Enhanced public-private partnerships to deal with financing gaps – Akufo-Addo on SDGs

Akufo Addo Bar Conference President Nana Addo Dankwa Akufo-Addo

Wed, 27 Nov 2019 Source: www.ghanaweb.com

President Akufo-Addo has called for an enhanced public-private partnership to deal with the financing gaps in the implementation of the Sustainable Development Goals (SDGs).

According to him, financing challenges, if not addressed through increased collaborations between government, private sector, academia, and civil society groups, would hinder the set goals for the 2030 target.

“Agenda 2030, as it is also known, calls for these increased partnerships under SDG 17, which are expected to ensure that we make the right choices, from now to enhance the quality of life for generations yet unborn.”

This was contained in a speech read on his behalf by the Minister of Planning, Professor Gyan Baffour at the Accra SDGs Investment Fair in Accra, on Wednesday, November 27 on the theme; “Sustainable Development Financing: Building Mutually Beneficial Partnerships.”

The collaborations, he added, were necessary to equip the current and future workforce with the requisite skills and tool set to be able to compete in future job markets.

Finance Minister, Ken Ofori Atta on the hand, reiterated the need to place our Micro, Small and Medium Enterprises (MSMEs) at the frontline of the transformational agenda.

“Micro, Small and Medium Enterprises must, and should be driving forces of our economy, as they are critical enablers for employment, and also represent a source of wealth creation, national innovation and human empowerment,” he explained.

He added that the government's resources alone, cannot ensure the comprehensive implementation of the SDGs by 2030, however, a number of initiatives have been developed to direct private capital into the sustainable development space.

“Governments across the world are partnering with the Private Sector to close the SDGs financing gap, which is estimated at US$ 2.5 – 3 trillion per year. According to the 2019 Global Wealth Report by Credit Suisse, global wealth grew during the past year by 2.6% to USD 360 trillion - and this is one of the main reasons for the recent focus on private capital for sustainable development. This is proof that the global private sector has the capacity to help governments finance the implementation of the Sustainable Development Goals,” he concluded.

2019 Accra SDG’s Investment Fair

The Accra SDG’s Investment Fair was established on December 5, 2018, by the Ministry of Finance in collaboration with the SDG’s Unit at the Office of the President as part of efforts to bridge the SDGs financing gap by encouraging private financing of the implementation of the SDG’s.

This year, the 2019 Accra SDG’s Investment Fair is supported by Social Enteprise Ghana, Zebu Investments, UNDP, DFID and IFC.

Source: www.ghanaweb.com