The United States Government, through its USAID-supported Feed the Future activities, has held its first-ever Climate Finance Conference in Ghana to unlock investment for climate Action.
The three-day conference seeks to share information on climate action, resources, best practices, and strategies on how to attract investment to help better manage climate risks and mitigate their effects.
The conference, themed: “Climate Finance in Ghana: Mobilising Resources for Adaptation and Mitigation”, assembled key stakeholders in the agriculture finance sector – government, private sector and development partners.
It was organised by Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) in collaboration with Feed the Future Policy LINK Activity, Africa Trade and Investment (ATI) and Market Systems Resilience (MSR).
Ms Kimberly Rosen, the USAID Ghana Mission Director, speaking at the opening, said the agricultural sector faced worsening impacts of climate change in the area of increased temperatures, changing precipitation patterns and rising frequency of extreme weather events.
The impacts, she noted, decreased the yields of farmers who depended on rain-fed farming and by extension had consequences on the country’s economy, food security, jobs, and livelihoods.
Ms Rosen said part of the challenge could be addressed through the adoption of an integrated approach to climate finance and action on agriculture.
“There are major barriers to directing climate finance towards building resilience in agriculture, from difficulties in designing bankable projects to challenges for smallholder farmers in accessing finance. Investments are not flowing at the pace and scale needed,” she said.
“Ghana’s economy relies heavily on agriculture, but it is vulnerable to climate change. Building resilience is crucial for food security, poverty reduction, and economic growth, especially for the country’s growing population.”
The USAID, through its activities including ATI and MFA, is working to address credit constraints and climate change in Ghana’s agriculture sector.
Ms Stella Williams, the Coordinating Director of the Ministry of Finance, commended the U.S. government for its support and said there was a huge opportunity for market-based interventions and international investments.
She said the Country’s financial needs were vast and that mobilising additional resources was imperative to achieve both climate goals and broader development objectives.
Dr Victor Antwi, Chief of the Party of MFA, was at hand to provide technical assistance to entities seeking finance for climate action to prepare and present viable projects to investors.
He said the U.S. government through USAID and the MFA Activity had facilitated access to between $234.44 million and 50,137 by agribusinesses and farmers.
Dr Antwi said 61 per cent were women-owned enterprises in the maize, soy, groundnut, cowpea, cashew, mango, and shea value chains over the past three years.
The three-day conference will feature a plenary on the climate financing landscape, a Master Class session, panel discussions on climate-smart financing opportunities and the design of interventions by government and development partners.
Business-to-Business meetings will also be held to connect businesses, transaction advisors, financing institutions, investors, and development partners seeking to access finance to implement interventions to mitigate climate change impacts and build economic resilience.
It will close with an Action Plan for climate-smart interventions in Ghana to be implemented in collaboration with the government, the private sector and development partners.
Source: GNA
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