Mr Peter Aidoo, Economist and Development Coordinating Officer, UN Resident Coordinator’s Office, has called for investment in food systems to spur growth and close the financing gap in the country.
He called for regular private sector engagement, including financial institutions, to institutionalise their participation in governance for sustainable development. Mr. Aidoo said this at a Business Executives dialogue for members of the UN Global Compact in Accra.
The dialogue is to have discussions on the sustainable finance landscape in Ghana, opportunities for the private sector and challenges that may exist. It is on the theme: “Financing Ghana’s Sustainable Future and Strengthening Private Sector Contribution to the Voluntary National Review process”.
He said the General Assembly of the UN in 2023 agreed that all developing countries must, among other things, review policy and regulatory frameworks to enhance the enabling environment and accelerate progress in the Sustainable Development Goals (SDGs). Data shows that Ghana needs to raise $43 billion annually before 2030 to meet the SDGs.
He expressed satisfaction about the government’s commitment to the International Monetary Fund, including the strengthening of procurement processes and cancelling the e-levy to bring in some incentives for the private sector to grow. He said the cancellation of USAID funding had reduced funding to Ghana to about GH₵ 156 million, calling for innovative ways to raise funds to address the financial gap.
He expressed concerns that Ghana loses 1.44 billion dollars every year through financial leakages, but is chasing the IMF for just $3 billion. Mr Foster Aboagye Gyamfi, Principal Economics Officer at Climate Finance Division, Ministry of Finance, called for investment in the private sector to accelerate the desired development. That, he stressed, was important because over-relying on donor countries for financial assistance was not sustainable.
He said there were climate financing instruments such as grants and concessional financing, carbon financing, and sustainable green bonds that institutions could take advantage of. Mr Gyamfi urged organisations and financial institutions to engage the Ministry of Finance to leverage climate financing to boost their business portfolios.
He said the Green Climate Fund support in Ghana is the largest international climate finance fund, with the 2020-2023 replenishment of $8 billion. The Fund partners with the developed countries and business world to mobilise institutional investors at scale to fund climate actions.
Source: GNA
