Ghana highlights Financing Mechanisms to build Resilience

Ghana’s Minister of Finance, Ken Ofori-Atta

By Kofi Adu Domfeh

The government of Ghana, in partnership with the Green Climate Fund, has established the Ghana Shea Landscape Emission Reduction Project (GSLERP) at an estimated cost of US$54.5 million.

The Project will focus on the Shea Landscape and will address the country’s efforts to reduce emissions from deforestation and forest degradation (REDD+).

This was disclosed by the country’s Minister of Finance during the presentation of the 2023 Mid-Year Budget Review in Parliament.

“Additionally, government is implementing the Ghana Cocoa Forest REDD+ Programme (GCFRP), which covers 5.9 million ha – 79% off-reserve, 21% on reserve – in seven regions. The programme will benefit 12 million urban and rural residents,” said Ken Ofori-Atta.

Ghana became the second African country after Mozambique to receive FCPF REDD+ payments in January 2023.

The World Bank estimates that climate change could cost Ghana approximately 1.7 percent of GDP annually by 2030 if left unaddressed.

To drive foreign direct green investment to benefit local businesses, the government is working to secure carbon financing to support its Nationally Determined Contributions (NDCs) and meet its commitments under the Paris Agreement.

“As part of our efforts to address loss and damage from climate change, Ghana, as one of the first pathfinder countries, launched the in-country process for Ghana’s participation in the Global Shield against Climate Risk and the Global Risk Modelling Alliance.

“These initiatives will enable us to assess quantitatively our climate risk, design solutions informed by the data and facilitate access to resources from the Global Shield,” noted Mr. Ofori-Atta.

Ghana has also developed a framework for the V20 Climate Prosperity Plan to attract climate investments from the private sector.

Ghana’s President currently chairs the Climate Vulnerable Forum while the Finance Minister chairs the Vulnerable 20 Group (V20) of Finance Ministers.

“Under the leadership of the President, we are transforming the Climate Vulnerable Forum and V20 into a permanent Inter-Governmental Organisation,” said Mr. Ofori-Atta. “The aim is to champion, principally, a ‘Fair Share’ Agenda to ensure appropriate financing for 29 adaptation, mitigation, and loss and damage; whilst leveraging our natural resources to raise carbon financing for accelerated climate action and to ensure that the 1.5-degree Celsius temperature threshold is not breached”.

The CVF is an organisation of 58 countries with a population of 1.5 billion people in the most affected climate regions of the world.


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