A Policy Fellow with the United Nations University and the Institute for Natural Resources in Africa, Mr Eric Twum, has recommended the adoption of green business principles across all sectors of the economy.
The principles, he said, ensured that structural transformation processes of businesses avoided stranded assets, reduced resource inputs and increased efficiency in the production process.
They also minimised waste and strengthened infrastructure to reduce impacts on the environment, while maintaining or improving natural resources base.
At a Green Business Forum in Accra, Mr Twum said not only did the principles make social and environmental sense, but they were economically and financially prudent as it ensured that businesses met a triple bottom-line effect — people, planet, profit — which was the only way to ensure long-term sustainability.
“Green businesses are critical in achieving the Global Sustainable Development Goals since they will ensure that while promoting responsible production and consumption patterns, addressing climate change, providing affordable and clean energy, ensuring sustainable cities and communities, we were also generating wealth for inclusive growth,” he added.
Touching on climate change, he said the impact of climate change on the Ghanaian economy was not in doubt, however, it provided an opportunity for innovation and adaptation and development of businesses.
According to him, as identified by the Green Economy Scoping Study, Ghana’s green industrialisation hinged on energy, agriculture, waste, forestry and industry.
“These sectors present opportunities for green businesses. To harness this potential, however, it is imperative that deliberate efforts are made towards creating the needed enabling environment for green business growth and financing through innovative policies,” he said.
The Team Leader for Industrial Sub-Contract and Partnership Exchange (SPX) at the Ministry of Trade and Industry, Papa Bartels, said the government was formulating policies to address challenges that confronted small and medium enterprises (SMEs) in the country.
He said 90 per cent of businesses in the country were SMEs and that the government was formulating policies to support their operations.
The Executive Director of the Ghana Climate Innovation Centre (GCIC), Ms Ruka Sanusi, said to turn climate challenges into opportunities, the centre was supporting SMEs to commercialise and to also adopt the innovative business solutions to climate change.
For her part, the Director of Policy Planning, Monitoring and Evaluation at the Ministry of Environment, Science, Technology and Innovation, Mrs Levina Owusu, urged Ghanaians to replant when they cut down trees.
“We should take good care of the environment as we do with business,” she said.