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Climate change, if unaddressed, could cost Ghana 1.7 per cent of the Gross Domestic Product by 2030. Ghana’s Minister of Finance Ken Ofori-Atta stated this during the Mid-year budget review presented to parliament in accordance with the Public Financial Management Act.
Climate change, if unaddressed, could cost Ghana 1.7 per cent of the Gross Domestic Product by 2030. Ghana’s Minister of Finance Ken Ofori-Atta stated this during the Mid-year budget review presented to parliament in accordance with the Public Financial Management Act.
According to the AfDB, the African continent has seen a loss of 5 to 15 per cent in GDP per capita growth due to climate change. The bank said the continent needs an estimated amount of $1.6 billion to meet its NDCs from 2022 to 2030. It noted that the African countries have been shortchanged of a promised climate financing fund of $235 billion yet they received $29.5 billion between 2019 and 2020.
To address the challenge, Ghana’s government is working to secure carbon financing to support its Nationally Determined Contributions (NDCs) in order to meet the commitment of the Paris Agreement. The NDCs could also drive foreign direct green investment to the benefit of local businesses. Due to the launch of the in-country process for Ghana’s participation in the Global Shield against Climate Risk; the damages of climate change could be addressed. The Minister said such initiatives would enable Ghana to assess quantitative data on climate risk, design solutions informed by the data, and facilitate access to resources from international organizations.
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The Ghana government in partnership with the Green Climate Fund had established the Ghana Shea Landscape Emission Reduction Project (GSLERP) with an estimated cost of $54.5 million. GSLERP would focus on Shea Landscape to address the country’s efforts to reduce emissions from deforestation and forest degradation (REDD+). Additionally, the government was implementing the Ghana Cocoa Forest REDD+ Programme (GCFRP) which covers 5.9 million hectares in seven regions. Ghana’s effort to address Climate change, particularly when the President is the chair of the Vulnerable Forum while the Finance Minister chairs the V20 Group of Finance Ministers.
The government intended to convert the V20 into a permanent Inter-Governmental Organisation with the aim to champion, principally a ‘Fair Share’ Agenda to ensure appropriate financing for adaptation, mitigation, and loss and damage.
