Ghana Needs $43 Billion Annually to Meet SDGs by 2030 – UN, World Bank Roadmap Reveals
By Praisebell Rosemond Larbi
Ghana will need to mobilize approximately $43 billion annually to meet its Sustainable Development Goals (SDGs) by 2030, according to a new financing roadmap developed by the World Bank, United Nations Development Programme (UNDP), and other UN agencies.
This was disclosed by Mr. Peter Aidoo, an economist at the UN Resident Coordinator’s Office, during a high-level Business Executive Dialogue held in Accra. The forum, organized by the UN Global Compact Network Ghana, brought together stakeholders from the public and private sectors to discuss financing Ghana’s sustainable future and strengthening private sector support for the country’s SDG implementation.
Mr. Aidoo revealed that the cumulative SDG funding gap for Ghana stands at a staggering $522 billion. Excluding government’s annual budget contributions, the financing shortfall still amounts to approximately $430 billion.
“Ghana must raise around $43 billion each year if it is to achieve the 2030 Agenda for Sustainable Development,” Mr. Aidoo stated. “This level of financing requires urgent and strategic partnerships between the government, private sector, and development partners.”
The SDGs, adopted by UN member states in 2015, aim to eradicate poverty, promote quality education and healthcare, achieve gender equality, and address climate change, among other global goals. However, progress in many countries, including Ghana, has been hindered by resource constraints, the COVID-19 pandemic, and shifts in development financing.
Mr. Aidoo expressed concern about the scale of illicit financial flows (IFFs) from Ghana, which are estimated to exceed $1.4 billion annually. “These are resources Ghana could have retained to invest in health, education, and infrastructure. The amount lost is nearly half of what we are seeking in IMF bailout funds,” he said.
He emphasized that addressing IFFs could be a game-changer for development financing. “Reducing illicit outflows and improving domestic revenue mobilization are critical if Ghana is to meet its obligations under the SDGs.”
The UN economist also warned of the implications of donor fatigue and recent funding withdrawals by key partners, particularly the United States Agency for International Development (USAID). These funding cuts, he noted, threaten critical sectors such as healthcare, especially in the areas of vaccine procurement and essential medicines.
“There’s a real risk of reversing gains in maternal and child health, immunization, and disease prevention if immediate steps aren’t taken to fill the funding gap,” Mr. Aidoo cautioned.
He urged the government to take a more focused and strategic approach to investment by prioritizing sectors that offer the highest return in terms of inclusive development and sustainability.
“Areas like food systems transformation, education, clean energy transition, climate action, and the creation of decent work opportunities should be the backbone of our investment strategy,” he recommended.
The Business Executive Dialogue is part of a broader UN initiative to foster multistakeholder collaboration and galvanize financial resources, particularly from the private sector, to help countries like Ghana stay on track toward achieving the 2030 targets.
Participants at the event also called for greater transparency in public spending, more effective public-private partnerships, and innovative financing mechanisms to unlock both domestic and international capital for sustainable development. The UN and its partners reaffirmed their commitment to supporting Ghana with technical assistance, policy guidance, and capacity-building efforts aimed at closing the SDG financing gap and ensuring no one is left behind.
