The UNDP Resident Representative in Ghana, Niloy Banerjee, has urged Ghana and other African countries to embrace a new development narrative that reflects the continent’s current realities and future aspirations.

Speaking at the SDG Financing for Development Dialogue in Accra, Banerjee called for a transformative approach to development, describing the current global context as a “post-development age” that demands fresh thinking and bold action.

He outlined five key areas Ghana must address to help usher in what he described as “the rise of a new Africa”:

1. Fixing tax leakages

Banerjee identified taxation as a critical challenge, citing significant revenue losses due to tax evasion and systemic loopholes. He particularly noted cases involving Ghanaians abroad who earn rental income from properties in Ghana but pay taxes elsewhere.

2. Reforming urban financing and housing

He criticised Ghana’s urban housing structure, pointing out that while most residential developments are city-based, the debts tied to these developments are often dollar-denominated, posing risks to economic stability.

3. Renegotiating national debt

Banerjee called for a renegotiation of Ghana’s debt, not merely in monetary terms but through a strategic policy shift and smarter engagement with lenders.

4. Addressing unfair credit ratings

He highlighted the impact of disproportionate credit ratings from agencies such as Fitch, Moody’s, and S&P, which have labeled Ghana’s bonds as “junk status.”

According to Banerjee, these ratings further restrict the country’s access to affordable credit.

5. Tapping into the Diaspora

Banerjee described the Ghanaian diaspora as an underutilised asset for national development, urging the government to find innovative ways to mobilise its potential.

Banerjee concluded with a call for bold leadership and unconventional thinking:
“We in Africa need to form a new narrative,” he said.

“What we need is the rise of a new Africa and for Ghana, that means poking the bear, challenging the status quo to move ahead.”

SP/MA