Private-Sector Transformation, from theory to practice

Although the challenges, on my mind, have remained largely the same, I certainly live and work in a very different space than I did two years ago. I had opportunities to continue working in influential roles within the multilateral system following my tenure at the World Bank, but I decided to chart a new course in the private sector for very deliberate reasons. After eight years of working on policy in my home country of Guinea-Bissau and another eight years at the multilateral level, I felt it was time to become a close constituent pressing internally for the kinds of change I had formerly recommended from a distance. I now have a visible and quantifiable vested interest in effecting smart policy change, and – together with others in the business community – I demand response from my elected representatives at a pressing speed.

The entrepreneurial route can be an enormous risk, but it can also offer the greatest potential rewards. I should qualify that being a risk-taker does not mean that one does not carefully assess risk. When considering new opportunities, I always take the time to work closely with other people who are experienced in a given sector and equally passionate about the positive transformation of business in Africa. Properly assessing the nature of an opportunity is a rigorous process – I take risks, but I never improvise.

It has been my experience that there is no substitute for personal contact. Seeing people in-person on a regular basis is not only enjoyable, but fundamental to forming good working relationships. Furthermore, tangibly experiencing the environment of people and places surrounding a prospective deal helps me to sense its future value and likelihood for success. I have been increasingly active lately in the mining sector in Mali and have thoroughly enjoyed the time I have spent there getting to know people and the circumstances of the country. Similarly, I have spent a lot of time in Angola, the Democratic Republic of Congo, Ghana and Nigeria. In each of these places, I find that I am better received with each visit as my colleagues come to see for themselves that I am genuinely interested in their mutual and long-term success.

In the same vein, close friends have commented that I have a strong ability to recognize great potential in people and organizations. Again, this comes from intentionally spending
quality time with individuals, seeing them act in a variety of situations, empowering them and testing them with challenging issues. I have assembled my current team within Constelor Investment Holdings in this very manner. We are a multidisciplinary group located around the world, but closely in touch and driven by a common vision.

The creation of Ecobank and the establishment of the West African Gas Pipeline are two great examples of public-private partnership which have become successful independent entities providing useful services. They demonstrate the powerful confluence which takes place when the needs of the public meet the agility and drive of the private sector.

In general, the State can play a powerful role in the early alignment of these forces, but it must dually know when to remove itself from an active operational role necessary at the catalytic stage of a partnership and transition back into a more regulatory capacity. Ecobank was established with support from ECOWAS and the Federation of West African Chambers of Commerce in 1985 and has since grown into a network of over 450 branches in 22 countries managing in excess of $US 7 billion in assets. It is a fantastic model of cooperation, and I have been privileged to be associated with the most recent expansion of the bank's activities. The additional contributions made in terms of regional integration – another of my own top priorities – should also not be understated.