Global economic crisis threatens attainment of MDGs
More than halfway to the 2015 deadline to achieve the Millennium Development Goals (MDGs), major advances in the fight against poverty and hunger have become slow or reversed, as a result of the global economic and food crises.
Additionally, Progress towards attaining the goals is now threatened by sluggish — or even negative — economic growth, diminished resources, fewer trade opportunities for the developing countries, and possible reduction in aid flows, from donor nations.
Instructively, the MDGs have eight goals to be achieved by 2015, which respond to the world's main development challenges. The MDGs are drawn from the actions and targets contained in the Millennium Declaration that was adopted by 189 nations - and signed by 147 heads of state and governments during the UN Millennium Summit in September 2000.
The eight MDGs break down into 21 quantifiable targets that are measured by 60 indicators are: Goal 1-eradicate extreme poverty and hunger, Goal 2-achieve universal primary education, Goal 3-promote gender equality and empower women.
While, 4, 5, 6, 7 and 8 Goals are: reduce child mortality, improve maternal health, combat HIV/AIDS, malaria and other diseases, ensure environmental sustainability and develop a Global Partnership for Development respectively.
Speaking at the launch of the Social Watch Report 2009 - “Making finances work: People First”, in Accra yesterday, the Manager of Abantu for Development, Dr. Rose Mensah-Kutin added that although the legacy of the ongoing financial crisis would be gloomy, it may also had another legacy in that crucial ideas about human rights could no longer be dismissed.
She noted that the crisis presented a historic opportunity and a generational responsibility to rethink decision-making in economic policy. “The human rights-based organization calls for a reform of governance structures to ensure that all economic policy is carried out in accordance with the human rights regime. This will ensure participation at all levels, subjecting decisions to public scrutiny, transparency and accountability at every step”, Mrs. Mensah-Kutin emphasized.
According to the report, a striking aspect of the crisis is the extent to which financial entities managed to transfer the burden of their irresponsible risk-taking to the most vulnerable in society. The report, therefore, urged governments to adopt measures to protect the human rights of their people through robust banking and financial sector regulation.
Touching on Ghana, the Social Watch 2009 Report, observed that the winds of the global financial crisis had already begun to batter the country. As the Cedi lost 23% of its value against the dollar in 2008, and 19% against the euro, whilst private capital flows are drying up and large investment projects are being put on hold due to cash flow problems and economic uncertainties.
Compounding the damage of the anticipated drop in the quantity and price of Ghana's exports, economists are projecting a 20% plunge in remittances from Ghanaians working abroad in 2009.
The Co-ordinator of the Third World Network-Africa, Dr. Yao Graham, used the occasion to brief the media on the upcoming 2009 Social Watch General Assembly to be hosted in Accra, Ghana in October 2009 for the four times.
The General Assembly was the Social Watch network's highest directive body. Policy discussion and medium-to long-term strategic planning happens in its realm, which serves as a decision-making forum.