The African Development Bank’s 2022 Economic Outlook Report has noted that climate change resulting from erratic rainfall, rising temperatures, drought, floods, a rising sea level and tidal waves pose substantial threats to ghana’s agriculture and energy.
The AfDB noted this could also result in climate-induced migration because Ghana’s agricultural systems depend heavily on rainfall and also on hydropower for energy, climate change will have significant impacts in the years ahead.
The report also noted that migration to the south has been caused by drought-like conditions in the Northern Savannah Ecological Zone. “Ghana is 42 on the 2021 GCRI. At COP26, Ghana launched its updated NDC (National Determined Contributions). It is a member of the Vulnerable Twenty Group of Ministers of Finance committed to supporting carbon pricing and the Coalition of Finance Ministers for Climate Action to facilitate engagement in accelerating resilience to climate change.
AfDB thus said the government needs $9.3 billion to finance updating the NDCs in 2021-30, adding that “ recognising limited fiscal space, the government is exploring more results-based climate financing options, including carbon markets, climate impact bonds, and leverage private participation”.
It however noted that Ghan is making substantial headway in its achievement of the Sustainable Development Goal 13 on climate action by 2030.
In a bid to bridge food security and reduce poverty among vulnerable women and people living with disability in Ghana,...