Sustainable dev’t a necessity, integrating ESG into economic strategies crucial – KPMG

By Juliet ETEFE

Evans Asare, Partner at KPM, has emphasised the need for a comprehensive re-engineering of the country’s economic model to achieve sustainable development.

Addressing participants at the 2024 Ghana Economic Forum organised by the Business and Financial Times, he underscored the importance of integrating environmental, social, and governance (ESG) principles into the country’s economic strategies for sustainable development.

“Sustainable development is not an option, it is a necessity. The integration of environmental, social and governance principles, ESG principles into our economic strategies will be crucial.

“Our natural resources, if managed responsibly, can provide a strong base of economic growth that benefits all Ghanaians,” he stressed.

He highlighted the theme of this year’s forum, “Unlocking Opportunities – Great Engineering Ghana’s Economic Model for Sustainable Development,” as particularly timely in the face of global challenges, including the aftermath of the COVID-19 pandemic, climate change, and geopolitical tensions.

He noted that these issues demand a re-evaluation of economic strategies to ensure resilience and sustainable growth.

He pointed out the growing momentum towards a greener, more sustainable future, which is influencing investment flows and policy decisions globally.

Against this backdrop, he charged the country to rethink its economic model, to address pressing issues such as public debt management, economic diversification, and infrastructure development.

Mr. Asare identified the agriculture, energy, and natural resources sectors, along with state-owned enterprises, as pivotal to this transformation.

He stressed the importance of leveraging advanced renewable energy, investing in the agricultural value chain and enhancing efficiency in state-owned enterprises to build a resilient economic foundation.

“KPMG remains committed to supporting these sectors through strategic advisory, tax, and audit services,” he added.

He called for collaboration and partnerships among government, the private sector and civil society to create an enabling environment for investment, innovation and sustainable development. “Sustainable development is not an option; it is a necessity,” he asserted.

Emphasising the importance of developing actionable strategies that will drive Ghana’s economic transformation.

“Let us seize the opportunities before us, address our challenges with determination, and pave the way for a prosperous future for all Ghanaians,” he concluded.

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