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The fourth legislative meeting of the Parliament's Joint Committee on Administration, Finance, Budget Control and Economic Audits / Policies, Private Sector and NEPAD / Trade, Customs and Free Movement is under way in Accra. invite Member States to exploit the many opportunities for private sector financing through a public-private partnership.
The five-day event that will take place from 16 to 20 April 2019 and will be themed "Public-private partnership: an alternative source of funding for community programs and projects" should discuss other innovative ways of financing the many infrastructure needs of the Member States in terms of infrastructure. Activities.
Joseph Osei-Owusu, First Vice President of the Ghanaian Parliament, who delivered the opening address on behalf of the President, described the forum as "an excellent example of ECOWAS putting into practice its goals and objectives. and the opportunity to lead a strategic debate to strengthen the power of society to face our future challenges. "
The meeting in Accra, he said, was timely when Ghana faced problems of infrastructure deficit, debt sustainability, and income generation capacity. budgetary discipline and alternative funding source for government projects, are topical in public discourse.
He reminded participants to remember Agenda 2063, which highlighted the aspirations of the African Union.
Mr. Osei-Owusu pointed out that most African states are not able to raise sufficient funds to undertake development projects that result in an infrastructure deficit. Instead, they use debt financing, resulting in a budget deficit with no new option to finance their spending.
He noted that they are not able to meet their development needs due to low budgets.
He urged participants to take note of Africa's broader agenda during their discussions over the five-day period.
Bekwai MP also noted with concern the inability of member states to structurally transform their economies to create jobs for unemployed youth and further degenerate due to the inability to develop and develop trade within the community.
Mr. Osei-Owusu noted that, despite several sub-regional efforts, intraregional trade among member states remains weak compared to inter-regional trade, arguing incredulously that intra-regional trade between ECOWAS member states is estimated at 8% and 13%. total trade of ECOWAS in relation to interregional trade.
He said the cost of intraregional trade among ECOWAS member states was three times higher than that of shipments to external regions due to poor infrastructure.
The First Vice-President said that the provision of essential services and infrastructure would thus help to cope with the transformation of ECOWAS member economies' infrastructure, improve their competitiveness, and facilitate domestic and foreign trade. by strengthening integration with the global economy.
According to him, there are sufficient resources in the hands, pockets and bank accounts of private sector actors in the Member States who, if they are tactically mobilized, can help meet most of the public infrastructure needs of the Member States. continental organ.
In the midst of limited fiscal space, Osei-Owusu urges the urgent need to mobilize public resources with private resources and expertise to help bridge the infrastructure gap to meet basic needs , these freeing up government resources to meet other needs. and reduce debt stocks, which has a negative impact on the economy.
The legislator stressed the need for an institutional and legal framework to ensure the achievement of PfP objectives.
Ghana, he said, has put in place some of these reforms, including the law on investment funds in infrastructure, a PPP policy and guidelines for the exploitation of infrastructure. 39, a public resource, as well as a draft law on public-private partnerships (PPPs) aimed at maximizing private sector gains development goals of the country.
He encouraged the Joint Committee to identify and use Ghana's PPP Bill in the interest of the sub-region.
ECOWAS President Mustapha Cisse Lo noted that offshoring meetings are part of the ECOWAS Parliament's integral activities where critical issues are discussed.
He revealed that the realization of the ECOWAS common currency had not yet been finalized due to difficulties faced by some member countries.
According to him, the theme of the meeting is to ensure that the appropriate laws are adapted to ensure that the financing infrastructure needs of different countries are known.
PPP, he said, is essential as it will help meet the growing social and infrastructure needs of member countries.
The meeting, he said, will allow members to better understand the essence of PfP and how it will help meet the needs of all Member States.
Ghana's Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, for her part, welcomed the choice of theme, which she says is consistent with the current government's vision to encourage more P3s in South Africa. as a credible source of alternative financing for the socio-economic development of the country. country.
The Ghanaian government, she said, is committed to creating a pleasant atmosphere for the development of the private sector to ensure prosperity.
Miss Botchwey called on all ECOWAS member states to mobilize their support for Ghana's candidacy to host the secretariat of the African Continental Free Trade Area (AFCFTA) in Accra.
According to her, the significant history of Ghana, its references to Pan-Africanism and its constant attachment to the ideals and values of the AU make it a wise choice to host the Secretariat.
The head of the Ghanaian delegation, Kwasi Ameyaw-Kyeremeh, said in a welcome address that the public-private partnership is essential if countries are to develop.
He acknowledged the commitment of ECOWAS for the realization of a road transport infrastructure project to connect Member States. It is up to Member States to look for other ways to finance financial deficits to meet critical infrastructure needs.
Mr. Ameyaw-Kyeremeh, MP for Sunyani East, expressed the hope that the meeting would give a new impetus to the essential means of meeting the infrastructure needs of the sub-region.
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