A total resource envelope of $517million is expected to be utilised to finance the UNSDCF, out of which $270million is available, with the remaining US$247million expected to be mobilised through various approaches.
The UN Resident Coordinator, Charles Abani, and a Minister of State at the Ministry of Finance, Dr Mohammed Amin Adam, signed the agreement on behalf of the UN and the government, respectively.
The UNSDCF creates a platform for the UN and the government to work together with civil society, faith and community-based and non-government organisations, trade unions, think tanks, academia, the private sector and development partners towards an increasingly resilient and prosperous economy.
Used as an instrument for planning and implementation of UN development activities at country level, the UNSDCF outlines the UN development system’s integrated contributions to the Sustainable Development Goals (SDGs) along with a commitment to Leaving No One Behind (LNOB), to fundamental rights and a Human Rights Based Approach (HRBA), to Gender Equality and Women’s Empowerment (GEWE), to building resilience and sustainability, and to strengthening accountability.
Alternative financing
Dr Adam said as part of the efforts to free up fiscal resources and improve resilience without worsening the economic challenges or sacrificing spending on other development priorities, the government was looking for alternative sources of resources that would not negatively affect its fiscal position.
He called on the UN system to leverage its Global Compact on Sustainable Financing to support the country’s effort of tapping into climate financing options such as private sector investment, carbon finance, promoting renewable energy, debt SWAPs for development, among others.
He said the government also welcomed the initiatives of the UN system on SDGs financing in areas such as the Integrated National Financing Frameworks.
“We call upon the UN to support our need for technical assistance and capacity-building for investment promotion and developing project pipelines and bankable projects,” he said.
He said the country’s agenda at the United Nations Security Council over its two-year term would focus on enhancing global peace and security for sustainable and inclusive development.
“Particularly on the continent of Africa, this also aligns with cooperation framework agreement priority of “Durable Peace and Security in Ghana and the Sub-region,” he said.
Innovative financing
For his part, Mr Abani said the UNSDCF would be resourced through the technological, human and financial resourcing of UN entities working in Ghana with any gaps in funding filled through collaboration with the government, development partners, International Financial Institutions and private sector partners.
“Solutions to fully funding the UNSDCF will include innovative financing such as blended finance and sustainable bonds as part of the Integrated National Financing Framework (INFF).
“A multi-year funding framework will guide joint efforts to fully resource the UNSDCF and forge relevant partnerships to support agreed resource mobilisation goals,” he said.
Touching on some of the expected development outcomes, Mr Abani said by 2025, people in Ghana, particularly women, children, youth, persons with disabilities and those furthest behind, would enjoy an inclusive and transformed economy that would create decent jobs and sustainable livelihoods, reducing inequality and safeguarding the environment.
He added that people living in Ghana, particularly those furthest behind, would have access to and use of quality, resilient, inclusive, equitable, innovative and digitised integrated social services, supported by well managed and accountable institutions and governance systems by 2025.
“By 2025, people in Ghana will benefit from transparent, accountable, inclusive institutions and systems, including quality integrated digital services delivering a peaceful, cohesive and just society that supports durable peace and security in the sub-region,” Mr Abani added.
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