UN sinks US$517m into Ghana’s economic recovery

Ghana and the United Nations (UN) have signed the United Nations Sustainable Development Cooperation Framework (UNSDCF) agreement that will ensure the UN will deploy an estimated US$517m over the period around three key pillars of work; Inclusive Economic Transformation; Equitable Access to Services; and Durable Peace.

It integrates work on key issues such as nancing, the environment and climate, digitalisation, urbanisation, data for decision making, and strengthened partnerships across all pillars.

It also outlines the UN development system’s integrated contributions to the Sustainable Development Goals (SDGs) along with a commitment to leaving no one behind, a human rights-based approach, to Gender Equality and Wom- en’s Empowerment, and to building resilience, sustainability, and strengthening accountability.

Dr. Mohammed Amin Adam, Minister of State at the Ministry of Finance highlighted the substantial progress on the debt exchange programme, as well as on engagement with bilateral creditors to secure the necessary nancing assurances required for the IMF Programme.

“We welcome initiatives of the UN system on SDGs nancing in areas such as the Integrated National Financing Frameworks and call upon the UN to support our need for technical assistance and capacity building in investment promotion and developing project pipelines and bankable projects,” he added.

He said government is aware of the impact of the Domestic

Debt Exchange Programme (DDEP) on the domestic nancial sector and steps are being taken to mitigate the impact of the DDEP on the nancial sector by establishing the Ghana Financial Stability Fund, to among other things, provide solvency and liquidity support to eligible nancial sector institutions which may be a ected by the DDEP.

The UN Resident Coordinator for Ghana, Charles Abani, in his remarks said the process of developing this framework has been deeply participatory, inclusive and comprehensive, involving key government partners, the private sector, civil society and non-governmental organisations, youth groups and other key stakeholders.

“The implementation of this cooperation framework will be guided by, and be accountable to, a UN-Government Joint

Steering Committee co-chaired by both the Minister for Finance and UN Resident Coordinator. The steering committee will ensure national ownership and monitor progress, challenges and opportunities,” he added.

He also indicated that the agreement shows the UN’s commitment to standing with Ghana as the country aims to accelerate achievement of the SDGs and agenda 2063. Ghana is viewed as a leader among its peers in addressing and resolving challenges around its development.

Present at the signing were the heads and representatives of twenty-one (21) United Nation agencies, Chief Director, Ministry of Finance, Directors, and other o cials from the Ministry.”