By Kingsley Webora TANKEH
A financing roadmap drawn by the World Bank, United Nations Development Programme (UNDP) and other United Nations (UN) agencies in Ghana shows the\xa0 need to raise about US$522billion in order to meet the Sustainable Development Goals (SDGs) by 2030.
Nevertheless, if we exclude the government’s annual revenue allocation from the budget, the nation must secure an impressive $430 billion in funding.
“When distributed over the years from 2020 to 2030, Ghana must secure approximately $43 billion each year in order to achieve the 2030 Sustainable Development Goals,” stated Mr. Peter Aidoo, an economist and Development Coordination Officer at the UN Resident Coordinator’s Office.
These figures at least give a clear picture of where the country stands in terms of achieving the Sustainable Development Goals by the said deadline.
The SDGs are a set of 17 global objectives adopted by the United Nations in 2015. They aim to address critical development challenges and promote a more sustainable and equitable future for all by 2030.
The objectives encompass eliminating poverty, guaranteeing good health and well-being, promoting gender equality, and attaining universally accessible quality education along with clean water and sanitation.
Although nations in the global north are at the forefront of progress, achieving over 85 percent of the Sustainable Development Goals (SDGs) in countries such as Finland, Sweden, and Denmark, the journey for the global south continues to be challenging.
The severe effects of climate change along with inadequate funding thwarted attempts to reach these objectives.
To speed up progress toward the Sustainable Development Goals in Ghana, UN Global Compact Network Ghana hosted a Business Executives Dialogue in Accra with the theme ‘Funding Ghana’s sustainable future and enhancing private sector involvement in the VNR process’.
The gathering assembled participants from both government and corporate worlds, along with financial institutions and the United Nations, to explore sustainable financing. They also addressed the obstacles and prospects that businesses encounter in aiding Ghana’s push towards achieving sustainable growth.
At the event, Mr. Aidoo voiced concern over the significant amount of illegal capital flight from the nation—emphasizing that these resources, if curtailed and retained, could help close the financing shortfall.
“We are pursuing the IMF for merely $3 billion, whereas annually we lose $1.44 billion due to illegal financial activities,” he lamented.
Africa has lost over US$1.4trillion to illicit financial flows in 3 decades. Sub-Saharan Africa lost US$528.9billion between 2003 and 2012. While Ghana alone between 2022 and 2011 lost US$14.39billion to illicit financial flows.
Nevertheless, he praised the government and the National Development Planning Commission (NDPC) for their dedication to preparing the Voluntary National Review (VNR) report and effectively integrating the 2019 Vienna recommendations into it.
“They have maintained consistency since 2019 by adopting a global community and comprehensive systemic strategy,” he stated.
Consequently, he suggested calculating the district and regional GDPs to assist in evaluating the nation’s advancement towards achieving the SDGs. He also mentioned that one of the primary suggestions was to produce an all-encompassing report on the SDGs.
After U.S. President Donald Trump eliminated USAID, causing tremors throughout Europe as several developing partners like Sweden and Denmark followed suit by cutting funds, President John Dramani Mahama admitted that his nation would forfeit approximately $150 million in vital assistance.
In view of this, the economic advisor suggested that there should be some rationalisation in the budget to make up for the cuts. Otherwise, critical health supplies – the procurement of vaccines for immunisation of children and pregnant women, antiretroviral drugs, malaria vaccines, a chunk of health expenditure – will be impacted severely, since “that whole stream of financing was technically funded by USAID”.
Although the government’s dedication to the IMF program and the ongoing reforms like the elimination of the e-levy are praised, the UN economist emphasized the importance of addressing the funding shortfall.
The United Nations has provided suggestions along those lines. They encompass evaluating the current policies and regulations to foster an investment-friendly atmosphere, stimulating funding via public-private collaborations, and enhancing the capabilities of micro, small, and medium-sized enterprises so they become more attractive to banks.
The economic advisor recommended that the government focus on bolstering food systems, implementing a fair energy transition, preparing for future educational needs, ensuring suitable employment and social safety nets, as well as addressing climate change and biodiversity issues, all with the aim of achieving the Sustainable Development Goals by 2030.
“Channel the majority of your investments into these sectors, and this will spur development in all other areas,” he pointed out.
Provided by Syndigate Media Inc. (
Syndigate.info
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