Ghana must renegotiate trade, financing terms to drive economic transformation — UNDP
The United Nations Development Programme (UNDP) Resident Representative to Ghana, Niloy Banerjee, has called on the government to urgently renegotiate its trade and financing terms to unlock genuine economic transformation and inclusive development.
He said Ghana borrowed in dollars and was expected to repay in the same currency, even though most of its revenues were generated in cedis.
This mismatch, he argued, placed undue pressure on the economy and exposed the country to exchange rate vulnerabilities that stalled the nation’s quest towards achieving sustainable development.
Regional Forum
Mr Banerjee was speaking at the Regional Forum for Private Sector Investment in Northern Ghana in Bolgatanga in the Upper East Region.
It was organised by the Upper East Regional Coordinating Council in collaboration with the National Development Planning Commission (NDPC), and supported by the UNDP and the United Nations Population Fund (UNFPA).
Held on the theme: "Accelerating Local Development Leveraging Private Sector Investment and Partnership", the forum brought together local entrepreneurs, including basket weavers, seamstresses, craft and bead makers, Metropolitan, Municipal and District Assemblies (MMDAs) alongside private sector investors.
It aimed at identifying and leveraging investment opportunities within the region, exploring export potential for local products, gaining insights into marketing tools and strategies for promoting investment, and understanding how to align local assets with private sector interest and financing.
Mr Banerjee also underscored the need to transition from raw material exports to value-added production, especially in agriculture and agro-processing.
Full of potential
He described northern Ghana, particularly the Upper East, as fertile and full of potential and urged the stakeholders to create a supportive environment for small and medium enterprises (SMEs), especially those led by the youth and women.
“In most countries, 80 to 90 per cent of employment comes from SMEs. Not everyone will get an office job from the government, but everyone can become an entrepreneur,” he added.
Commitment
Delivering the keynote address, the Minister for Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, reaffirmed the government’s commitment to addressing regional inequalities through projects like the Edwumawura initiative and the Feed Ghana programme.
According to him, the project, which was launched in April 2025, will support 10,000 youth-led enterprises annually with startup capital, mentorship, tax reliefs, and access to markets.
He called on the Metropolitan, Municipal and District Assemblies (MMDAs) to prioritise agriculture by supporting farmers to shift from seasonal farming to year-round agriculture through irrigation and mechanisation.
“It is the duty of the MMDAs ensure to make it all-year-round farming and that the Feed Ghana Programme is not just about farming, it is about food sovereignty; All MMDAs must see this as a necessity,” he stressed.
Economic potential
The Director-General of the NDPC, Dr Audrey Amoah Smock, underscored the economic potential of Ghana’s northern regions, pointing to promising sectors such as basket weaving, shea processing, livestock, dryland farming, ecotourism and solar energy.
She noted that, “the gap between potential and prosperity is not a lack of vision, but rather a lack of investment, coordination and forward-thinking local leadership.”
Dr Smock revealed that with support from the UNDP and the UN Peacebuilding Fund, eight pilot districts, including Bongo, Garu and Bunkpurugu-Nakpanduri, had developed investment strategies using an NDPC-designed toolkit.
This toolkit, she said, helped districts assess investment readiness, identify competitive sectors, develop business cases and attract private financing.
