BANGE organises conference on private sector and its impact on economic growth

On 2nd November, the Equatorial Guinea National Bank (BANGE), organised a conference with the theme “The Private Sector and its Impact on Economic Growth”, which was moderated by the economist Daniel Lacalle Fernandez. The appointment, which was attended by around two hundred and fifty people, among then Government figures, company directors, personnel from the financial sector, and the general public, took place at the Hotel Anda China in Malabo II.

The ceremony, presented by Auxiliadora Rope Copariate, began with a performance by the Ceiba National Ballet, who once again demonstrated their potential within the cultural and artistic field.

After the screening of one of the BANGE documentaries, which reflected and tells the story of the goals achieved by the bank and the opportunities it has provided for the population in over eleven years of existence, there was a speech by the president of the board of BANGE, Martin Crisanto Ebe Mba, who in the name of the banking institution welcomed the speaker and the auditorium for taking part in the conference.

They receive a cordial welcome to this conference on the private sector and its impact on economic growth, which is taking place in this beautiful. imposing function room at the Hotel Anda China. This is the start of a cycle of conferences that BANGE will organise periodically, and which we hope will become a space for dialogue and reflection on matters of economic and social interest, particularly in these difficult economic times in Equatorial Guinea, in the CEMAC subregion, and in the world”.

Ebe Mba pointed out that this panorama presented a huge challenge which demands the seeking of solutions to all the difficulties that are facing the economy of our country, Equatorial Guinea is a nation that is working within the framework of a social and economic plan towards Horizonte 2020, which covers two phases: the creation of infrastructures, which is the job of the Government; the success of which can be seen by everyone, and the emergence or diversification phase, which is in progress, where the main player is the private sector”.

To boost and back the private sector is to back the future; given that an active, responsible adequately constituted private sector is one of the pillars that holds up the national economy, because it contributes to stable employment, the generation of wealth, and the growth of the economy, “given that to arrive at these results is a task for everyone”, added the president.

With the first speeches over, the conference offered by Daniel Lacalle Fernandez began. He highlighted the importance of the private economy in the public sector, its growth and circumstances.

To speak about economic growth is to ensure that this growth reaches all layers, above all the lowest layers; in order to create an economy which is favourable for everyone. When we think about investing, creating a company or a business, what ewe must take into account, as entrepreneurs and creators of employment, is that the first factor of wealth we are counting on is ourselves. The importance of the private sector is essential, and so, if a society does not manage this private sector in such a way that it achieves great desires, it will have a constant problem that when it enters a negative economic cycle, the circle will worsen negatively”.

Among many other points, the Spanish economist and professor affirmed that, We have spoken about banking, finance, understanding…but the most important is to have infrastructures which permit the process. I have to say I have been impressed by the infrastructures in Equatorial Guinea, I have had the opportunity to travel in Africa, but I have not seen the immense quality of infrastructures in this country, and I have observed that it is a very important differentiating factor which must be used as an example of how and why private investment can create this change in growth patterns, and increase much more the speed of money”.

Then, the plenary session moved on to a round of questions, which were answered and clarified satisfactorily by the economist. After that there was a draw for ten signed books by the author.

As a finale, the president of the board thanked the speaker for his brilliant presentation and clarification of doubts from the participants, and affirmed that the Daniel Lacalle conference was just the start of a new era; and that BANGE would continue to invite experts in order to go on with this type of initiative, which constitutes progress for the economic sector of the Republic of Equatorial Guinea.

Source: Equatorial Guinea Press and Information Office

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