US$52.2 billion annual funding gap threatens SDGs agenda

With less than a decade left to realize the 2030 Sustainable Development Goals (SDGs) agenda, lack of funding to support participation has become the greatest challenge to Ghana’s progress on advancing and meeting the set targets, as the country will need an estimated US$52.2billion per annum to achieve the goals.

The threat posed by inadequate funding is heightened by the COVID-19 pandemic, which has plunged many people and countries into poverty and vulnerability.

A trend analysis and assessment by policy research and advocacy civil society organization SEND Ghana indicates that the total cumulative 10-year cost for achieving the SDGs in Ghana from 2021 to 2030 is estimated to be US$522.3billion, averaging around US$52.2 billion per year.

Though the SDG financing landscape analysis reveals the government of Ghana represents by far the largest financier of the SDGs, meeting the target in the next nine years is looking bleak considering the amount of money that government would need to commit to realizing the goals.

SEND Ghana observed that the total funding budgeted for SDG implementation in 2019 was GH¢51billion (US$9.3billion), constituting about 73 percent of total government expenditure.

Goals 3 (Good health and wellbeing), 4 (Quality education), 16 (Peace, justice and strong institutions) and 17 (Partnerships for the goals) were allocated the highest levels of expenditure, with Goal 17 accounting for 73.5 percent of the total SDG budget.

In 2020, there was a marginal increase in the SDG budget to GH¢53billion (US$9.1billion) with the reduction in the U.S. dollar figure due to depreciation of the cedi, constituting approximately 53 percent of total government expenditure.

Goal 17 (Partnerships) was again allocated the highest amount, and the proportion for Goal 4 (Quality Education) increased from 4.9 percent in 2019 to 11.1 percent the next year (2020).

The gap, according to SEND Ghana, shows an urgent need for greater commitment and financial support from the government to ensure there is an accountable and transparent implementation of the SDGs taking the proposed actions of the Goal’s Country Financing Framework initiative into consideration.

The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet and ensure that by 2030 all people enjoy peace and prosperity. The SDGs are designed to end poverty, hunger, AIDS and discrimination against women and girls.