Ministry of Finance signs US$517M cooperation agreement with UN
Story by: Ishmael Barfi
The Ministry of Finance signed a US$ 517 million cooperation agreement between the government of Ghana and the United Nations on the 28th of April, 2023.
The signing ceremony of the United Nations Sustainable Development Cooperation Framework (UNSDCF) 2023-2025 took place at the Ministry of Finance Department in Accra.
In attendance was the UN Resident Coordinator, Mr. Charles Abani, members of the UN Country Team; UNICEF, UNDP, WFP, UNFPA, WHO, FAO, UNCDF, UNESCO, UNHCR, UNODC, UNWOMEN, IOM, OHCHR, UNOPS, IFAD, UNAIDS, UNEP, UN-HABITAT, UNIDO, UNU-INRA, Office of African, ITC and members of the media.
Welcoming the gathering the Director External Resource Mobilization and Economic Relations Division at the Ministry of Finance, was of the view that ” our gathering here allows us to witness another collective approach of positioning the UN System Programming within the larger national development cooperation architecture.
Believing that ” the ultimate goal of signing this new UNSDCF is to help the people of Ghana not only reduce inequality, reduce maternal mortality but also improve the environmental agenda and ultimately achieve the Sustainable Development Goals (SDGs) and the Africa Agenda 2063.
Signing of the US$517M cooperation agreement between the two parties
He also used the occasion to thank all government colleagues for their cooperation in the past years and their continued dedication amid all the challenges to making it possible to achieve the national development agenda.
In his speech, the Minister of Finance, Hon. Ken Offori Atta noted that Ghana and the United Nations shared a long history of productive collaboration that dates back to the early 1960s.
A relation that has seen many Ghanaian men and women serving as UN peacekeepers since the early 1970s participating in operations that stretched from the Sinai to the African continent with our very own Nobel Peace prize laureate, Kofi Annan who served as the 7th Secretary-General of the UN.
He further added that, for the third time Ghana was elected as the United Nations Security Council with H.E President Nana Addo Dankwa Akufo-Addo assuming the presidency of the Security Council in November 2022.
He, therefore used the occasion to express the government’s gratitude to the UN and all Development Partners for their support as we work towards getting back on a Sustainable Economic Path.
Additionally, the government achieved a staff-level agreement with the IMF in 2022 and has since then worked tirelessly to complete all prior actions required to present Ghana’s Programme to the IMF Executive Board for approval.
Displaying of the US$517M cooperation agreement signed between Ghana & the UN
“Also, we have made substantial progress on the debt exchange program as well as on our engagement with bilateral creditors to secure the necessary financing assurances required for the IMF Programme”, he stated.
Moreover, he explained that “we are very much aware of the impact of the Domestic Debt Exchange Programme ( DDEP) on the domestic financial sector and steps are being taken to mitigate the impact of the DDEP on the financial sector by establishing the Ghana Financial Stability Fund to among others provide solvency and liquidity support to eligible financial sector institutions which may be affected by the DDEP”.
Further revealing that the government is immediately committing US$750mn to the solvency fund and this includes a US$250mn loan from the World Bank, therefore calling on development partners to support the establishment of the Fund”.
The signing of the Cooperation Framework with a total grant envelope of US$517million he noted reaffirms a continuation of the country’s strategic partnership with the UN which aligns with the government’s development agenda and contributes to the achievement of global and regional commitments under the 2030 and 2063 Agendas over the next three years in the areas of; (I) inclusive, Resilient and Sustainable Economic Growth and Transformation. (B) Accessible, Equitable, Inclusive, Sustainable Quality Basic Social Services and (C), Durable Peace and Security in Ghana and the sub-region.
Further explaining that inclusive, Resilient, and Sustainable Economic Growth and Transformation align with the government transformation agenda of moving to an export-led economy by leveraging on trade.
“I am aware of the UN’s work with the AFCFTA Secretariat to train Ghanaian women and youth-led micro, Small and Medium Enterprises (MSMEs) in integrated business approaches. I wish to encourage this partnership to assist Ghana take full advantage of the transformational opportunity being offered to become a manufacturing hub in Africa”, he pleaded.
Group picture of dignitaries at the signing ceremony
Again the priority on Accessible, Equitable, Inclusive, Sustainable Quality Basic Social Services further supports government efforts to transform the education system to deliver the knowledge, skills, and outlooks needed for children, young people, and adults to excel in today’s world and contribute to an equitable, sustainable, healthy and peaceful future.
Moreover, the country’s agenda at the United Nations Security Council over its two-year term he acknowledged will focus on enhancing Global Peace and Security for Sustainable and Inclusive Development, particularly on the continent of Africa.
“ also aligns with cooperation framework agreement priority of “Durable Peace and Security in Ghana and the Sub-region” Mr. Ofori Atta indicated.
The Minister further revealed that “as part of our efforts to free up fiscal resources and improve resilience without worsening the economic challenges or sacrificing, spending on other development priorities, the Government is looking for alternative sources of resources that will not negatively affect its fiscal position.
Further stated that green and sustainable financing is one of the options, hence 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 investments, carbon finance, promoting renewable energy, debt SWAPs for development among others.
Additionally, the government he pointed out welcomes the initiative of the UN system on SDGs financing in areas such as the integrated National Financing Framework and therefore called upon the UN to support the country’s need for technical assistance and capacity building for investment promotion and development of project pipelines and bankable projects.
“The relationship and cooperation between Ghana and the United Nations is critical to the well-being of our people. I am confident that with our concerted efforts, this Cooperation Framework Agreement that we are about to sign will deliver the benefits it promises”, he concluded.
Source: www.thenewindependentonline.com
