Deputy Finance Minister, Thomas Nyarko Ampem says Africa cannot rely on government budgets alone to finance its climate ambitions, as countries face growing pressure on public finances.
Speaking at the opening of the Green Climate Fund’s Regional Dialogue for West and Central Africa in Accra, Mr Nyarko Ampem said governments were already stretched by competing demands for public funding, from education and healthcare to infrastructure and social protection, while climate change was adding further financial pressures.
He said public and concessional financing should instead be deployed strategically to lower investment risks and help mobilise private capital.
“We cannot fund every climate investment from the public purse, nor should we attempt to. The national budget cannot be the only engine pulling the climate finance train,” he stated.
According to the African Development Bank, Africa needs an estimated $2.7 trillion between 2020 and 2030 to implement its climate commitments.
Mr Nyarko Ampem said the challenge was therefore not only about securing climate finance but also about using public resources to unlock significantly larger volumes of private investment.
He said this approach would help countries respond to their climate financing needs without placing additional pressure on already constrained public finances.
Ghana currently has 13 projects in its Green Climate Fund portfolio, with about $209 million in GCF financing and a further $5.7 million in approved readiness support.
The figures highlight Ghana’s engagement with the Fund as the country seeks to mobilise resources for climate-related investments.
Green Climate Fund Director for the Africa Region, Catherine Koffman, said the Fund has so far committed about $20 billion towards its $50 billion target for 2030, representing roughly 40 percent of the target.
Ms Koffman said the GCF was working towards its $50 billion financing target by 2030, with a significant share of its commitments expected to support climate action in Africa, particularly in the West and Central Africa region.
“We want to achieve 50 billion by 2030. At the moment we are at $20 billion at GCF, and 40% of that goes to the Africa region, which is about $7.6 billion. And for West and Central Africa, which is what this dialogue is about, it’s about $2.9 billion,” she said.
The Green Climate Fund has committed about $2.9 billion across 80 projects in West and Central Africa, according to the Fund.
The four-day regional dialogue is bringing together governments, financial institutions, and private-sector partners from 25 countries to discuss ways of scaling up access to climate finance.
The meeting comes as the Green Climate Fund begins its third replenishment process and works towards expanding its regional presence in Africa.
The dialogue is expected to provide an opportunity for stakeholders to discuss financing needs and ways to mobilise greater resources for climate investments across West and Central Africa.
