At the 2023 International Monetary Fund (IMF)/World Bank Group (WBG) Annual Meetings in Marrakech, Ghana received increased finance support for its climate adaptation and mitigation activities.
This comes as the World Bank’s International Finance Cooperation (IFC) commits financial support for Ghana’s implementation of various climate change programmes in order to drive sustainable growth, a livable planet, and the creation of more jobs.
The Finance Minister, Ken Ofori-Atta, stated this confidentially in an interview with the Ghana News Agency on Sunday, 15 October 2023, following the Vulnerable Twenty Group of Finance Ministers conference in Marrakech.
“We have a huge sit at the table [of V20] now, and that will reflect on the whole of Africa, which will also enable us help design and know where financing is going, especially carbon credit financing,” he went on to say.
Other financial commitments would be triggered if Ghana successfully completed its conversations with Official Creditors and Eurobond holders, which will be completed soon, according to the Minister.
He highlighted that Ghana’s hosting of the V20 headquarters would position the country as a leader and provide access to fresh ideas and global technologies to accelerate the country’s climate change strategy.
Ghana’s economic growth, according to Ofori-Atta, would be focused on addressing climate change challenges while ensuring that stability translates into more sustainable jobs for citizens.
“Beyond the stability that you bring with an IMF programme, you need to look at growth, and growth also means, trying to crowd in private investment and making your system stronger,” he went on to say.
“The climate agenda also puts us inline to get the type of resource for electronic vehicles, and solar energy and things that will make the growth more effective and sustainable,” he went on to say.
Deforestation, illicit logging, and unsustainable land-use practises, including illegal mining (galamsey), have reduced Ghana’s forest cover from eight million tropical forests in 1900 to 2.7 million now.
This has exposed the country to the negative effects of climate change, including bushfires, drought, changes in rainfall patterns, sea-level rise, and increased salinity of coastal waters.
The government, on the other hand, has launched a number of efforts, like Green Ghana Day, to urge Ghanaians to plant more trees in order to restore lost forest cover.
In addition, the government has a National Climate Change Policy, which offers a strategic direction for the coordination of diverse initiatives and responses to ensure effective adaptation, mitigation, and socioeconomic development.
Agriculture and food security are prioritised, as are disaster planning and response, natural resource management, equitable social development, and energy, industrial, and infrastructure development.
All efforts in policy implementation are directed at achieving resilience and a climate-compatible economy, as well as promoting sustainable development through equitable low-carbon growth.
