Framework for Private Finance Initiatives ready

Financial Analysis Unit established by the Ministry of Finance and Economic Planning (MOFEP) purposely for the Private Finance Initiatives (PFIs) has developed framework for the project.

MOFEP having been charged with the responsibility to develop all the necessary strategies for the utilization of the PFIs specifically put together the Financial Analysis Unit (FAU) to focus attention on requirements for the implementation of the PFI. With the framework in place now, Financial Analysis Unit (FAU) is expected to collaborate with the private sector to initiate work on the implementation of PFI projects which will immensely assist MDAs in applying the model.

It is the intention of government to use PFIs to stimulate investment in the public sector projects. Admittedly, PFIs are increasingly emerging as a cost effective approach for public authorities to procure the services of the private sector to design, finance, build and operate public facilities thus enabling the government to limit its initial outlays.

Government has already identified some key initiatives and is focusing on partnering the private sector as PFI partners. One of such initiatives is the construction of a state of the art Training Centre for all the security agencies and funding of government involvement in the U.N. Peacekeeping Programmes of the Ministry of Defence and the Ghana Police Service.

As a way of generating income, government will also partner with the private sector to construct state of the art health facilities across the country, including the construction of a dedicated orthopedic hospital. The facilities will be utilised by the international community including those in the sub-region as referral points.

It is also expected that a centralised Revenue Training College for all revenue agencies will be established to provide training programmes to aid in improving the skills of the staff of Revenue Agencies. Already, a site has been earmarked for the construction of the college at Dormaa in the Brong Ahafo Region.

Government will identify projects to be implemented with PFIs. Amongst the projects to be pursued are schools, residential and office buildings.