Private sector must do more to support SDG financing – Ofori-Atta

Finance Minister Ken Ofori-Atta is calling for more financing to achieve the Sustainable Development Goals (SDGs).

“I encourage both local and foreign businesses and financial institutions to support the financing of the SDGs by directly partnering government and also by injecting funds into private sector projects in businesses that have the potential to bring shared values.

“And by leading in the discussions to slay these ‘elephants’ (global financial architecture) which disadvantages the countries in the south,” he said.

He was speaking at the 2019 Accra SDGs Investment Fair which opened at the Kempinski Hotel in Accra on Wednesday.

Mr Ofori-Atta in his welcome address noted that the increasing SDGs financing gap is estimated at $2.5-3 trillion per year globally.

The theme for the 2019 Accra Investment fair Sustainable Development Financing: building mutually beneficial partnerships, was chosen because the ministry of finance recognizes the importance of collaboration between private and public actors in economic development.

The SDGs are a collection of 17 global goals designed to be a “blueprint to achieve a better and more sustainable future for all.

Mr Ofori Attah also highlighted the need for countries to work together to make the achievement of the SDGs possible.

Sighting the impact of climate change, the minister explained that countries must take interests in their other countries in their efforts to achieve the goals.

“If there is one lesson that climate change has taught us, is that no one is an island and that now more than ever local, regional and international collaborations have the potential to eliminate some of the world’s most pressing issues.

“Investment in developing countries will reduce South-North migration to the relief of developed economies which currently feel overwhelmed by the current rate of immigration, globally coordinate the sustainable economic activities.”



Also present was the Minister for planning Prof George Baffour Gyan who gave the opening address on behalf of President Akufo Addo.

He also stressed the need for partnerships with government to foster development.

“Agenda 2030 as it is also known, calls for increased partnership between government, the private sector, research academia and civil society organizations. These partnership prioritized under SDG17 are expected to ensure that we make the right choices from now to enhance the quality of life for the generations yet unborn.”

The opening of the two day fair brought together, entrepreneurs, government agencies civil society organizations and many more.

The Accra SDGs Investment fair was established on December 5, 2018by the Ministry of Finance in collaboration with the SDGs Unit at the Office of the President, the Ministry of Planning and the Ghana Investment Promotion Centre.

The investment fair was established as part of efforts to bridge the SDGs financing gap by encouraging private financing of the implementation of the Sustainable Development Goal while facilitating collaborations between investors and sustainable public and private sector projects/ businesses.

Source:Myjoyonline