UN urges more private sector investment to accelerate Ghana’s SGDs achievement

The United Nations Compact Network has urged the private sector to increase investment in Ghana's economy to speed up the country's progress toward the Sustainable Development Goals. This follows the recognition of the private sector's about 70 per cent contribution to the country's Gross Domestic Product (GDP) growth, as well as its ability to provide capital for driving transformative change. Mr Charles Abani, UN Resident Coordinator in Ghana, stated that with around six years till the SDGs are met in 2030, the private sector's involvement must be strengthened by creating the right environment for businesses. He was addressing the maiden UN Business Sustainability dinner event in Accra on Friday attended by business leaders. Mr Abani noted that strategically aligning the private sector with the SDGs would boost financial returns for businesses whose social impact would be critical in tackling pressing global challenges. 'Indeed, the private sector is not just a source of capital; you are a source of in novation, expertise, and entrepreneurship. You are uniquely positioned to drive transformative change, to catalyse innovation, and to mobilise resources at scale,' said. Mr. Abani emphasized the importance of more private sector investment and recommended it be directed toward issues such as human rights, labour, the environment, and anti-corruption. He stated that if the present conditions continue, 575 million people would remain in extreme poverty by 2030, with 84 million children out of school. Moreover, it would take nearly 300 years to address gender gaps in legal protection, repeal discriminatory legislation, and end child marriage. For this reason, Mr Abani said the UN signed a new Sustainable Development Cooperation Framework with the Ghanaian government last year, pledging more than $500 million over three years. He said the pact would empower institutions and people through capacity development and other measures, while also supporting inclusive economic reform, equal access to services, and l ong-term peace in the country. Mr Suleman Koney, Chairman, UN Global Compact Network Ghana, affirmed the vital role of businesses in achieving the SDGs, using statistics to back up his point. He reported that estimates from the Ghana Statistical Service and the World Bank indicated that the private sector had contributed nearly 70 per cent to the country's GDP growth. 'Through investment, innovation, and job creation, businesses have played a pivotal role in contributing to SDG eight - decent growth,' Koney said. The inaugural UN Global Compact Business Sustainability Dinner served as a forum to promote discussions and innovations aimed at accelerating Ghana's progress toward SDG attainment. It also allowed businesses to network and collaborate while recognizing selected business leaders for their accomplishments and dedication to attaining the SDGs. Source: Ghana News Agency