Tema-Ghana, Nov. 2, MNN – Ghana need to take an urgent action to restore macroeconomic stability and debt sustainability and improve the business enabling environment to mobilize funds from various sources, including private and development finance.
Ghana will need to carefully prioritize investments starting from no-regret actions that maximize resilience benefits at an affordable cost the World Bank Group’s new Country Climate and Development Report (CCDR) for Ghana has stated.
The report available to the Myliberty News Network (MNN) in Tema also estimates the cost of climate action at around $2 billion per year (in present term value) until 2050, equivalent to 2 percent to 3 percent of cumulative GDP over the same period.
“The report shows that the private sector can lead Ghana’s green growth through areas such as green building, renewable energy, climate-smart agriculture and energy efficiency improvements which IFC is supporting by increasing investment and advisory services to such ventures,” says Kyle F. Kelhofer, IFC’s Senior Regional Manager based in Ghana.
In addition, the authors highlight the role that the financial sector can play to leverage opportunities for green and blue bonds, insurance, and other financial protection mechanisms that can help address climate and disaster risks.
Concessional finance and overseas development assistance will also be critical to support public goods measures.
To reduce the impact on the poor, Ghana will need to focus on improving responsive social protection systems and safety nets for vulnerable groups, strengthening financial inclusion, and building skills for new green jobs and livelihoods.
The report shows that taking a climate resilient and low-carbon pathway could turn challenges into opportunities: It delivers more than $26 billion in economic benefits by 2040.
The World Bank Group’s Country Climate and Development Reports (CCDRs) are new core diagnostic reports that explore the interlink between climate change and development.
They help countries prioritize the most impactful actions that can foster a low carbon transition and boost resilience, while delivering on broader development goals.
CCDRs build on data and rigorous research and identify main pathways to reduce GHG emissions, their externalities and climate vulnerabilities, including the costs and challenges as well as benefits and opportunities from doing so.
The reports suggest concrete, priority actions to support the transition. As public documents, CCDRs aim to inform governments, citizens, the private sector, development partners and all stakeholders engaged with the development and climate agenda.
CCDRs feed into other core Bank Group diagnostics, country engagements and operations, and help attract funding and direct financing for high-impact climate action.
