Ghana needs to prioritise investments in agriculture, forestry, water; coastal management, urban development, mobility, and waste as a short-term measure to climate adaptation before 2030.
Institutions, including disaster risk management, social protection, climate proofing, the health and financial sectors, and financing must be strengthened to be resilient.
Mr Lorenzo Carrera, the Sector Leader, Sustainable Development at the World Bank, made the recommendations at Ghana Climate Innovation Centre’s annual thought leadership symposium held in Accra on Wednesday.
Themed, “Building the Green Economy in Ghana: The Role of Gender and Entrepreneurship,” the symposium also discussed issues, including the Green Economy in Ghana’s context, policy considerations, and the country’s role in entrepreneurial eco-system in green growth.
Mr Carrera said the country must take steps to tap into climate finance through the development of bankable projects for government agencies to implement green initiatives.
He stated that in the midst of the climate crisis and its impact, the best option for Ghana was to take steps to grow sustainably, equitably and fast – with well-functioning markets and a strong private sector.
Ms Kati Csaba, the High Commissioner of Canada to Ghana, said her country had committed to contribute $132.9 million to establish the Canada-African Development Bank Climate Fund.
The aim of the Fund is to enhance women’s economic rights and participation in climate action and to mobilise private capital to fill the climate investment gap in Africa.
She noted that Canada was aware of that urgent action to support climate action, saying: “That is why we are doubling our international climate finance commitment to $5.3 billion over the period 2022 – 2027 to respond to the current climate emergency, particularly in support of African countries which are disproportionately affected.”
Ms Csaba noted that women and girls in developing countries were uniquely affected by the damaging effects of climate change and environmental degradation.
Madam Ruka Sanusi, the Executive Director GCIC, averred that the business sector, especially female entrepreneurs had a crucial role to play in providing adaptation innovation measures to build resilience.
She said a recent study had shown that the majority of women entrepreneurs did not seek support and that 82.5 per cent of women were solopreneurs.
The Executive Director said men had much more confidence in the future than women, hence the need to support women entrepreneurs.
GCIC is a pioneering national business incubator with a unique focus on developing SME ventures and entrepreneurs in Ghana’s ‘Green Economy’.
Its mission is to develop and support an exceptional set of transformational ventures and entrepreneurs who are pioneering adaptive and mitigating solutions for climate change issues in Ghana.
GCIC is an institute of Ashesi University currently funded by a grant from Global Affairs Canada.