Ghanas Green Economy Finance Ministry Sets Up Climate Financing Division To Address Climate Challenges

Ghana aims to build a green economy tackling climate-related obstacles and pursue sustainable climate-resilient development.

As part of measures to ensure this goal, the Ministry of Finance has established a Climate Financing Division towards green growth and climate resilience.

This was revealed at the COP29 Finance Day Event in Baku, Azerbaijan, on Thursday, November 2024.

COP29 is an annual UN Climate alter Conference and this year's event is themed "In Solidarity for a Green World" with the Finance Day which is part of the conference also under the theme "Collaborative Pathways to Green Growth: Revolutionizing Climate Finance in a World of Fiscal obstacles".  

Highlighting the importance of this Climate Financing Division as well as the measures being undertaken to address the climate obstacles, the Director of the division, Mrs. Phyllis Adwoa Fraikue noted that they're mandated to "mobilise and channel resources toward climate-resilient development and support the alignment of Ghana’s fiscal policies with global climate commitments such as the Paris Agreement".

The division is also to "create a sustainable financial ecosystem that unlocks both public and private capital for green industrial growth, foster low-carbon development, and enhance national resilience against climate risks".

"Ultimately, we seek to position Ghana as a regional leader in climate finance initiatives by developing robust partnerships, leveraging innovative financing tools, and integrating climate action into national development tactics", she added.

Further underscoring Ghana's initiatives in climate financing, Mrs. Fraikue said; "Funding our climate action without increasing debt burdens therefore, means leveraging concessional climate finance, grants and innovative mechanisms like debt-for-climate and debt-for-nature swaps. Additionally, work has commenced with colleagues to propose sector-based incentives that will enhance access to more private capital to complement government’s investments in crucial growth sectors for low-carbon development."

These initiatives, she accentuated, "will position Ghana as a model for integrating sustainable finance into national development tactics, even in an era of tight fiscal obstacles".

Conclusively, she urged "all of us to persist supporting the journey of protecting our natural and physical assets, enhancing resilience, and leveraging our resources for the prosperity of our people and planet. Let us seize this moment to foster collaboration, leverage innovation, and build a sustainable future for all and I look forward to our productive discussions".

Read full speech below:

.Ameyaw Adu Gyamfi