The Global Center on Adaptation (GCA) is working with the Ghana Infrastructure and Investment Fund (GIIF) to secure accreditation to enable the country to tap into the Green Climate Fund.
The Green Climate Fund, with over $10 billion, was created a few years ago to support climate-vulnerable countries to get climate finance.
Professor Patrick Verkooijen, the Chief Executive Officer of the GCA, told a press conference in Accra that African countries were unable to access much of the funding from the Green Climate Fund because of the complicated procedures for accreditation for financial institutions.
“So that is why as part of the Africa adaptation acceleration programme we are supporting financial institutions to understand the rules of the game to get accredited and at the same time develop the proposals,” he said.
“So here in Ghana, we’re working with the Ghana Infrastructure Investment Fund to get them accredited and to develop the proposal now in parallel so that when they’re fit for purpose, the proposal is there,” he added.
The Africa adaptation acceleration programme seeks to mobilize $25 billion over five years to be invested in agriculture, infrastructure, and youth development.
It is estimated that Ghana required at least US$1.3 billion to implement its roadmap for climate adaptation, developed together with GCA, by building resilient infrastructure to mitigate the dire consequences of climate change.
The roadmap would allow the country to build infrastructure to supply water, create energy efficiency and expand transportation, creating associated jobs.