By Babajide Komolafe, (in Accra, Ghana)

BUSINESS leaders and government officials across the continent have identified partnership and investments as critical factors to the development of the continent.

Speaking at a two-day Vodafone African Business Leaders Forum (ABLF) in Accra, Ghana, they said that partnership is necessary among businesses in the same industry  to reduce cost of operations and thus make goods and services cheaper. They also said that partnership between the government and private sector is critical for job creation and economic groth.

Speaking on the benefits of collaboration in the financial sector, Managing Director and Chief Executive Officer, Zenith Bank (Ghana) Limited, Mr. Daniel Asiedu, said: “ Collaboration to provide platform for shared services would for example reduce the  overhead  cost of the banks and we would be able to pass that on to customers in terms of cheaper credit.

Today, we all have Automated Teller Machines (ATM) cards and you can see about three different banks’ ATM at same location. The point is that we must work towards a common platform where there would be one ATM serving the customers of all the banks in Ghana.

“These are the areas that I think we need to collaborate and we need to trust each other. Otherwise, what happens at the end of the day is that we have stronger international banks that would pick the transactions. So, there are so many ways we can collaborate as banks,” he explained.

Minister of Trade & Investment, Olusegun Aganga

Ghana’s Minister of Communications, Hon. Haruna Iddrisu, highlighted the importance of facilitating strong public/private partnerships to spur growth on the continent.

“We must establish both strong leadership and strong institutions in Africa,” says Iddrisu. “The key is to recognise the private sector as a partner to government in enhancing social and economic development.”

The Minister referenced US President Obama’s statement, on a recent trip to Ghana, that the primary challenge facing Africa today is the need to build stronger institutions. These institutions will be tasked with fighting corruption, ensuring quality health care, fighting infant mortality, etc.

“I believe that Africa needs to focus on three things,” explains Kyle Whitehill, CEO, Vodafone Ghana. “Consistency of leadership, having a collective leadership style, and developing a comprehensive agenda to work against.”

“Today, we are a beacon of hope when it comes to stable and peaceful democracies in Africa,” adds Iddrisu. “We in Ghana have set the example.what Africa needs to do beyond building strong institutions are to facilitate the private sector in partnering government.”

Speaking on the need for investment in the economic development of the continent In a presentation at Forum, Alec Erwin, CEO, UBU Investment Holdings, South Africa, highlighted the need for African leaders to have a focused developmental strategy in order to attract investment.

“It is important to have clarity of purpose,” said Erwin. “We need to attract resources in order to develop infrastructure in Africa, and we will only be able to do this through establishing public private partnerships.”

He emphasized that only by stabilising the economy, legal system and capital markets, can African countries gain the foreign investment that they require. “It can’t be done by proceeding with ‘business as usual,’” he added. “It means changing the way we govern in Africa.”

Corroborating his views, Dr. Iraj Abedian, Pan- African Capital Holdings, South Africa,said  “If we don’t actively engage and take the appropriate action, we will miss out on investment opportunities in Africa. We need to graduate from being subject to being citizen,” said Abedian. “A responsible citizen.an engaged citizen.”

According to Dr. Kofi Amoah, CEO, Progeny Ventures Incorporated, Ghana, “some investors come to Africa, look and turn away. To build a new paradigm, we need to consider key blueprint issues on the continent,” he explained. “These include our political space; human rights; the psychological state of our people; and the global environment.”

These comments were made during a debate on how to tackle Africa’s developmental challenges.  All of the panelists on this session form part of the African Business Leaders Forum Advisory Team.