Ghana to propose innovative financing mechanisms at 2024 SoTF

Ghana is poised to play a significant role in shaping global strategies, as it seeks to propose new financing methods to meet the Sustainable Development Goals (SDGs) at the upcoming Summit of the Future (SoTF) in New York.

At a press briefing ahead of the summit, Chairman-National Development Planning Commission (NDPC) Professor George Gyan Baffour expressed concern over the limited financial resources available to achieve SDGs. He noted that the country intends to champion alternative financing mechanisms such as strengthening carbon markets, blended financing and other non-debt financial solutions to bridge the gap.

“The financial options for development that are conventional or available now are not enough to gather the funds required to meet sustainable goals. Ghana will suggest fresh and creative financing methods, such as strengthening the carbon markets going through blended financing and other non-debt finances,” he noted.

President Nana Addo Dankwa Akufo-Addo will present the country’s position paper centred on inclusive governance, innovative financing, climate change mitigation, human development and digital, among others, at the summit to address global challenges.

Prof. Baffour emphasised that the position papers – developed through consultations with youth, civil society organisations, government agencies – and the private sector, “articulate Ghana’s perspective, priorities and proposed strategies for addressing global challenges and seizing emerging opportunities”.

The SoTF, set to take place from September 22 to 23 in New York, will expectedly bring together world leaders, visionaries and changemakers to forge a consensus on building a better future for all. The summit will address five critical areas including sustainable development and financing, international peace and security, and youth and future generations among others.

He emphasised the country’s readiness to participate in the SoTF and proffer solutions to global issues, which require collective action to solve under the sustainable development agenda.

This includes highlighting the success of some of its innovative ideas – such as Zipline drone delivery – to push for more funding into science, technology and innovation.

“Ghana will encourage the use of climate-smart agricultural practices and highlight successful ventures like Zipline Drone Delivery Services through creative thinking and digital collaboration; we will push for more funding for science, technology and innovation to promote sustainable development, enhance healthcare services and reduce carbon emissions,” he elaborated.

The United Nations (UN) Resident Coordinator for Ghana, Charles Abani, emphasised the summit’s significance in charting the course toward an inclusive, sustainable and prosperous world – urging the country to play a pivotal role in the discussions and ensure a future chart for all.

He also stressed the UN’s commitment to supporting the country in having its voice heard on the global platform, expressing appreciation to the NDPC, SDG advisory unit and all contributors to the position papers.

“Let me reiterate that the UN and Ghana stand together going forward to support Ghana on its journey to self-reliance and having its voice heard on the global stage,” he emphasisied.

The summit’s outcome will be presented in a document called ‘Pact for the Future’, an inter-governmentally agreed action-oriented document covering five thematic areas. It contains two annexes: namely a global digital compact and a declaration for future generations.

The National Coordinator-Ghana Civil Society Organisations (CSOs) platform on SDGs, Levlyn Aseidu, reiterated the significance of effective financing for SDG implementation and pledged the group’s support in internalising and executing outcomes of the summit’s negotiations.