Public, private sectors must collaborate to build economy – Dr Nora Bannerman-Abbot
A Board Member of the Development Bank Ghana (DBG), Dr Nora Bannerman-Abbot, has called for a strong partnership between the public and private sectors to build a thriving Ghanaian economy.
According to her, building strong synergies between the government and the private sector would help in driving policy initiatives which would help address the challenges facing the private sector to help themcreate more jobs to absorb the growing unemployed youth.
Speaking to reporters on the sidelineof the just ended 3i Africa Summit 2024, Dr Bannerman-Abbot said there was no true partnership between the public and private sectors and it was the latter that often chased the former.
Dubbed Innovation, Investment and Impact, the three-day conference was organised by the Bank of Ghana, DBG and Elevandi, a subsidiary of the Monetary Authority of Singapore, and was on the theme “Unleashing Africa’s Fintech and Digital Economic Potential”.
“The public sector should run after the private sector. When we get to that level of understanding our economy will be transformed,” she stated.
Dr Bannerman-Abbot, who is also the Chief Executive Officer of Sleek Garments, emphasised that public sector institutions must involve the private sector in the crafting of policy decisions for the private sector.
“The public sector cannot sit in the Ministries and Departments and develop policies and think it will benefit the private sector,” Dr Bannerman-Abbot said.
She appealed to the government to support private sector players who wanted to acquire land to establish factories.
“Right now the Togolese government is offering lands for investors in the textile and garment industry to establish factories and the government of Ghana can do same to attract investors into country,” the DBG Board Member stated.
She said land acquisition remained a challenge to investors and it discouraged investors from establishing factories in the country.
Dr Bannerman-Abbot encouraged existing and new entrepreneurs to join an association so they
could access funding.
Asked why DBG partnered the Bank of Ghana to host the conference, she said DBG fostered innovation by supporting SMEs and start-ups through funding, mentorship and access to a network of industry and technical experts.
BY KINGSLEY ASARE
