Increased partnership from all stakeholders will drive maximum support for the achievement of the Sustainable Development Goals (SDGs), Assistant Country Director of the United Nations Development Programme (UNDP), Ghana, Mr. Louis Kuukpen has remarked.
Mr. Kuukpen underscored the need for greater commitment across all sectors and industries to strengthen and revitalize the global partnership for sustainable development, as emphasized by the SDG 17.
“The level of funding needed for the implementation of the SDGs surpasses government capacity given the volumes of resources required. There is thus the need for increased partnership and for all sectors to get involved,” he said at the Ghana Finance Summit 2018.
The summit was on the theme, “Achieving the Sustainable Development Goals through Innovative Financing”.
Citing statistics from the United Nations Conference on Trade and Development, Mr. Kuukpen stated that an annual investment of between $5-7 trillion is required globally for the achievement of the SDGs by 2030, hence the need to mobilize funds through innovative ways.
“As the SDGs emphasize localized implementation, there is the obvious need to engineer partnerships with the private sector and philanthropy locally. We need at this moment to explore all innovative instrument being domestic or foreign such as blended finance, development impact bonds, green bonds, trust bonds, challenge funds, guarantees, impact investment and many more”, noted Mr. Kuukpen.
Mr. Louis Kuukpen, Assistant Country Director of UNDP Ghana (right) interracting with Dr Eugene Owusu, SDGs Advisor to the President of Ghana
Mobilising more domestic resources towards the achievement of the SDGs, according to the UNDP Assistant Country Director, will require the financial sector to have a sound and stable financial system to improve public confidence in the sector;as well as good corporate governance by strengthening the sector’s institutional effectiveness and efficiency. He added that, for us as a country to ensure that no one is left behind in the achievement of the SDGs, we must ensure that every cedi counts, and this will require accountability, transparency as well as targeted and equitable allocation of resources. He also stressed the need to use the country’s natural resources judiciously towards development.
Also speaking at the Summit was the Head of the SDG Advisory Unit of the Office of the President, Dr. EugeneOwusu, who also called on all stakeholders to join hands with the government to push the SDGs. He especially urged the youth to come up with creative and innovative ideas to facilitate the implementation of the global goals. He said “the youth represent both today and the future. The youth's creativity and innovation can help in the implementation of the SDGs”.
The Ghana Finance Summit brought together financial and business leaders to share ideas, discuss the latest market developments and financial trends in Ghana. It was organized by Precise Communications in collaboration with Financial Inclusion Forum Africa, ARK Events Ghana, GEN Ghana; and with support from many partners including UNDP.