A joint financing roadmap by the World Bank, UNDP, and other UN agencies in Ghana has revealed that the country requires approximately US$522 billion to meet the Sustainable Development Goals (SDGs) by 2030. Excluding government budget allocations, the financing gap stands at US$430 billion, translating to US$43 billion annually from 2020 to 2030.
The data was shared by Mr. Peter Aidoo, Economist and Development Coordination Officer at the UN Resident Coordinator’s Office, during a Business Executives Dialogue in Accra.
The event, themed “Financing Ghana’s Sustainable Future and Strengthening Private Sector Contribution to the VNR Process,” brought together stakeholders from government, private sector, banks, and the UN to explore financing options for sustainable development.
Mr. Aidoo emphasized that addressing illicit financial flows, which cost Ghana US$1.44 billion annually, could significantly reduce the funding gap. He noted the irony of seeking a US$3 billion IMF bailout while losing far more to financial misconduct.
Africa, he added, has also lost over US$1.4 trillion to illicit financial flows over the past three decades, with Ghana alone losing US$14.39 billion between 2011 and 2022.
While commending the government and the National Development Planning Commission (NDPC) for consistently reporting on the Voluntary National Review (VNR) and incorporating the 2019 Vienna recommendations, Mr. Aidoo called for district and regional GDP data to better track SDG progress.
He also raised concerns over the loss of US$150 million in donor funding, particularly after the termination of USAID under US President Donald Trump, affecting critical sectors like healthcare and immunisation programmes.
To close the financing gap, the UN recommends a comprehensive review of Ghana’s investment climate, boosting public-private partnerships, and strengthening MSMEs to make them more bankable.
The UN also urged the government to prioritise investment in food systems, energy transition, education, decent work, social protection, and climate and biodiversity.
“These areas can act as catalysts for broader economic growth and help Ghana stay on track to meet the SDGs,” Mr. Aidoo said.
