UNDP engages the private sector to unlock investments for SDGs attainment in Ghana

The United Nations Development Programme (UNDP) engaged investors and businesses to channel private sector capital to accelerate the attainment of the Sustainable Development Goals (SDGs) in Ghana.

The virtual impact facilitation event, held in partnership with Business for Peace Foundation of Norway, focused discussions on UNDP’s upcoming SDG Investor Map for Ghana. The SDG Investor Map is a digital tool that provides market intelligence on investment opportunities in Ghana and related impact data to identify and increase SDG-aligned actionable investments, to end poverty and inequality as envisioned by the global goals.

The financing gap for SDGs is huge. Ghana’s SDG financing gap is estimated at USD 43 billion per year, equivalent to 52% of GDP, and this requires accelerated actions towards the achievement of the Sustainable Development Goals.

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‘Ghana is a prime destination for private investment, including international investment, to compliment public and domestic investment in order to bridge the SDG financing gap. As we step into the last decade of action on the SDGs, ramping up domestic and external private investment and exploring innovative financing frameworks remains the key to unlocking the commitments in the Addis Ababa Action Agenda for Financing for Development”, noted Angela Lusigi, UNDP Resident Representative in Ghana.

The Ghana SDG Investor Map falls under UNDP’s global SDG Impact initiative that aims to work with the private sector to invest in enterprises and markets in ways that help achieve the SDGs. The Maps will provide investors and businesses with much-needed country-level data and SDG investment roadmaps. The Ghana SDG Investor Map is expected to contribute to the 100 Billion Ghana cedis investments envisaged in the country’s Coronavirus Alleviation and Revitalization of Enterprises Programme (Ghana CARES), which is a three-year programme seeking to shift Ghana’s growth trajectory back towards the achievement of the SDGs.

“Investors are looking for data and the SDG Investor Maps provide data and information that highlight investment opportunities and expected impact on development. I will urge businesses to incorporate the SDGs into their core growth strategies to contribute to sustainable development”, Emmanuel Doni-Kwame, Secretary General of the International Chamber of Commerce (ICC) in Ghana.

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr. Yofi Grant, speaking at the event, emphasized the need to continue to engage the private sector to help improve their understanding of the global goals.  He said, “partnership is critical in achieving the SDGs and it is important to continue to engage the private sector to understand the global goals and their role in the attainment of the SDGs”.

Informed by national policy priorities and development needs articulated in critical policy documents like the Ghana CARES and the Ghana @100 programmes, which seek to accelerate economic growth, the Ghana SDG Investor Map outlines 12 investment opportunity areas in five key sectors. These are:

• Agriculture: calling for investments in scaling up irrigation systems and dams; aquaculture and fish breeding; storage infrastructure and logistics services for grain value chains; as well as integrated farm operations and management systems, internet of things (IoT) and agribusiness analytics.
• Infrastructure: upscaling affordable housing; road construction and maintenance; collection and recycling of electronic waste; and sanitation services for unserved areas.
• Communications: increase investments in affordable mobile internet hotspots for villages, schools, and rural areas.
• Healthcare: investments in systems for digitalization of patients’ health data and inventory and supplies; and drones transportation and logistics solutions.
• Consumer Goods: expanding manufacturing and distribution of improved cooking stoves.

Marius Døcker, Managing Director of Business for Peace Foundation encouraged businesses to use the SDGs as the basis for engaging in untapped markets.

“Driving and funding the SDG agenda is of vital importance, requiring a global effort. Investing within the impact space has become more clearly defined in recent years. Now, it is time for real innovation to begin. Together with our ‘For Better Business Together (4BBT)’ partners, Business for Peace encourages the business community at large to take part in this remarkable journey. Through healthy collaboration and strong partnerships, these ambitious targets can be met,” he stated.

The Ghana SDGs Investor Maps is being supported with contribution from the Joint SDGs Fund of the United Nations. Speakers and panelists at the virtual impact facilitation event underscored the need for investors and businesses to invest in the SDGs to contribute to a more equitable and inclusive society.