26 August 2014

Ghana: World Bank Offers Ghana More Financial Support

Accra — THE World Bank has pledged financial support to Ghana's government public-private partnership (PPP) initiative.

The Country Director for Ghana, Liberia and Sierra Leone, Yusufa Crookes, who made the pledge, said the bank was impressed Ghana could leverage private capital through the PPPs, which could be used to bridge the country's yawning infrastructure deficit.

The monetary value of the deficit is currently estimated at US$7.5 billion over the next five years, and would require an annual investment of US$1.5 billion to be bridged, according to economists.

Given that budgetary allocations cannot meet that amount, Crookes said PPPs came in handy hence the bank's decision to give the initiative its financial backing.

"Where you have a (PPP) process completed, a defined private sector investor identified and selected, they may need financing.

"We are standing ready, through the World Bank Group, to provide whatever financial products those investors might need to realise their ability to partner government in developing any specific infrastructure they may have been selected for," he said during a conference.

C-NERGY Ghana, the local subsidiary of investment advisory firm, C-NERGY Global, in partnership with the Ministry of Finance, organised the event,.

A Director of C-NERGY Global Holdings, Michael Cobblah, indicated that the company was prepared to offer the technical expertise needed to ensure a smooth execution of PPP projects in the country.

The Minister of State responsible for Private Sector Development and PPP, Rashid Pelpuo, assured the participants that the government was in the process of providing the legal framework that would enable the private sector to partner public institutions in the provision of public infrastructure.

Copyright © 2014 CAJ News Agency. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.