On May 7, Accra – The Ghana News Agency reports that Mr. Peter Aidoo, an economist and Development Coordination Officer at the UN Resident Coordinator’s Office, has urged for investments in food systems as a means to stimulate economic growth and address the funding shortfall within the nation.
He emphasized the importance of consistent involvement from the private sector, such as financial institutions, aiming to integrate their role in governance for long-term sustainability.
Mr. Aidoo made these comments during a discussion forum for UN Global Compact members in Accra, aimed at business executives.
The conversation aims to discuss the sustainable finance ecosystem in Ghana, explore potential opportunities for the private sector, and address any existing challenges.
The topic focuses on “Funding Ghana’s Sustainable Tomorrow and Enhancing Private Sector Involvement in the Voluntary National Review Process.”
He mentioned that in 2023, the United Nations General Assembly concurred that all developing nations should revise their policies and regulatory structures to improve the supportive conditions necessary for advancing toward the Sustainable Development Goals (SDGs) along with other measures.
The data indicates that Ghana must generate an additional $43 billion each year leading up to 2030 to achieve the Sustainable Development Goals (SDGs).
He showed contentment with the government’s dedication to the International Monetary Fund, highlighting improvements in procurement systems as well as the abolition of the e-levy to offer certain benefits aimed at fostering growth within the private sector.
He mentioned that the withdrawal of USAID support has decreased funding to Ghana to approximately GH₵ 156 million, urging for creative methods to generate resources to bridge this financial shortfall.
He voiced worries that Ghana loses approximately 1.44 billion dollars annually due to financial leaks, yet is pursuing an IMF loan of only 3 billion dollars.
Mr. Foster Aboagye Gyamfi, who serves as the Principal Economics Officer at the Climate Finance Division within the Ministry of Finance, has urged for increased investments in the private sector to expedite the necessary progress and growth.
He emphasized that this reliance was crucial since depending too heavily on donor countries for financial aid could not be sustained indefinitely.
He mentioned that climate finance tools like grants and subsidized loans, carbon financing, and sustainable green bonds were available for organizations to utilize.
Mr. Gyamfi encouraged organizations and financial institutions to collaborate with the Ministry of Finance to utilize climate funding opportunities for enhancing their business portfolios.
He stated that the Green Climate Fund support for Ghana represents the biggest international climate financing fund, with its 2020-2023 replenishment amounting to $8 billion.
The Fund collaborates with developed nations and the corporate sector to engage institutional investors on a large scale for funding climate initiatives.
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