Ghana’s Climate Prosperity Plan outdoored
Ghana has outdoored a roadmap to turn its climate vulnerabilities into strengths for economic resilience.
The roadmap, called the Climate Prosperity Plan (CPP), includes initiatives such as an expansion of renewable energy and sustainable infrastructure as well as climate-resilient economic policies.
Mr. Foster Aboagye Gyam, a Principal Economics Ocer in the Climate Financing Division of the Finance Ministry, at the ongoing COP29 meetings in Baku, Azerbaijan, noted that the CPP targeted an economic gain of US$76 billion by 2050 in funds and investments.
The CPP, Mr Gyam noted, had been framed to leverage public-private partnerships and innovative financing mechanisms, including blended nance and de-risking tools, to secure, speed up and scale up sustainable funding.
He expressed the view that the CPP would reposition Ghana to adapt to and mitigate climate impacts without sacrificing economic growth.
“Already, CPP has attracted interest from investors, who see Ghana’s stable democratic environment as a viable base for climate-focused economic development,” he said.
Mr. Gyam indicated that through the CPP framework, a US$ 1 million facility had been extended to the Akosombo Net-Zero Industrial Park, the first of its kind in Africa, which would be powered by renewable energy.
That project, he said, would attract eco-conscious industries, set a new standard for green industrialisation on the continent, and serve as a hub for industries committed to sustainable manufacturing and the circular economy.
“Initially focused on housing a textile company, the park is now open to other green enterprises, from recycled materials production to low-emission manufacturing,” he said.
Mr Gyam said the Park was expected to create over 40,000 direct and indirect jobs, providing economic benefits that align with Ghana’s climate resilience goals.
He said the Wahu Mobility, a rm focused on providing, e-mobility was also being considered under the CPP to introduce a range of electric vehicles (e-bikes and e-cars) while establishing an essential infrastructure for EV charging and battery swapping.
Wahu aims to support a sustainable ecosystem that reduces emissions from fossil fuel vehicles, providing a cleaner alternative for urban and rural mobility.
The event was used to showcase the innovation in the Climate Finance sector and attract investors into the climate space in Ghana