Risk management key in the private sector

PPPs are responsible for several projects in Mombasa County./COURTESY

When joining the private sector, risk management and mitigation is very important.

Speaking during the Public Private Partnership workshop, Mohammed Morali, who was representing the private sector of the Mombasa chapter of the Kenya National Chamber of Commerce, said that knowing ones risks and how to handle them was important.

“For the Private Sector, risk management and mitigation of that risk is key, and steps have been taken for this to be successful,” said Morali.

Also at the PPPs workshop, that was held in Mombasa, was Strathmore University’s Professor of Health Systems Frank Wafula encouraged those who wanted to join PPPs to do so saying that there can be smaller public private collaborations that do not necessarily have to go through the very complicated Public Private Partnership Act.

The Public Private Partnerships Act,2021, which came into effect in December 2021 provides for the participation of the private sector in the financing, construction, development, operation or maintenance of infrastructure or development projects through PPPs.

Prof Wafula also insisted on the importance of collaboration of people within ecosystems such as those providing health services, patients, community members, political leaders and people in academia to work together in identifying challenges then finding solutions to the challenges and also finding ways in which the solutions found can be delivered through different instruments like PPPs or even other collaborations that are not PPPs but still support the government.