The public and private sectors must work together to build the economy – Dr. Nora Bannerman-Abbot

Development Bank Ghana (DBG) Board Member, 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 implementing policy initiatives that would help address the challenges facing the private sector, helping it create more jobs to absorb the growing unemployed youth.

Speaking to reporters on the sidelines of the just-concluded 3rd African Summit in 2024, Dr. Bannerman-Abbot said there is no real partnership between the public and private sectors and it is the latter that has often chased the former.

The three-day conference, titled Innovation, Investment and Impact, was organized by the Bank of Ghana, DBG and Elevandi, a subsidiary of the Monetary Authority of Singapore, with the theme “Unlocking Africa’s fintech and digital economic potential”.

“The public sector should follow the private sector. When we reach this level of understanding, our economy will be transformed,” she said.

Dr Bannerman-Abbot, who is also CEO of Sleek Garments, stressed that public sector institutions must engage the private sector in developing policy decisions for the private sector.

“The public sector cannot sit in ministries and departments and develop policy and think it will benefit the private sector,” Dr Bannerman-Abbot said.

She appealed to the government to support private sector entities that would like to purchase land for the construction of factories.

“Right now, the Togolese government is offering land to textile and apparel investors to build factories, and the Ghanaian government can do the same to attract investors to the country,” said a DBG board member.

She said land acquisition remains a challenge for investors and discourages them from setting up factories in the country.

Dr. Bannerman-Abbot encouraged existing and new entrepreneurs to join the association so they can

could access financing.

When asked why DBG partnered with the Bank of Ghana to host the conference, she said DBG champions innovation by supporting SMEs and start-ups through financing, mentorship and access to a network of industry and technical experts.

BY KINGSLEY ASARE