• 3Sports
  • Home
  • MG Radio
3news
Advertisement
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
3news
No Result
View All Result
Home Features

Re-engaging the private sector for sustainable development

December 14, 2018

The important role of the private sector in the implementation of the sustainable development Goals (SDGs) is duly recognized by the states of the United Nations (UN).

This is evident in strategic steps each country is putting in place to achieve the goals. However, the ambitious nature of the goals places a huge task on governments to forfeit.

Statistics show that, the total investment needs estimated for the SDGs in developing countries alone is averagely between $3.3 to $4.5 trillion per year, with focus on critical infrastructure.

RelatedPosts

Beef up security at borders to tackle smuggling of illicit arms into Ghana – Ibn Chambas

October 22, 2020

Hold perpetrators of riots in Nigeria accountable – Hanna Tetteh

October 22, 2020

Flooding hits six million people in East Africa

October 7, 2020

Meanwhile, these countries are already facing an annual gap of $2.5 trillion in levels of investment in key SDGs sectors.

As the saying goes, “it takes two to tango”, so governments alone cannot address this funding gap. There is a need for support from the Private sector.

The private sector needs to be explored as a critical partner to facilitate the implementation of the SDGs and not being limited just to an important participant in the SDG discourse.

The Challenge: Data Gap 

However, to effectively engage and unlock private sector finance especially in the area of climate finance, governments would need more understanding on the needs and the business actions of the private sector in connection with the SDGs.

The challenge with this has been the absence of data and information about the private sector particularly the indigenous or wholly Ghanaian owned business enterprises.

Most private sector businesses in Ghana do not have proper websites, and where these exist, the data quality or the content of the websites are not useful to assist in developing tailor-made strategic framework for private investment in the SDGs as well as the African Union’s Agenda 2063 which seeks to accelerate the socio-economic transformation of the continent.

This challenge is not only prevalent in the private sector, but also in the public sector.

Obtaining up to date information on key SDGs sectors; government policies and initiatives in Africa is quite a difficult task.

The data gap challenge has been widely recognized in major publications from MDGs to SDGs.

For example, the 2018 Africa Sustainable Development report reiterates that data gaps remain a major challenge for adequate reporting of Africa’s progress towards the realization of the SDGs and Agenda 2063.

Private Sector Experience 

Nevertheless, experiences with private sector engagement on UNDP programmes in Ghana particularly the Green Climate Fund Readiness Programme, which is supporting Ghana to access international  climate finance; China-Ghana South-South Cooperation on Renewable Energy Technology Transfer Project; and the Nationally Determined Contributions Support Programme for the country’s climate actions; all revealed interesting experiences about the structure and operations of private sector businesses in Ghana.

It was discovered that there is a huge potential to increase private sector investment in Ghana, but the setback has been the weak corporate governance structure and less strategic direction of some businesses.

Way Forward: Some Thoughts 

Given the critical role of the private sector in the SDGs implementation, governments and international development organizations could double up their facilitation role and provide the needed platform for south-south cooperation on effective business management and operations to address this challenge in Ghana.

Similarly, it appears that most private businesses see the agenda 2030 as an agenda for the governments and the United Nations.

Efforts must therefore be made to set a clear business case to attract private sector interest in the implementation of the SDGs.

Moreover, creating innovative Public-Private Partnership business models in the delivery of public goods and services are key to achieving the agenda 2030.

Innovative business models should not only be simple, but it must be inclusive and sustainable.

Private investors, wealthy families and individuals are most likely to partner the public sector in the delivery of public goods and services when there are coherent and supportive policies.

For instance, about 15% of the Ghanaian population has no access to modern form of energy.

To address this energy access gap, there is the need for a supportive policy environment that provides incentives for mini-grids and other decentralized renewable energy solutions.

The policy environment should also permit individual-to-individual; business-to-business; individual-to-business energy supplies rather than government-owned generation and distribution.

This is a model some prefer to call Competitor Parity for the Production of Public goods and services.

As SDG17 calls for partnerships, African Governments, could strategically reach out to the private sector to unlock and redirect the significant amount of private finance that are required particularly for the key Nationally Determined Contributions relevant sectors that are in danger of being left behind.

By Stephen Kansuk

Programme Analyst, UNDP Ghana

Disclaimer

The opinions expressed in this article are strictly that of the author and do not reflect the opinion of UNDP or the UN system.

Previous Post

Exempt us from paying luxury vehicle tax – Car Rental Association appeals to gov’t

Next Post

We’re counting on you to bring NDC to power – Sly woos Eastern region executives

Related Posts

Major Top Story3

Beef up security at borders to tackle smuggling of illicit arms into Ghana – Ibn Chambas

October 22, 2020
Major Top Story2

Hold perpetrators of riots in Nigeria accountable – Hanna Tetteh

October 22, 2020
World

Flooding hits six million people in East Africa

October 7, 2020
Major Top Story3

UN dissociates itself from fake awards organizer

September 7, 2020
Top World

Trump threatens to send in army to end unrest

June 2, 2020
Business

Ghana Statistical Service conducts survey to track impact of COVID-19 on businesses

May 25, 2020
Next Post

We're counting on you to bring NDC to power - Sly woos Eastern region executives

Discussion about this post

Stay Connected

  • 1.7M Fans
  • Trending
  • Comments
  • Latest
20-year-old girl murdered at Doryumu

20-year-old girl murdered at Doryumu

January 12, 2021
Chief Justice responds to Muntaka’s bribery allegation against a Justice of the Supreme Court

Chief Justice responds to Muntaka’s bribery allegation against a Justice of the Supreme Court

January 14, 2021
We all make mistakes, Mahama should have been kind with EC’s errors – Akoto Ampaw

We all make mistakes, Mahama should have been kind with EC’s errors – Akoto Ampaw

January 14, 2021

Election Petition: EC admits possible errors in collation of presidential results

January 11, 2021
Ghana women’s premier league: 2021 season resumes this weekend after 9 months week

Ghana women’s premier league: 2021 season resumes this weekend after 9 months week

January 15, 2021
CAF decorate Issa Hayatou with Honorary President title

CAF decorate Issa Hayatou with Honorary President title

January 15, 2021

[Video] Don’t forsake your work in Parl if you’re appointed ministers – Bagbin warns MPs

January 15, 2021
NPP caucus takes early seats at Majority side

[Video] NPP, Fomena MP declared ‘majority group’ in Parliament

January 15, 2021

Recent News

Ghana women’s premier league: 2021 season resumes this weekend after 9 months week

Ghana women’s premier league: 2021 season resumes this weekend after 9 months week

January 15, 2021
CAF decorate Issa Hayatou with Honorary President title

CAF decorate Issa Hayatou with Honorary President title

January 15, 2021

[Video] Don’t forsake your work in Parl if you’re appointed ministers – Bagbin warns MPs

January 15, 2021
NPP caucus takes early seats at Majority side

[Video] NPP, Fomena MP declared ‘majority group’ in Parliament

January 15, 2021
3news

3news.com is the fastest growing news portal in Ghana. Get all breaking news updates, latest news headlines, local and world stories, showbiz, lifestyle etc.

Follow Us

Browse by Category

Recent News

Ghana women’s premier league: 2021 season resumes this weekend after 9 months week

Ghana women’s premier league: 2021 season resumes this weekend after 9 months week

January 15, 2021
CAF decorate Issa Hayatou with Honorary President title

CAF decorate Issa Hayatou with Honorary President title

January 15, 2021
  • 3Sports
  • Home
  • MG Radio

© 2021 Media General - Developed and managed by MG Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus

© 2021 Media General - Developed and managed by MG Digital.