The United Nations Development Programme (UNDP) is urging businesses in the Private Sector to use the Sustainable Development Goals (SDGs) as a framework for impact investment in Ghana.

The call was made by the acting Resident Representative of UNDP Ghana, Ms. Gita Welch in a keynote address at the 2018 Ghana Impact Dialogue held in Accra by the Global Steering Group (GSG) on the theme “Creating A Ghanaian Impact Economy”.

Ms. Welch emphasized that impact investment is crucial for the achievement of the SDGs as it brings more philanthropic and private money into the development system to drive powerful social change.

“Through the process of allocating resources for products and services, the private sector could make returns to expand the interest in making purposeful, replicable, measurable and impactful investments which would have powerful consequences for social change within our communities”, noted Ms. Welch.

She added that, in line with the vision of “Ghana Beyond Aid”, developing an ecosystem for impact investment is very important, as this will complement traditional types of development financing (such as domestic public resources and official development assistance), with philanthropic, private and blended capital to enhance shared value.

Highlighting UNDP’s commitment to work with the private sector, philanthropy and Governments, Ms. Welch indicated that UNDP has established SDG Impact Facility at the global level to support businesses to adapt and transform their core strategies to deliver financial, social and environmental performance, and to use the SDGs as the basis for engaging in untapped markets. This she said, will involve the development of SDGs Impact Seal and Certification training programs; business insights; projects that advance the SDGs and matchmaking opportunities between investors and enterprises.

Citing specific examples of UNDP’s impact investment initiatives in Ghana, the UNDP Ghana acting Resident Representative noted that, UNDP is facilitating a Multi-Stakeholder Waste Resource Platform, which is a digitally-enabled one stop shop solution to connect key stakeholders to promote waste recovery in the country. She also stated that the Country Office is supporting a South-South Cooperation and match-making opportunities between businesses from Ghana and other countries from the South, one of which is resulting in a joint venture to establish a solar photovoltaic plant in Ghana. Ms. Welch added that UNDP has facilitated the establishment of SDG Philanthropy Platform, which is forging partnerships for SDGs innovations and investments in the country.

Source: peacefmonline.com