It has been emphasized that as Ghana takes stock of economic losses post-COVID-19, the only way to bounce back and make amends in the new normal is through the active involvement of the private sector in terms of revenue mobilization.
This, according to industry players, would go a long way to help Ghana achieve the Sustainable Development Goals (SDGs).
The private sector, according to experts, are crucial to nation-building and must be allowed by the government to undertake certain development projects to reduce borrowing and ensure debt sustainability.
These were suggestions unanimously made by Dr Charles Boamah a Former Senior Vice President at African Development Bank and Madam Hamdiya Ismaila, General Manager of Venture Capital Fund one of the panel discussions at the ongoing, 2020 Accra SDGs Investment Fair.
The three-day fair seeks to provide a platform to explore new opportunities within the new normal, identify innovative ways to access financial resources during the COVID-19 pandemic and recovery, share experiences relating to individual and corporate adaptability in the wake of Covid-19, and rebuilding momentum for the implementation of the SDGs.
Speaking on the topic, “Financing for Development and the New Normal” Dr Boamah said one factor that was derailing private sector participation was lack of trust among the private people, the government and the citizenry and government could raise funds to implement SDG programmes by increasing taxes, and deepening the capital market.
Dr Boamah said much attention should also be focused on building trust among citizenry, private sector and the government to facilitate workflow and State-Owned Enterprises with financial commercial viability must be weaned off state funds and allowed to borrow to operate.
Madam Ismaila said SDG goal eight and nine could be achieved if the government and the private sector worked hand-in-hand.
“With the participation of the private sector, government initiatives like one-district-one factory (1D1F) and planting for food and jobs. If the 1D1F is left for the private sector to look to raise funds to build, operate and transfer it,” she added.
In the financial sector, she urged the regulators to build a stronger synergy between them and financial institutions to build confidence.