Cross-country comparison of risk factors in public-private partnerships in infrastructure development : evidence from Colombia, Kazakhstan, and Ghana

Governments enter into public-private partnership (PPP) agreements to attract private financing and bring innovation to the development of their sustainable public infrastructure; however, PPP projects are marked by their complexity and are driven by uncertain economic and institutional environments. The purpose of this study is to conduct a cross-country comparison of PPP risks in three developing countries (Colombia, Kazakhstan, and Ghana) and provide insights into their best practices. The research surveyed diverse risk factors involving 261 local respondents with pertinent experience in PPPs. The study conducted Cronbach's alpha and Kendall's coefficient of concordance tests to check the validity of responses, an ANOVA test to examine the differences in the risk perceptions, and risk ranking to reveal the country-specific as well as top-rank risks in the countries. The results of the quantitative analysis revealed risk aversion among developing countries with PPP programs at different maturity stages. Less mature programs, with lower overall investment, exhibited greater overall risk aversion (for Kazakhstan) and greater concerns about transparency and corruption (for Ghana). Highly populated countries with more mature PPP programs that rely significantly on transportation projects demonstrated higher risk aversion regarding the social and political legitimacy of PPPs and land acquisition (for Colombia).