By Juliet ETEFE
At the opening of the 2024 Sustainability Summit, Dr. Godwin Acquaye, CEO of Business and Financial Times (B&FT), emphasised the critical need to balance economic growth with environmental preservation.
Addressing industry leaders, Dr. Acquaye underscored that an economy that prospers at the cost of environmental degradation is ultimately unsustainable.
He explained that economic sustainability is essential for improving quality of life and reducing poverty, and cautioned that, “A healthy economy provides jobs, fosters innovation, and enables societies to invest in their future. But an economy that thrives at the expense of the environment is unsustainable.”
Under the theme “Ensuring Environmental and Economic Sustainability: Collaborating for a Greener Future,” the summit, co-organised by B&FT and Fidelity Bank Ghana, focused on finding collaborative solutions to the pressing challenges of environmental conservation and economic development.
Dr. Acquaye highlighted the urgent need for collective action, stating, “As we gather here today, we are united by a common purpose: to find effective, collaborative solutions to the most pressing challenge of our time—safeguarding our planet while fostering economic growth.”
He warned that climate change, deforestation, loss of biodiversity, and pollution are serious threats that demand immediate attention from all sectors of society.
Dr. Acquaye also raised concerns over the alarming issue of illegal mining, locally known as “galamsey,” which has severely impacted Ghana’s natural resources.
“We are witnessing the depletion of vital natural resources—our rivers, lakes, and fertile lands—due to uncontrolled and unregulated mining activities. These activities not only pollute our water bodies but also degrade the land, making it unproductive and hazardous for farming and other essential uses,” he lamented.
He pointed to the changing rain patterns as a direct consequence of environmental degradation and climate change, leading to unpredictable seasons and diminishing agricultural yields.
Dr. Acquaye warned, “The reality we face is stark: if we fail to address this crisis now, we may soon find ourselves in the unthinkable situation of importing basic necessities like water.”
Strong law enforcement
The B&FT CEO called for stronger enforcement of laws against illegal mining, investment in sustainable development alternatives, and the empowerment of communities to protect and restore their environment.
He stressed that the consequences of inaction would be severe, affecting not only the environment but also the economy, society, and human health.
2024 Sustainability Summit
The 2024 Sustainability Summit powered by the business and Financial Times and the Fidelity Bank served as a platform to drive real change, set actionable goals, and build a future where economic growth and environmental protection coexist harmoniously.
The summit’s timing, just months before COP29, demonstrates the urgency of addressing climate change and its impact on food systems. As global leaders prepare to convene at the COP29 summit, anticipated discussions at the 2024 Sustainability Summit are envisaged to provide critical insights and recommendations that could inform broader policy debates.
