Ghana’s ambitious plans to mobilize climate finance in the face of global economic challenges have been highlighted by Mrs. Phyllis Adwoa Fraikue, Director of the Climate Financing Division in the Ministry of Finance.
Mrs. Fraikue spoke about the importance of climate-resilient development in a post-COVID-19 world while speaking at a side event called “Finance Day” at the COP29 in Baku, Azerbaijan, with the theme “Collaborative Pathways to Green Growth: Revolutionizing Climate Finance in a World of Fiscal Challenges.”
She reaffirmed the function of the recently created Climate Financing Division and highlighted Ghana’s initiatives to mitigate climate risks while upholding fiscal responsibility.
Adwoa Fraikue claims that this division is essential to Ghana’s Climate Prosperity Plan, which aims to attract both public and private investments for green growth while coordinating national development with international climate goals.
According to her, the Division’s goal is to create a resilient financial system that will promote low-carbon development and establish Ghana as a leader in climate finance.
She acknowledged Ghana’s persistent financial difficulties, which have been made worse by international economic upheavals since 2022. She also discussed the significance of cutting-edge financial tools like debt-for-nature and debt-for-climate swaps.
Ghana is now a regional leader in sustainable finance thanks to the Finance Ministry’s new Ghana Green Finance Taxonomy, a framework for allocating funds to ecologically conscious projects.
Ghana hopes to reduce the amount of national debt by releasing private capital for low-carbon development through these instruments and sector-based incentives.
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In order to protect both natural and tangible assets, she called for strong collaborations in climate finance with increased accountability and transparency.
According to her, in accordance with the Nationally Determined Contributions, the Ministry of Finance has been aggressively involving stakeholders in order to forge stronger financial and technical partnerships.
Ghana’s dedication to raising funds for climate finance and its cooperative strategy for enhancing resilience and promoting sustainable development were both highlighted at this event.
It is anticipated that the COP29 Finance Day event will spark additional conversations about creative financial solutions and the direction of climate finance in the face of global budgetary constraints.
