country is facing significant revenue and debt management constraints.

Undoubtedly, PPPs are a clear vehicle for mobilising private sector finance and technical expertise.