The Ghana Philanthropy Conference (GPC), a gathering of philanthropic stakeholders from diverse communities, has underscored the importance of regulating philanthropic capital in order to allow its continued contribution to the country’s socioeconomic development – especially in times of economic crisis.
The various forms of philanthropic funds – indigenous, corporate and emerging dimensions including social enterprises and venture capital – have been effective tools for generating resources with an emphasis on social justice principles, serving as a catalyst for positive change in the country.
GPC stressed that philanthropic capital – which is referred to as private funding intended to create social impact delivered as either an outright gift with no expectation of financial return or an asset with a less-than-market rate return on investment (ROI) – has been an effective tool used to mobilise resources from both domestic and international donor agencies to support marginalised societies; however, sustainability demands putting in place scientific structures to ensure impact and growth.
Held under the theme ‘Philanthropy for sustainable development: opportunities, challenges and future’, stakeholders at the conference stressed that the current state of formal philanthropy in the country is marked by underdevelopment and a heavy reliance on external funding.
However, to unlock its potential, it is recommended that government creates an enabling environment that will facilitate a philanthropic culture in Ghana.
Executive Director, STAR-Ghana Foundation, Ibrahim-Tanko Amidu, highlighted the power of collective action and the impact of philanthropy on people’s lives – emphasising that it fundamentally promotes social good and is deeply ingrained in Ghanaian society.
“We recognised its significant potential to foster the creation of sustainable and prosperous communities. To encourage philanthropy and local resource mobilisation, it is recommended that government collaborates with civil society organisations (CSOs) to establish an incentive-based regulatory process. This innovative approach, as opposed to traditional command-and-control mechanisms, ensures a dynamic and mutually beneficial system and encourages philanthropic activities,” he said.
The CSOs mentioned that a strategic amalgamation of the diverse forms of philanthropy – such as community-driven initiatives, corporate social responsibility and socially sustainable business practices – will ensure sustainability and deepen socioeconomic impact.
Executive Director-Africa Philanthropy Network (APN), Dr. Stigmata Tenga, highlighted the opportunities that philanthropy presents in its various forms and manifestations – emphasising its responsiveness to community voices and its capacity to empower people in driving their development.
She indicated that considering challenges in achieving the Sustainable Development Goals (SDGs), it is important to strategically align philanthropic efforts with broader national development objectives. “Restructuring business models in Ghana to actively support initiatives contributing to SDG achievement is crucial,” Dr. Tenga noted.
Dialogue for effective implementation through public-private collaborations
The GPC proposed that establishing a platform for ongoing dialogue and collaboration among CSOs, government and the private sector is vital. This tripartite engagement will ensure that regulatory frameworks remain adaptable and responsive to the evolving needs of philanthropic organisations and the broader community. Regular consultations can lead to the refinement of regulations, making them more effective, efficient and aligned with the objective of fostering philanthropy as a driver of positive social change.
Ghana Philanthropy Conference
The GPC is a recurring gathering that assembles stakeholders from diverse sectors of Ghana’s philanthropic community. This year’s gathering undertook a collective exploration of philanthropy’s various dimensions, to establish a common understanding of its essence and purpose within the context of Ghana.
The conference was convened by STAR-Ghana Foundation in collaboration with the University of Ghana’s Centre for Social Policy Studies (UG- CSPS), Ghana Philanthropy Forum, West Africa Civil Society Institute (WACSI), Ghana Civil Society Platform on SDGs and Philanthropy Ghana.
